Americans have saddled themselves with credit card debt. Now renters and the poor are falling behind

By KEN SWEET
AP Business Writer

NEW YORK (AP) — Noticeable pockets of Americans _ renters, the poor and middle-income borrowers _ are running up their credit cards balances, and increasing numbers are falling behind on their debts. It’s the latest sign showing that while the U.S. economy is broadly healthy, the last two years of inflation has sapped much of the savings of vulnerable Americans, leading to further deterioration of their financial health this year. The credit rating company Moody’s says credit card delinquency and charge-off rates are well above 2019 levels. They’re expected to keep climbing. Americans held more than $1.05 trillion on their credit cards in the third quarter, a historic high, and the average credit card rate is the highest it’s ever been since the Fed started tracking the data.