/biz/ - Business & Finance

>>53273632
we hit 2.71% during 2008 - 09 crisis, with a peak of 3.19% delinquency rates on credit cards
we are already above this number, and it will get worse, not better, as people are borrowing money at 19% interest in order to buy groceries, when they've lost their job and have no ability to repay it
https://newsroom.transunion.com/financial-crisis--10-years-later-consumer-credit-market-on-an-upward-curve/
>pic related
https://www.bloomberg.com/news/articles/2023-01-05/credit-card-debt-more-americans-can-t-cover-everyday-expenses
>January 5, 2023
>More Americans Tap Credit Cards for Everyday Expenses
>Census data shows that households are struggling to cover bills as pandemic savings run out.
>New data released Thursday in the US Census Bureau’s Household Pulse Survey found that more than 35% of households used credit cards or loans in December to cover spending needs in the past week. That’s up from around 32% in November and just 21% in April 2021
>trends that could indicate consumers have run down their savings
>All told, many households’ financial situations mirror their pre-pandemic realities, Akabas said: living paycheck to paycheck, without sufficient savings to cover emergencies — or sustained periods of high inflation.