Reported about 1 month ago
As many Americans face difficulties paying off credit, auto, and commercial real estate debts, major U.S. banks are ramping up their loan loss reserves. With past-due credit card debt exceeding pre-pandemic levels and rising auto loan delinquencies, financial institutions like Wells Fargo and Bank of America are bracing for increased bad loans driven by high interest rates and ongoing economic pressures. While banks remain stable overall, rising delinquencies, particularly among low-income consumers, could signal deeper financial strains if economic conditions worsen.
Source: YAHOO