Some lenders surveyed by the Federal Reserve recently reported that they’ve been noticing a pickup in delinquencies, as higher costs burden both families and businesses.
More than 10% of student loans are at least 90 days past due. This comes after a pandemic-era pause in repayments and the end of a low cost repayment program.
New delinquencies have largely stabilized after a big spike a couple of years ago, but lots of people are still carrying around old credit card debt they fell behind on.
Last month, 6.65% of subprime borrowers were at least 60 days late on their car payments. That’s the highest delinquency rate since the 1990s, according to Fitch Ratings.