Summary: With consumer debt at an all-time high (as outlined in our previous post), we would expect to see a high credit card delinquency rate as well. Rather, we find credit card delinquencies are also at all-time lows during a time of unprecedented inflation highlighted by gas prices approaching $5/gallon and sky rocketing food costs. It seems that consumers have become reliant on using credit cards to pay for out-of-reach necessities as they defer purchases on items like TVs and outdoor furniture as Target recently reported. Cash strapped consumers are prioritizing minimum monthly credit card payments which are still affordable for the time being…
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