Fed reports massive spike in defaults. Credit cards being shut off.

The Federal Reserve just released a new study showing that credit card default rates in America have surged up to the highest level on record. In some cases – even worse than what we saw in 2008. These skyrocketing credit card defaults are an ominous sign of the US Economy and Consumers. Particularly for those spending on bank cards such as Discover, Wells Fargo, JP Morgan, and Bank of America – where the card default rates have more than doubled in the last 2 years.