US Consumers Struggle with Credit Card Debt and Access to Credit

US banks, including Bank of America, JPMorgan Chase, Wells Fargo, and Citigroup, have reported that consumers are starting to fall behind on their credit card and loan payments as the economy softens, although delinquency levels are still modest. While profits have beaten analyst forecasts, industry chiefs warn that the strength will tail off this year as a recession looms and customer delinquencies climb. As large and medium-sized lenders become more conservative in underwriting, their net charge offs will probably peak in several quarters, leading to slower loan growth in 2023 and 2024.