One analyst’s estimate this week that “real” debt could be nearly 2000 percent of GDP attracted plenty of attention, but analysts who study consumer spending habits say there’s a real debt risk much closer to home: The amount and pace at which American consumers are racking up credit card debt.
“In terms of revolving debt, we see spikes like this every so often, but they don’t jump by double digits all that much,” said Matt Schulz, chief industry analyst at CompareCards. Typically, big jumps occur around the holidays, though — not in July. “It’s always concerning when you see so much of an increase in high interest rate debt, and revolving credit card debt right now is something that would fit that category,” said Bruce McClary, spokesman for the National Foundation for Credit Counseling.
Despite the Federal Reserve cutting rates in July for the first time in more than a decade, the price Americans pay to service their debt has been creeping up — and future rate cuts are no guarantee that borrowers will see any measurable relief. A quarter-percentage-point rate cut would save borrowers about $1.5 billion by the end of the year, Gonzalez said.
We can't afford to live in this country anymore.
Fake recession warning by fake news
That is because your recession warnings are a lie! America is stronger now than it ever has been… But NBC news has been pushing a liberal agenda about a recession in order to hurt President Trump… They do not care if they start a false recession or who will be hurt! It is hate!
Probably thinking when the President takes the US Treasury into bankruptcy, they’ll just take their debt onto the big crash.
Despite? Maybe it's because they can't afford shit anymore and paying your electric bill with a credit card is better than getting it turned off.
they don't have a choice...greedy capitalist society and low wages = debt.
Likely do to folks barely making it and need to get a new furnace, fix a car etc and don't have the savings to cover it. Underpaid & fully employed or retired and on the edge.
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