The recent CNN poll highlights a significant concern among Americans regarding their financial stability. As of now, 39% of Americans are worried they won’t be able to pay their bills. This is a notable increase compared to the 37% who felt this way during the Global Financial Crisis (GFC) of 2007-2009.
We are living in a silent depression pic.twitter.com/vFlhN8tGff
— infra 🏛️⌛️ (@infraa_) August 6, 2024
Credit Card Charge-Off Rates Continue to Increase
Many of the large banks have been reporting elevated charge-off rates in their quarterly filings.
This rate has now risen above pre-pandemic levels.
Charge-offs, in the context of credit card loans, refer to the value of debt… pic.twitter.com/JMoQG914Vm
— Reef Insights (@ReefInsights) July 30, 2024
Household debt rose to new record high in Q2, hitting $17.8 trillion as housing, credit card, and auto debt all rose – people can't keep up w/ inflation, and are going into debt to afford necessities: pic.twitter.com/qNrSCfDexq
— E.J. Antoni, Ph.D. (@RealEJAntoni) August 6, 2024
Sources:
www.aol.com/finance/39-americans-worry-t-pay-090045275.html