đ¨ The American consumer is going BROKE.
12.7% of all credit card debt is now 90+ days past due.
Thatâs the 2nd highest reading EVER recorded.
The only time it was worse? 2010, the aftermath of the worst financial crisis in 80 years.
Hereâs why this number should terrify you:
During the GFC, the economy was in free fall. Banks were collapsing. Unemployment hit 10%. The government was printing trillions just to keep the lights on.
Thatâs when delinquencies peaked at ~13.5%.
Today weâre at 12.7%.
Except thereâs no crisis. No bank failures. No recession. Unemployment is supposedly âhistorically low.â
So whatâs the excuse?
The math doesnât work anymore.
Average credit card APR: 20%+
Rent: up 30% since 2019
Food prices: up 32% since 2019
Car insurance: up 50%+
Wages havenât kept up. Not even close.
So Americans did what they always do, they put it on the card.
Total credit card debt just hit $1.28 TRILLION. An all-time record.
This is 2008-level stress on the consumer WITHOUT a 2008-level crisis to explain it.
More people should be talking about how insane this is.
#BTCMiningDifficultyIncrease
#WhenWillCLARITYActPass
#VitalikSells
$GOOGLon
#BinanceSquare
12.7% of all credit card debt is now 90+ days past due.
Thatâs the 2nd highest reading EVER recorded.
The only time it was worse? 2010, the aftermath of the worst financial crisis in 80 years.
Hereâs why this number should terrify you:
During the GFC, the economy was in free fall. Banks were collapsing. Unemployment hit 10%. The government was printing trillions just to keep the lights on.
Thatâs when delinquencies peaked at ~13.5%.
Today weâre at 12.7%.
Except thereâs no crisis. No bank failures. No recession. Unemployment is supposedly âhistorically low.â
So whatâs the excuse?
The math doesnât work anymore.
Average credit card APR: 20%+
Rent: up 30% since 2019
Food prices: up 32% since 2019
Car insurance: up 50%+
Wages havenât kept up. Not even close.
So Americans did what they always do, they put it on the card.
Total credit card debt just hit $1.28 TRILLION. An all-time record.
This is 2008-level stress on the consumer WITHOUT a 2008-level crisis to explain it.
More people should be talking about how insane this is.
#BTCMiningDifficultyIncrease
#WhenWillCLARITYActPass
#VitalikSells
$GOOGLon
#BinanceSquare