Shocking stat of the day: Consumer credit card charge-offs at Capital One jumped to 6.35% in February, the highest in at least 13 years. Charge-offs at Discover Financial surged to 6.03%, also the highest since at least 2011. To put this into perspective, consumer credit card defaults going into 2022 were at just 1.5%. In other words, the percentage of credit card debt unlikely to be collected has QUADRUPLED in just 3 years. All while US credit card balances surged by 45 billion in Q4 2024 to a record 1.2 trillion. Is the credit card debt bubble about to burst?