Searches for "Can't pay credit card" hitting all time highs pic.twitter.com/s7hkSebIq2
— Darth Powell 🦈🇺🇲🇺🇦🇵🇱🇫🇮 (@GRomePow) October 15, 2023
Credit card spending is finally starting to collapse… pic.twitter.com/XaMDwzyEIc
— Game of Trades (@GameofTrades_) October 16, 2023
Parallels of 2018 keep flashing red. Back then US retail spending collapsed in November and December causing a #recession scare.
Chart @Lvieweconomics pic.twitter.com/icGG1nbQUq— jeroen blokland (@jsblokland) October 13, 2023
The consumer is going to feel this
Personal interest payments have surpassed $500 billion
This level has NEVER been seen since 1959 pic.twitter.com/QD7egDGUaN
— Game of Trades (@GameofTrades_) October 15, 2023
BREAKING: US drugstore chain Rite Aid, which has 2,100 stores, has filed for bankruptcy.
— The Spectator Index (@spectatorindex) October 16, 2023
Food Prices up Over 20%, Credit Card Delinquencies Now Higher As Credit Card Debt Grows on Inflation
Despite Paul Krugman’s assurance that inflation’s grip is loosening, recent reports suggest otherwise, indicating that the flames of inflation are stubbornly persistent. Desperate to keep pace with escalating prices, consumers are increasingly leaning on credit cards, leading to a staggering 38% growth in credit usage since April 2021. Alarmingly, this surge occurs in the backdrop of steep interest rate hikes. An even more ominous sign is the rising credit card delinquency rates.