Rebel Capitalist News Credit Card Debt Hits Record, Wealth Gap Widens, WTF Is The Vibecession?
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Dec 29, 2024 Delve into the troubling surge of credit card debt as consumers grapple with rising inflation. Discover how this financial strain exposes the growing wealth gap and the eerie disconnect between perceived prosperity and harsh economic realities. Explore the troubling trends in wealth distribution and the potential ramifications for society. Additionally, critique the media's portrayal of economic health, highlighting the stark contrasts between public sentiment and the actual financial landscape.
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Credit Card Debt Insights
- Exploding credit card debt suggests a struggling economy, not a booming one.
- Consumers are charging more due to high interest rates and likely a lack of funds.
Concerning Credit Card Trends
- Credit card balances are up 8.1% year over year, exceeding the 2.7% headline CPI.
- 28% of card users haven't paid off last year's holiday gifts, signaling financial strain.
Credit Card Debt and Recessions
- Credit card debt peaks often precede recessions, as seen before the GFC and the pandemic.
- The current surge in credit card debt mirrors these pre-recession patterns.