{"id":"46e3ff2970e928c7d749c26798b4ed3df64dbd14eb22789008ac87a342cdf2cc","title":"Lee, Mangrum, Scally, Sinha and van der Klaauw argue in Liberty Street Economics","argument":"Published August 11, 2026, Donghoon Lee, Daniel Mangrum, Joelle W. Scally, Tejas Sinha and Wilbert van der Klaauw argue in Liberty Street Economics that rising credit-card stock delinquency does not by itself mean consumers are newly falling behind at an increasing rate. They distinguish stock delinquency, which includes charged-off debts still reported on credit records, from flow delinquency, which tracks new transitions into serious delinquency. The authors say the stock measure has risen as lenders report charged-off debts for longer, while flow delinquency has been elevated but largely stable since 2024. They say the stock measure remains useful for showing debt borrowers still owe; for assessing current repayment behavior, they consider flow measures more accurate. 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