From October to November, the average rate at which credit-card debt charge-offs rose from -0.90% to 0.95%, and the delinquency rate climbed from 0.8% to 0.82%. While these rates are half what they were pre Covid-19, they are no longer falling. Over the next several years these rates should slowly return to normal, but there appears to be no pent-up demand for delinquency like in 2009/10 when rates temporarily skyrocketed.