The Fed Brought a Knife to an Inflation Gun Fight - Ep 873
The Peter Schiff Show Podcast
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Credit Card Debt Rises 6.6% to $986 Billion During the Quarter
credit card debt rose 6.6% to $986 billion during the quarter that is the fastest quarterly growth in credit card debt ever since the Federal Reserve started measuring it back in 1999 and year over year credit card debt soared by 15.2%. That's despite the fact that Americans were flush with stimulus money they blew through their stimulus and they had to run up their credit card balances to afford to pay the higher prices resulting from inflation. Of course a lot of this credit card debt is never going to get repaid. We're going to start to see the delinquencies rate really surging as the year goes on, he says.
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