December 26, 2019

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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We don't answer to billionaires. We answer to you.

You've watched it happen in real time: corporate media cutting staff, killing stories, and bending to power. The giants of American media have owners to protect, and the truth pays the price.

None of it should surprise us. The problem with American journalism has always been that we entrusted this vital public service to for-profit companies whose allegiance could shift with the political winds and the bottom line.

That is why Mother Jones is independent from billionaires, corporations, and any other deep-pockets owner—and has been since we were founded 50 years ago. We’re only answering to our readers. To you.

We’re funded by our readers too. This week, we have a generous $50,000 match for all donations, meaning that your donation—and your impact—will be doubled. Gifts from readers like you help keep us fiercely independent and telling the truth about those in power.

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