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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 (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
[–]Alphix 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 0 fun3 insightful - 1 fun - 11 months ago (1 child)
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)
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[–]magnora7[S] 10 insightful - 3 fun10 insightful - 2 fun11 insightful - 2 fun11 insightful - 3 fun - (2 children)
[–]Alphix 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 0 fun3 insightful - 1 fun - (1 child)
[–]magnora7[S] 4 insightful - 2 fun4 insightful - 1 fun5 insightful - 1 fun5 insightful - 2 fun - (0 children)