More Americans Are Having A Hard Time Paying Their Big Credit Card Bills. “This raises an important question: what happens when consumers max out their credit cards?”
Since price inflation took off in the wake of pandemic-era stimulus, Americans have blown through their savings and run up their credit cards to make ends meet. Now they’re starting to have a hard time paying those credit card bills.
The number of Americans rolling credit card debt from month to month is now higher than the number of people paying their bills in full for the first time ever.
Americans are buried under more than $1 trillion in credit card debt. Credit card balances increased by $45 billion between April and June alone. Meanwhile, credit card interest rates have climbed to 20.6%. With both balances and interest expenses rising, more and more people are struggling to pay the bills.
According to a JD Power survey, 51% of US credit cardholders now carry revolving debt. To put that into perspective, from 2018 to 2022, the percentage of those rolling over balances ranged from 40% to 50%.
Here’s one answer: Zillow rolls out 1% down home loan program.
Will Collier reminds you that “All of this has happened before…” and it didn’t exactly end well.
Mortgage interest rates hit a new high under Biden. “Just to put this in perspective, the last time interest rates were this high for mortgages the economy was in recession. Really. Look it up.”
The media and politicians want you to think inflation is under control. It’s not.
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"I don't know how anyone else is surviving; I've cut out subscriptions, and I don't eat out. And as soon as I get my paycheck, it's a wrap"
This lady explains the difficulty of… pic.twitter.com/7oDbTcPJNa
— Wall Street Mav (@WallStreetMav) August 25, 2023
h/t Stephen Green