Subprime Auto-Loan Delinquencies Rise to 2019 Levels: a Dive into Subprime Lending and Securitizations pic.twitter.com/A5gyIrxj3e
— RichQuack (@RichQuack) January 14, 2024
Credit Card Debt Climbs: 56 Million Americans in Prolonged Debt Amid Economic Pressures
The credit card debt situation in the U.S. is becoming increasingly concerning, with a record $1.08 trillion in balances as reported by the Federal Reserve Bank of New York. Ted Rossman, a senior analyst at Bankrate, highlights a staggering 40% rise in credit card balances over the past two years. Notably, nearly half of all cardholders are now carrying their debt month-to-month, a significant increase from last year. This shift indicates growing financial strain, as 56 million Americans have been in credit card debt for over a year. Factors contributing to this trend include inflation, higher borrowing costs, and possibly shifts in lending practices. The Fed researchers suggest that this could be a sign of deeper economic distress.
It's hilarious @bankofcanada claims their $30B REPO interventions this week "is not a sign of trouble" & was to "bring the interest rate on overnight loans close to our target."
CORRA was flat at 5%, meaning a specific institution needed liquidity as no one is lending to them 🪦 t.co/AbzbKBnUDm pic.twitter.com/BJT5pd7eXl
— Financelot (@FinanceLancelot) January 14, 2024
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