The financial strain on American households is reaching unprecedented levels. According to the U.S. Census Bureau’s Household Pulse Survey, a staggering 37% of American adults reported that their households found it somewhat or very difficult to cover typical expenses between late June and late July. The burden is intensifying, and there’s no relief in sight.
Meanwhile, U.S. consumer debt is skyrocketing at a rate that should alarm everyone. In July, revolving credit spiked by a jaw-dropping 9.4%, pushing total revolving credit to a record $1.36 trillion. Over the past three years, revolving credit has surged by approximately $400 billion—a 40% increase—marking one of the largest jumps in history.
As inflation continues to eat away at purchasing power, more families are forced to rely on credit just to get by. The weight of this debt is crushing, and the road ahead looks bleak.
Source:
searchengineland.com/data-providers-google-august-2024-core-update-was-very-volatile-446597
projects.fivethirtyeight.com/2024-election-forecast/
www.bea.gov/data/gdp/gross-domestic-product
Credit Card Delinquency Rates Rise
As wallets tighten and financial stress mounts, a growing number of Americans are falling behind on their credit card payments.
The latest data for Q2 2024 paints a concerning picture of consumer financial health, with credit card delinquency… pic.twitter.com/HphUQI3z5Y
— Reef Insights (@ReefInsights) September 17, 2024
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