Americans are suddenly defaulting on their credit cards

The American economy has looked pretty robust of late - unemployment just hit a 16-year low and stock recently reached an all-time high.

This makes it all the more curious that Americans have suddenly stopped paying off their credit card bills at a rapid rate.

In the last two fiscal quarters, banks reported a steep rise in credit card charge-offs - debt that companies can't collect from their customers - according to a report from Moody's.

More news, Americans are suddenly defaulting on their credit cards


Source :
1) www.businessinsider.com