Small lender default rate reaches 7.24%, highest since 1991, likely to continue due to high interest rates.
https://twitter.com/Willamthe2nd/status/1688574110824026112
7.24%.
Small bank credit card loans 30+ days late reached 7.24%. University of Michigan consumer sentiment is levels last seen during 2008 Financial Crisis and 2011 Debt Crisis
Consumers face challenges. If banks borrow short and lend long, then a large % of their payments dries up, how do they pay back their lenders in full? (they don't) That eventuality is only growing larger: pic.twitter.com/N96oHRwUBG — Joe Consorti (@JoeConsorti) July 13, 2023 University of Michigan consumer sentiment is levels last seen during: – …