People have run out of Money.
Credit card companies like Mastercard and Visa are reporting a major slowdown in spending. With holiday sales figures exhibiting no growth adjusted for inflation.
This suggests that the US Economy is worse off than many believe in 2024 and that the long-awaited recession could be around the corner. Particularly if credit card borrowers continue defaulting on their balances.
With the New York Fed reporting a significant increase in both 30 and 90-day transition into delinquency for credit card users across America. These delinquency rates are now higher than they were before the pandemic.
However – much the mainstream financial media is not reporting on these stories. Or not reporting on them accurately. With organizations like the Washington Post and Wall Street Journal failing to mention that the Mastercard Credit spending data was the worst in 7 years.
Credit to : Reventure Consulting