1114: Americans Are Being Crushed by Credit Card Debt - Episode 1114

Investing in Real Estate with Clayton Morris | Investing for Beginners

Clayton Morris

How To, News, Education, Business News, Business, Investing

4.4 • 1.1K Ratings

🗓️ 19 December 2024

⏱️ 10 minutes

🔗️ Recording | iTunes | RSS

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Summary

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.

Transcript

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0:00.0	Looking to connect with your local audience?
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0:22.6	customers, visit ad manager.fm. Your voice, your audience, your success. Americans are being crushed by credit card debt right now.
0:38.6	Credit card delinquencies have now doubled.
0:41.2	Have you heard the latest data on credit card delinquencies in the United States?
0:44.4	If you know anything about Americans and credit card debt, I'm sure you can guess it is not looking good right now.
0:50.3	Now, according to new data from the Federal Reserve Bank of New York, credit card delinquencies
0:54.5	reached 8.5% in the fourth quarter of 2023. That's before Christmas. That's up from 5.87% in
1:03.0	2022 and 4.1% in 2021. So essentially, within the span of two years, credit card delinquencies have
1:10.3	more than doubled. All stages of credit card delinquencies have more than doubled.
1:11.5	All stages of credit card delinquencies, including 30, 60, 90 days saw a sharp rise at the end of the year.
1:17.5	This is out of control, guys.
1:19.1	We're hearing again and again from the current administration that the U.S. economy is healthy.
1:23.0	Yet so many Americans are relying on credit cards carrying expensive debt that they are ultimately unable to pay back.
1:28.6	The total amount of credit card debt in the United States has surpassed 1.13 trillion, which on its
1:34.2	own is troubling, but the state of delinquencies is skyrocketing, showing true financial ruin for people.
	...

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