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finance
Graph of total US credit card debt, notice the spike over the last few months?
submitted 11 months ago by magnora7 from lendingtree.com
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[–]magnora7[S] 10 insightful - 3 fun10 insightful - 2 fun11 insightful - 2 fun11 insightful - 3 fun - 11 months ago (18 children)
People are borrowing against the most expensive form of debt they have, not a good sign. People are running out of money and getting desperate, it seems. Looks very similar to the lead up to the 2008-09 financial crisis
[–]bucetao6969 3 insightful - 1 fun3 insightful - 0 fun4 insightful - 0 fun4 insightful - 1 fun - 11 months ago (1 child)
Well, we're already in a recession.
[–]magnora7[S] 2 insightful - 2 fun2 insightful - 1 fun3 insightful - 1 fun3 insightful - 2 fun - 11 months ago (0 children)
Agreed, small businesses are hurting badly. In 1860 something like 95% of Americans worked at small businesses, now it's like 5%. And after covid it's probably even lower.
[–]Zapped 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 0 fun3 insightful - 1 fun - 11 months ago (2 children)
People are used to having money to spend with the Covid cash. The money is still floating around, but it is drying up in the hands of the average American.
[–][deleted] 11 months ago (1 child)
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[–]Zapped 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 0 fun3 insightful - 1 fun - 11 months ago (0 children)
You didn't apply. Most was given to companies to keep people employed through payroll bailouts. A lot was given to boost unemployment checks. This is one of the reasons guns and ammo sales went crazy, along with the BLM riots. Also, people paid off their credit cards with the extra money. Even though that income stream has dried up, people are still spending (or were until very recently).
[–]Alphix 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 0 fun3 insightful - 1 fun - 11 months ago (4 children)
Except this time the commercial real estate sector is also in dire straits, due to companies downsizing their total area occupied.
[–]magnora7[S] 4 insightful - 2 fun4 insightful - 1 fun5 insightful - 1 fun5 insightful - 2 fun - 11 months ago (0 children)
Yes I saw something about a $1.5 trillion debt wave coming due on commercial real estate.
I heard McDonalds just sold their headquarters buildings and lowered their minimum wage. There's a lot of businesses having to downsize now with money being so hard to get thanks to federal reserve rate raises (which they need to do to curb the inflation they created during covid and due to the ongoing petrodollar collapse)
[–]Musky 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 0 fun3 insightful - 1 fun - 11 months ago (2 children)
Which is used to back deposits at banks.... it is highly troubling, although also why I'm betting on banking stocks.
[–]Alphix 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 0 fun3 insightful - 1 fun - 11 months ago (1 child)
Wait, no, bet AGAINST them. Or bet against the USD by buying gold and silver!
[–]Musky 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 0 fun3 insightful - 1 fun - 11 months ago (0 children)
I have gold and silver investments as well. It's smart to diversify, hedge your bets.
[–][deleted] 11 months ago (7 children)
[–][deleted] 11 months ago (6 children)
I concur.
[–][deleted] 11 months ago (2 children)
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[–]magnora7[S] 10 insightful - 3 fun10 insightful - 2 fun11 insightful - 2 fun11 insightful - 3 fun - (18 children)
[–]bucetao6969 3 insightful - 1 fun3 insightful - 0 fun4 insightful - 0 fun4 insightful - 1 fun - (1 child)
[–]magnora7[S] 2 insightful - 2 fun2 insightful - 1 fun3 insightful - 1 fun3 insightful - 2 fun - (0 children)
[–]Zapped 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 0 fun3 insightful - 1 fun - (2 children)
[–][deleted] (1 child)
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[–]Zapped 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 0 fun3 insightful - 1 fun - (0 children)
[–]Alphix 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 0 fun3 insightful - 1 fun - (4 children)
[–]magnora7[S] 4 insightful - 2 fun4 insightful - 1 fun5 insightful - 1 fun5 insightful - 2 fun - (0 children)
[–]Musky 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 0 fun3 insightful - 1 fun - (2 children)
[–]Alphix 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 0 fun3 insightful - 1 fun - (1 child)
[–]Musky 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 0 fun3 insightful - 1 fun - (0 children)
[–][deleted] (7 children)
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[–][deleted] (6 children)
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[–]Alphix 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 0 fun3 insightful - 1 fun - (1 child)
[–][deleted] (2 children)
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[–][deleted] (1 child)
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