Reported 10 months ago
The Federal Reserve Bank of New York reports that seriously overdue credit card debt has reached the highest level in over a decade, with individuals aged 35 and under facing more challenges. To tackle delinquency risks, experts recommend seeking help from nonprofit credit counselors, negotiating directly with creditors for lower interest rates and payment plans, and being cautious of for-profit debt consolidation companies. Factors contributing to the rise in delinquencies include high interest rates, the end of pandemic-era financial aids, and wage stagnation. Consumers are advised to keep track of expenses and payments to avoid slipping into debt.
Source: YAHOO