Credit card losses rising at fastest pace since financial crisis

Credit card companies are experiencing losses at their swiftest pace in nearly three decades, excluding the Great Financial Crisis, as reported by Goldman Sachs.

The decline in credit card losses hit its lowest point in September 2021, and while initial increases were likely due to the reversal of stimulus effects, they have been steadily climbing since the first quarter of 2022.

This surge in losses resembles the trend observed during the 2008 recession and is showing no signs of abating, according to Goldman Sachs, CNBC reported.

READ MORE: https://www.cnbc.com/2023/09/22/credit-card-losses-are-rising-at-the-fastest-pace-since-the-great-financial-crisis.html

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