Rapidly escalating credit card losses mark the swiftest surge since the 2008 financial crisis, warns Goldman Sachs. Credit card delinquencies are up, hitting a 3.63% rate, a stark 1.5% rise from 2021′s low.

Despite the absence of a current economic downturn, this worrying trend mirrors patterns from the late ’90s and 2015-2019 credit cycles. Delinquencies might peak even later, in 2024-2025.

As US consumers owe a staggering $1 trillion+ on credit cards – a Federal Reserve-recorded all-time high – this phenomenon raises alarms on financial stability and consumer debt management.” Credit card losses are rising right now. Even Goldman Sachs agrees.

A new financial crisis is on. Credit card delinquencies are also up at this time, nearing a new economic downturn, US consumers are tapped out, $1 trillion in credit card debt is not going to be paid back.

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