"Credit Card Delinquencies Continue to Rise—Who Is Missing Payments?", the NY Fed asks/3 yr auction

There were some pretty interesting things coming out of the newly issued Q3 NY Fed quarterly Household Debt and Credit Report. Within it, after going thru the different categories of debt and levels vs Q2, there is a portion of the report titled “Credit Card Delinquencies Continue to Rise – Who is Missing Payments?” Here are the key comments from it:

Higher debt levels are rising with nominal spending and real GDP growth “But credit card delinquencies continue to rise from their historical lows seen during the pandemic and have now surpassed pre-pandemic levels…Rising delinquencies were inevitable from historic lows, but it has been less clear how high and until when they might rise…And while auto loan delinquency does seem to be stabilizing for all except the young, moderating new credit card delinquencies in the 1^st and 2^nd quarter were followed by higher delinquency transitions in the 3^rd quarter.”