Credit Card Delinquency Spikes In New York

New York ranks 12th among U.S. states where credit card delinquency is rising the fastest, according to a new report by WalletHub. The study reveals a 39.1% increase in delinquent credit card accounts in the state from the third quarter of 2023 to the same period in 2024.

Currently, 21.45% of credit card accounts in New York are delinquent, putting residents’ credit scores at significant risk. WalletHub’s analysis highlights that rising delinquency rates are a growing financial concern nationwide, with all 50 states experiencing increases over the past year.

The report identifies Wyoming as the state with the steepest increase in delinquency, rising nearly 54% year-over-year. Wyoming residents face additional challenges due to high levels of credit card debt, compounded by rising interest rates.

“Long-term credit card delinquency can lead to significant drops in credit scores, so it’s crucial to address delinquency quickly,” said Chip Lupo, a WalletHub analyst. He emphasized strategies such as hardship programs, budgeting, and debt consolidation to help individuals regain control of their finances.

WalletHub’s report is part of a broader effort to track financial distress in the U.S., including credit card charge-offs, student loan delinquency, and other debt trends. For a full ranking of states and more insights, visit WalletHub’s website.