Posted on 02/13/2024 4:52:54 PM PST by davikkm
In the aftermath of the pandemic, wealth inequality in the United States has intensified, according to reports from the New York Fed and Reuters. This outcome aligns with expectations, given the surge in financial assets that largely exclude those with minimal net worth. Individuals without exposure to these assets rely solely on earnings growth to accumulate wealth, further widening the economic gap.
A concerning trend accompanies this disparity. Credit card debt witnessed a significant uptick, surging by 14.5% in the fourth quarter of 2023, as reported by CNBC. This increase places additional financial strain on individuals grappling with a lack of exposure to soaring financial assets.
(Excerpt) Read more at citizenwatchreport.com ...
“Authorities remain baffled...”
I left Memphis in my early 20s over 50 years ago. At that time Germantown was a well-to-do horsey community. Wonder how it is now?
I don’t carry credit card debt, but I was just notified that my Home Depot credit card interest rate is being increased to 29.99%. Check that out, 30% interest rate! That is insane.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.