“The increase in delinquencies and defaults is symptomatic of the tough decisions that these households are having to make right now — whether to pay their credit card bills, their rent or buy groceries,” the chief economist at Moody’s said.
The following report is by ZeroHedge:
As more consumers default on credit card and auto loan payments, financial strain intensifies as the Federal Reserve’s interest rate hiking campaign stands at two-decade highs, potentially leading to a surge in vehicle repossessions.
A recent Moody’s report showed new credit card delinquencies hit 7.2% in the second quarter, up from 6.5% in the first quarter. As for new auto loan delinquencies, the rate topped 7.3%, compared with 6.9% in the first quarter…
