Americans Are Being Crushed by Credit Card Debt - Episode 1114
Episode 1114, Dec 19, 11:00 AM
According to data from the Federal Reserve Bank of New York, credit card delinquencies reached 8.5% in the fourth quarter of 2023 – that’s up from 5.87% in 2022, and 4.1% in 2021. Within a span of two years, credit card delinquencies have more than doubled.
We’re hearing again and again from the current administration the US economy is healthy – yet so many Americans are relying on credit cards, carrying expensive debt that they are ultimately unable to pay back. The total amount of credit card debt in the US has surpassed $1.13 trillion, which on its own is troubling, but the state of delinquencies shows the true financial ruin we’re seeing unfold across the country. On this episode of Investing in Real Estate, we're going to discuss the implications of this mounting consumer debt.
We’re hearing again and again from the current administration the US economy is healthy – yet so many Americans are relying on credit cards, carrying expensive debt that they are ultimately unable to pay back. The total amount of credit card debt in the US has surpassed $1.13 trillion, which on its own is troubling, but the state of delinquencies shows the true financial ruin we’re seeing unfold across the country. On this episode of Investing in Real Estate, we're going to discuss the implications of this mounting consumer debt.