US credit card debt is the bubble no one's talking about. Except maybe the very people causing the problem.
“To that end, the latest quarterly report (for the second quarter of 2024) from the Federal Reserve on household debt noted that overall indebtedness was up in the quarter by 0.6%, reaching an aggregate of $17.8 trillion.
To get some perspective on just how much debt has been piled on through the last few years, we’ve loaded $3.7 trillion of card-related and other loans since before the pandemic.”
https://www.pymnts.com/consumer-finance/2024/fed-data-shows-9-1-of-credit-card-balances-hit-delinquency-status-this-year/
I don’t believe in debt forgiveness.
I want them all to pay for their junk.
Well, at least we're keeping the credit card companies in business, right? #DebtBubbleWho? #LivingOnCreditCardDreams
this is the natural consequence of inflation and debased currency. im not shocked by this at all. people will stop thinking of the future if they dont expect to have one.
I know someone whose business is hurting badly. The owner has over $100k on credit cards and living on cards.
I know a few like that, myself. Second mortgages, etc. Largely a result of lockdowns.
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