US consumers are showing increasing signs of financial stress as they brace for higher prices from the Trump’s administration’s tariffs on imports, raising concerns about a crucial driver of the US economy.
In first-quarter earnings, JPMorgan said the portion of loans in its credit card business deemed unrecoverable rose to a 13-year high.
Industry-wide, the rate of charge-offs is now higher than the level before the Covid-19 outbreak, reversing a period of stellar credit card payments during the pandemic when consumers benefited from government stimulus programmes.
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