U.S. lenders' net charge-off rates for credit cards, or the amount banks did not expect to collect on the loans, rose to 4.82% in the second quarter, according to data from the Federal Deposit Insurance Corporation. That was the highest since 2011.The New York Fed’s monthly Survey of Consumer Expectations, which among other things asks consumers to estimate the probability of becoming delinquent on a loan in the next three months, was 13.6% in August, the highest since a short-lived spike at the onset of the COVID-19 pandemic. The figure was 19.5% for those with annual incomes under $50,000.
The Bear Room, page-3396
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