Americans are facing a record credit card debt crisis
Americans are facing a record credit card debt crisis
The US is facing a credit card debt crisis as balances and delinquencies soar.
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Almost $13 trillion of the $17.5 trillion US household debt statistic is housing debt. See: mortgages, which are stable, fixed payments, but new ones are more expensive now than they were last year or the year before. The article doesn't mention this and makes it sound like it's all credit cards. The Federal Reserve press releases sound like this too. Almost feels like they're trying to gin up doubt and panic
100% agree but curious on your speculation as to why.
To stop or slow down wage growth. If people are fearful of their economic positions, they're more likely to stay in lower paying jobs, less likely to take risks like unionizing, and more likely to cope with shitty work environments. Large businesses are playing this game too, where you see layoffs happening all over the place while many of those same businesses record record profits. This keeps their workforces in fear for their livelihoods and makes them easier to keep in line.