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Americans Accumulate Record Credit Card Debt Amidst Inflation and High Interest Rates, Concerns Rise Over Banking Stability.
Citizen Watch Report ^

Posted on 02/06/2024 2:37:10 AM PST by davikkm

Americans are piling on more credit card debt amidst persistent inflation and high interest rates, driving total debt to a new record of over $1.08 trillion, according to the New York Federal Reserve Bank’s Quarterly Report on Household Debt and Credit. Meanwhile, Fed Chair Powell downplays the likelihood of a real estate-led banking crisis but anticipates closures or mergers among smaller banks. The tightening monetary policy reflects the most restrictive measures since the 1970s and 1980s, with stricter loan standards observed across the board, especially in Commercial Real Estate loans.

(Excerpt) Read more at citizenwatchreport.com ...


TOPICS: Business/Economy
KEYWORDS: consumer; credit; creditcard; debt; economy; inflation

1 posted on 02/06/2024 2:37:10 AM PST by davikkm
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To: davikkm

I have two credit cards. One I use to make my routine purchases. It is paid off every two weeks. The second one is for purchases outside my routine purchases, to which I pay off as fast as I can. Living off a credit card and using it as a source of income is stupid.


2 posted on 02/06/2024 2:39:57 AM PST by Jonty30 (In a nuclear holocaust, there is always a point in time where the meat is cooked to perfection. )
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To: Jonty30

Agree with that.


3 posted on 02/06/2024 3:03:30 AM PST by TermLimits4All ("If you stand for nothing, you'll fall for anything.")
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To: davikkm

To be fair:

“The Dollar ain’t sh!t”

So a record in today’s puny dollars isn’t necessarily a big deal.


4 posted on 02/06/2024 4:44:58 AM PST by Uncle Miltie (Objective: Permanently break the will of the population to ever wage war again.)
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To: davikkm

Not to worry Bidenomics will save them.


5 posted on 02/06/2024 7:36:31 AM PST by bgill
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To: davikkm

You mean the same folks as the holders of 40 trillion national debt or whatever?
Shocked by consistency. Who will thet vote for?


6 posted on 02/06/2024 8:39:52 AM PST by If You Want It Fixed - Fix It ( )
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