Spending by American consumers has kept the economy humming at an unexpectedly fast clip over the past year. The dark side is that credit card and auto loan delinquencies are surging.
“Both auto loans and credit cards have seen particular worsening of new delinquencies, with transition rates now above pre-pandemic levels,” the Federal Reserve Bank of New York said in a post on its Liberty Street Economics blog.
The serious delinquency rate—meaning, loans that are more than 90 days overdue—for credit cards jumped to 6.4 percent in the fourth quarter of last year, up from four percent a year earlier, data from the New York Fed showed Tuesday.
We are not in a depression but a recession of such magnitude that it is affecting every wage earner.
Democrats # 1 Agenda > RUIN AMERICA before getting Kicked the Hell Out of Office !!!!! 2024
Cut Up the damn CARDS !!! SOLVED
Mandates by state and feds with min wages and interest rate increases did not allow the economy to react accordingly. Forcing changes (increases) has a cascading impact on business…..who then do what? Pass that cost to the lowest entity on the economy chain (consumers).
So most pay more for everything, leaving less for any savings. Then what happens? Consumers pull back on spending or use credit. Both bad.
Credit cards should be Outlawed !!!! Revolving credit Ruins Many Americans !!!!
Auto Loans need a 20 year Mortgage !!!!
Sure, blame Democrats, instead of blaming stupid people who spend more than they can afford, and who confuse available credit lines with cash, and who don’t understand that just making minimum payments means that they will eventually run into bankruptcy. Remind me again when credit became the same as savings? Oh yeah, when dumb people stopped learning even basic math, and stopped caring about their ability to manage their own lives. After all, it’s easier to just blame Democrats, Mexicans, foreigners, Jews, etc. instead of accepting responsibility for your own life.
Democrats Caused the INFLATION !!! LEARN some MATH !!!! Double / Triple Prices & Interest !
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