Graph of total US credit card debt, notice the spike over the last few months?

submitted by magnora7 from (lendingtree.com)

sorted by:
top
newinsightfulfun
you are viewing a single comment's thread.

view the rest of the comments →

[–]magnora7[S] 10 insightful - 3 fun10 insightful - 2 fun11 insightful - 3 fun -  (2 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 - 1 fun -  (1 child)

Well, we're already in a recession.

[–]magnora7[S] 2 insightful - 2 fun2 insightful - 1 fun3 insightful - 2 fun -  (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.