Why Are Small-Bank Credit Card Delinquencies Up?

Our friends at the St. Louis Fed present us with a mystery this week:

In the third quarter of 2017, small banks saw a huge surge in credit card delinquency rates. Nor was this just a weird spike: delinquencies have stayed high ever since. Meanwhile, big banks have seen no change at all. What’s going on?

The St. Louis Fed folks don’t know. I don’t know either. But something sure seems to have happened in the summer of 2017. Anyone have any guesses?

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THE TRUTH...

is the first thing despots go after. An unwavering commitment to it is probably what draws you to Mother Jones' journalism. And as we're seeing in the US and the world around, authoritarians seek to poison the discourse and the way we relate to each other because they can't stand people coming together around a shared sense of the truth—it's a huge threat to them.

Which is also a pretty great way to describe Mother Jones' mission: People coming together around the truth to hold power accountable.

And right now, we need to raise about $400,000 from our online readers over the next two months to hit our annual goal and make good on that mission. Read more about the information war we find ourselves in and how people-powered, independent reporting can and must rise to the challenge—and please support our team's truth-telling journalism with a donation if you can right now.

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