Credit card delinquencies at their highest level in 15 years

SAN FRANCISCO (KGO) -- Charge it to the card.

You've heard that before.

Well, with inflation and rising costs... a new trend is calling attention to it.

Credit card delinquencies are reported to be at their highest level in 15 years.

According to the Federal Reserve Bank of New York, balances that are at least 90 days past due rose to 13.12% in just the first quarter of this year, up from 12.31% at the end of the first quarter last year.

So, how much debt are we talking?

Credit card balances went from $1.18 trillion to $1.25 trillion.

As we all know, credit card delinquencies could result in late fees, account closure and impact your credit score.

And your payment history is important -- Discover Card says it can typically make up 35% of your credit score depending on the scoring model used.

So, what should you do if you're delinquent?

First, always make the minimum payment due. And if you can, try to pay more.

And, if you're struggling, speak with your credit card company and ask for payment assistance programs to help you track, limit and plan out your spending.

Third -- this one is key -- consolidate your debt with a no-interest credit card or loan to pay it down.

Always double check, because some companies even offer a zero-percent introductory rate.

Just make sure not to accrue more debt by using credit cards again.

Take a look at more stories and videos by 7 On Your Side.

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