Credit card charge-offs have spiked dramatically, with Capital One and Discover Financial reporting rates of 6.35% and 6.03% respectively, their highest in over a decade. This represents a quadrupling of uncollectible credit card debt since early 2022, when default rates were just 1.5%. Simultaneously, US credit card balances have surged to a record $1.2 trillion in Q4 2024, marking a $45 billion increase
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