🧵 1. US banks are offloading billions in bad debt as credit card delinquencies rise, hitting $21.3 billion in net charge-offs in Q2, per the FDIC report. #business
🧵 1. US banks are offloading billions in bad debt as credit card delinquencies rise, hitting $21.3 billion in net charge-offs in Q2, per the FDIC report. #business
🧵 2. JPMorgan Chase, Wells Fargo, and Bank of America disclosed billions in collective net charge-offs in Q2 as customers face higher interest rates and inflation.
🧵 3. JPMorgan Chase net charge-offs reached $2.2 billion, Wells Fargo at $1.3 billion, and Bank of America at $1.5 billion in the second quarter.
🧵 4. Credit card charge-off rate surged to 4.82% in Q2, the highest since 2011, reflecting increased past due balances and financial strain on consumers.
🧵 5. Despite rising charge-offs, FDIC reports a $7.3 billion increase in second-quarter net income for all 4,539 FDIC-insured banks compared to the previous quarter.
🧵 Read more at: https://dailyhodl.com/2024/09/20/jpmorgan-chase-wells-fargo-and-bank-of-america-lose-5000000000-in-push-to-offload-rotten-debt-as-credit-card-delinquencies-surge/
You know thinga are bad in an economy when people are routinely buying groceries on credit cards rather than debit cards.
It is a bad situation.
!BBH !ALIVE !DOOK !INDEED
@beststart likes your content! so I just sent 1 BBH(14/100)@businessinsights! to your account on behalf of @beststart.
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