Credit card companies are racking up losses at the fastest pace in almost 30 years, outside of the Great Financial Crisis.
- Credit card losses bottomed in September 2021, and while initial increases were likely reversals from stimulus, they have been rapidly rising since the first quarter of 2022.
- Losses currently stand at 3.63%, up 1.5 percentage points from the bottom, and Goldman sees them rising another 1.3 percentage points to 4.93%.