Squeezed by inflation, more Americans are falling behind on their debts
Rising U.S. prices are squeezing household budgets, causing more Americans to fall behind on their debt payments, recent financial data shows.
The share of seriously delinquent auto loan balances has hit a record high this year, while nearly 13% of credit card balances are seriously past due — close to their 2010 peak in the aftermath of the housing crisis — according to recent data from the Federal Reserve Bank of New York.
The share of households behind on their mortgages reached a six-year high, although the measure remains far below its peak during the Great Recession.
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