More consumers opted for credit cards and unsecured loans in the third quarter of 2022 from a year earlier amid high inflation, according to a new report.
While delinquencies for most credit products are treading in line with pre-pandemic levels, they have risen in comparison to levels seen in 2021, according to the quarterly Credit Industry Insights Report.
The outlook for consumer credit quality has clouded in recent months amid deteriorating macroeconomic conditions, fueled by concerns of an upcoming recession. Learn more.