<ul><li>Credit card defaults have reached a 14-year high, with lenders writing off $46 billion in seriously delinquent loans in the first nine months of this year.</li><li>This represents a 50% increase compared to 2023 and is considered a measure of major loan distress.</li><li>The surge in defaults is attributed to financial pressures faced by consumers due to elevated inflation and higher borrowing costs.</li><li>Data also shows that U.S. credit card debt continues to climb, reaching $5.113 trillion in October.</li></ul>

Credit Card Defaults Surge to 14-Year High

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