Credit Card Delinquencies Hit 2012 Levels Despite Low Unemployment

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In the United States, a dire consumer crisis unfolds, with record-high credit card rates and unprecedented levels of personal debt casting a shadow over the nation’s financial well-being.

The alarming reality that credit card rates have surged to 22%, the highest in four decades, echoes a stark resemblance to the tumultuous year of 2012, when delinquencies reached levels mirroring those of today, amid an unemployment rate of 8%. This unsettling parallel serves as a poignant reminder of the challenges faced by American consumers in maintaining financial stability.

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Coupled with the staggering $25 trillion in total personal debt, this crisis paints a grim picture of financial health in America. As delinquency rates soar and mortgage rates skyrocket to 20-year highs, the economic landscape grows increasingly precarious.

The glaring disparity between bank interest received and paid serves as a stark reminder of the severe financial challenges facing consumers and financial institutions alike.

Should the situation worsen, it risks plunging the nation into a widespread economic downturn, with far-reaching implications for all sectors of the economy.

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