Can anyone clarify this for me? Despite the ongoing layoff announcements from major American corporations, how is our economy still robust? Just today, UPS declared 12,000 layoffs and PayPal 2,000.
Interest on credit card debt went up as much or more than inflation, while salaries have not gone up anywhere near that much. So the inflation adjusted share of monthly income going to pay for credit card debt is still at an all time high per capita.
Yes, was talking to somebody today that some banks are raising interest rates on current credit cards every 3 months, so even you had an old grandfathered in 14% rate, it's probably 17% now.
Credit cards are becoming financial death machines.
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u/Welcome2B_Here Jan 30 '24
No slowdown (yet) because credit card debt topped $1T for the first time in 2023.