US Bank Credit Card Update

Paul Mangione
2 min readDec 7, 2023

Daily Rampart from Fort Schuyler Advisors

US Bank Call Report Data — Credit Cards (Source: FDIC, Recursion Co., Sept 2023)

Unlike auto loans which have shown a decrease on bank balance sheets, the total amount of on balance credit cards have grown to $1.053 Trillion in September 2023 from a recent low of $761 Billion in March 2021 according to call report data. Post pandemic spending and FOMO and later inflation increases have led to a record high in credit card volume.

Inflation in the last year may have led consumers to spend on credit cards because they have had to as personal savings have dwindled. Personal savings decreased to $815 Billion in July from highs of nearly $4 Trillion in 2020 and 2021.

Personal Savings (Source: St. Louis Fed Database., July2023)

Performance of bank credit cards demonstrates the stress of the US consumer reached total delinquent plus non-accrual balances to have risen to 3.1%. This is not a record as post GFC rates were higher, but these levels do not look to be rolling over.

US Bank Call Report Data — Credit Card Performance (Source: FDIC, Recursion Co., Sept 2023)

During the pandemic, total percentage of delinquent plus non-accrual balances fell to 1.5% in June 2021 as stimulus payments from the US Federal government flowed to consumers. The levels have doubled from there to current levels. If unemployment levels increase, we expect to see these levels to continue to grow.

Well will keep watching.

Paul Mangione

Fort Schuyler Advisors


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Paul Mangione

Fort Schuyler Advisors, ex Apollo Management, MIT EECS BS/MS. Not investment advice or an offer to buy.