10/04/2023
It shouldnt be long now before the recession is widespread and obvious.
"Revolving debt, primarily reflecting credit card borrowing increased by $5 billion in February, a 3.8% increase. In absolute terms, it was the smallest increase in revolving credit since April 2021.
Americans now owe a record $1.22 trillion in revolving debt. The bigger problem is the double whammy of rising debt and rising interest rates.
Average credit card interest rates eclipsed the record high of 17.87% months ago. The average annual percentage rate (APR)currently stands at 20.11%."
Recession Warning? Consumer Debt Climbs But Pace Slowing April 10, 2023 by Michael Maharrey 0 0 American consumers continued to pile on debt in February, but the pace of borrowing slowed significantly, another sign the economy could be heading toward a recession. Overall, consumer debt ...