How many people default on credit annually?

Answer 1

The number of people who default on credit annually varies by country and economic conditions. In the United States, for example, the default rate on credit cards typically hovers around 2-3% of accounts each year, but this can fluctuate based on factors such as unemployment rates and economic stability. Overall, millions of individuals may default on various types of credit, including loans and mortgages, each year. Accurate figures can be found in reports from financial institutions and credit bureaus.