🚨 The American consumer is going BROKE.
12.7% of all credit card debt is now 90+ days past due.
That’s the 2nd highest reading EVER recorded.
The only time it was worse? 2010, the aftermath of the worst financial crisis in 80 years.
Here’s 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.
That’s when delinquencies peaked at ~13.5%.
Today we’re at 12.7%.
Except there’s no crisis. No bank failures. No recession. Unemployment is supposedly “historically low.”
So what’s the excuse?
The math doesn’t work anymore.
Average credit card APR: 20%+
Rent: up 30% since 2019
Food prices: up 32% since 2019
Car insurance: up 50%+
Wages haven’t 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.
Converted catcher, Jacob Cullen on the bump vs Cosumnes River in G2 of Regional Playoffs. Entered in 7th, 3IP, 4k, 1ER to get the 5-4 win. Butte hosts the Super Regionals this week vs Delta and Marin.
@EricLay73@VDLBaseball@JacobCullen_15 Thank Eric! Hopefully we get to see you all somewhere this summer and perhaps next year. Excited to see where Ethan ends up!
Just wrapped up the toughest year of my academic career. I wanted to challenge myself and get ahead, so I took 41 units this academic year while working at The Sacramento Bee. It wasn’t easy, but I managed to finish this school year with above a 3.5 GPA.
Time to relax ✌️