PYMNTS Daily Data Dive: Credit Card Debt At Pre-Crisis Levels
Consumers appear to be throwing caution to the wind now that the pain of the 2007 to 2008 recession has subsided to a dull ache; credit card debt is rising at a troubling rate. Meanwhile, Nancy Bush, a banking analyst at NAB research, is warning that “the environment can change rapidly.” Rather than be lulled into a false sense of security by low interest rates, Bush is warning consumers to heed the actions of the banks. Synchrony Financial, Capital One and JPMorgan Chase all increased their loan loss reserves. Although interest rates remain low, any unexpected event could push interest rates up and increase borrower defaults.
