🎉 Hey Gate Square friends! Non-stop perks and endless excitement—our hottest posting reward events are ongoing now! The more you post, the more you win. Don’t miss your exclusive goodies! 🚀
🆘 #Gate 2025 Semi-Year Community Gala# | Square Content Creator TOP 10
Only 1 day left! Your favorite creator is one vote away from TOP 10. Interact on Square to earn Votes—boost them and enter the prize draw. Prizes: iPhone 16 Pro Max, Golden Bull sculpture, Futures Vouchers!
Details 👉 https://www.gate.com/activities/community-vote
1️⃣ #Show My Alpha Points# | Share your Alpha points & gains
Post your
US Lenders Lose $46,000,000,000 As Customers at Capital One, Citi, JPMorgan Chase, Synchrony, Discover, Citi and Bank of America Face Billions in Delinquencies - The Daily Hodl
Defaults on credit card loans are skyrocketing in the US.
Lenders are now witnessing a 14-year high in credit card defaults, reports the Financial Times.
The bad credit forced lenders to collectively write off a whopping $46 billion in loans that are considered seriously delinquent in the first nine months of 2024.
Based on data compiled from the Federal Deposit Insurance Corporation (FDIC) and the US banking industry information platform BankRegData, the figure represents a 50% year-over-year increase.
According to BankRegData, Capital One customers are facing the highest credit card delinquencies, with a total delinquent amount of $7.68 billion, representing 5.36% of their credit card loans.
Next is Citibank with $4.79 billion (2.93%) in delinquencies, followed by Synchrony Bank at $4.50 billion (5.02%), JPMorgan Chase at $4.10 billion (2.16%), Discover Bank at $3.9 billion (3.93%) and Bank of America at $2.56 billion (2.54%).
The rapid rise in credit card loan defaults is a sign of strained consumer finances after years of high inflation and the subsequent rise in interest rates.
Mark Zandi, head of Moody’s Analytics, tells FT that consumer spending power has clearly diminished in most households.
“High-income households are fine, but the bottom third of US consumers are tapped out. Their savings rate right now is zero.”
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
Generated Image: Midjourney