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Delinquencies Jump 13% as Gas Prices Soar, Inequality Deepens

6/2/2026

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Summary

Story summary

Credit-card balances 90-day delinquent rose 13.12 % in Q1, the highest in 15 years.
Kevin Hassett, economic adviser, called rising gas and goods purchases optimism despite delinquency surge.
Moody’s Analytics reported the top 10 % of earners generated spending and own 87 % of public equities, while the bottom half own about 1 %.
Gas prices have risen above $4.50 per gallon and $5 in California, leaving families with less than six months of savings.

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Story summary

Credit-card balances 90-day delinquent rose 13.12 % in Q1, the highest in 15 years.
Kevin Hassett, economic adviser, called rising gas and goods purchases optimism despite delinquency surge.
Moody’s Analytics reported the top 10 % of earners generated spending and own 87 % of public equities, while the bottom half own about 1 %.
Gas prices have risen above $4.50 per gallon and $5 in California, leaving families with less than six months of savings.