via pymnts:
The paycheck-to-paycheck pressures are showing up in the cards.
Though we don’t have all the details yet, from all the issuers, there are at least some recent stats that show cardholders falling a behind on their monthly obligations.
The latest example came on Monday (Sept. 12) from Synchrony Bank, which said in a filing with the Securities and Exchange Commission that the percentage of loans at least 30% past due, as a percentage of period end loan receivables stood at 3.1% at the end of August, up from 2.3% last year and 2.9% at the end of July.
Elsewhere, Discover Financial Services reported that the delinquency rate, at 30 days or more, was 1.8% at the end of July, up from 1.4% last year.
CNBC reported this week, too, that, per a research note from J.P. Morgan, Goldman’s loss rate on Apple Card credit card loans was also elevated, at 2.93% in the second quarter.
And for a more holistic view, the St. Louis Fed has estimated that the delinquency rate on credit card loans held by all commercial banks was, at the end of the second quarter, 1.8%, up from 1.6%.