Am I reading this correctly? 10% of credit cards are more than 90 days delinquent? I want to make sure this isn’t some misstatement or statistical manipulation. If 10% of credit cards are that delinquent there will be major problems. Its not just the credit cards - there could be contagion to mortgages and rent and of course consumer spending and beyond.
Good, this is exactly what should be happening.
People still looking for that non-existent free pass out of what the govt has created.
There’s too much consuming going on out there.
The return of student loans is crushing millennials. After two years of letting them fester, the “shock” to their wallets is just starting to show up. This is going to be seen in a decline of goods like washers, dryers, and cars. They will rely on their credit cards for emergencies…and then at 29% interest…they cannot keep up with THOSE payments.
I am not suggesting for a second that the loans should be forgiven. I am merely pointing out that those households—at the time of their lives when they NEED to spend on kids—are getting slammed from all sides.
Why they are not marching on Biden’s White House for lying about forgiving their student debt is beyond me.
The student loan holders who used the two year moratorium to pay down their principle are the only winners here.