The Briefing Room
General Category => Economy/Business => Topic started by: corbe on April 20, 2024, 08:38:00 pm
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Fed reports massive spike in defaults. Credit cards being shut off.
Reventure Consulting
35,505 views Apr 20, 2024
The Federal Reserve just released a new study showing that credit card default rates in America have surged up to the highest level on record. In some cases - even worse than what we saw in 2008.
These skyrocketing credit card defaults are an ominous sign of the US Economy and Consumers. Particularly for those spending on bank cards such as Discover, Wells Fargo, JP Morgan, and Bank of America - where the card default rates have more than doubled in the last 2 years.
https://www.youtube.com/watch?v=mVY3lRqUsp8 (https://www.youtube.com/watch?v=mVY3lRqUsp8)
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Florida being the State with the highest UNpaid Credit Card Debt, I'd bet it comes from the Debt King himself @ MAR‑A‑LAGO.
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Good news that Biden capped late fees a 8 buck. Joe is a man of the overextended.
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If only we had someone to shut off the credit card of the federal government.
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Before the end of Biden’s second or Kamala Harris’s first term, I can see us going into another 2008
None of this is sustainable. Whether it’s individuals, corporations, or local, state and federal government, this cannot continue