Interest rates, which influence the cost of borrowing, are on the rise after the Federal Reserve kept them near zero for years.
That period of super-low interest rates achieved one key outcome: encouraging Americans to borrow, spend, and help grow the economy after the Great Recession.
Last June, credit-card debt finally hit a new high. But the share of borrowers who make payments more than 30 days late is rising along with interest rates...
Source:businessinsider.com