Credit Card Debt Explodes At 2nd Fastest Pace On Record, Rates Hit All-Time High \ stacker news ~bitcoin

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Credit Card Debt Explodes At 2nd Fastest Pace On Record, Rates Hit All-Time High www.zerohedge.com/markets/consumer-credit-shocker-credit-card-debt-explodes-2nd-fastest-pace-record-just-rates-hit

2574 sats \ 6 comments \ @lpop4254 5 May 2023 bitcoin

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21 sats \ 1 reply \ @JulienPH 5 May 2023

I don't know if it's specific to the US (it seems less common in France), but I don't understand the concept of going into debt for consumption. On average 21% interest? How is it possible to accept that? But what do they buy on top of what they can afford without credit with average salaries that are among the highest in the world?

This is truly the peak of Fiat madness.

https://pbs.twimg.com/media/FvODjcKXsAcwv6u?format=png&name=small

1 sat \ 0 replies \ @nout 6 May 2023

I was similarly baffled, for someone from Europe this is generally quite unusual, but with some experience in the US I wrote a detailed reply here

0 sats \ 0 replies \ @TheBTCManual 6 May 2023

I saw a report on how credit cards and buy now pay later are growing massively in the FMCG sector so people are literally paying off things they've pooped out a month ago, heaven help us

0 sats \ 2 replies \ @godlikeXi 6 May 2023

Consumption is going to drop rapidly when the NPCs notice the economy has gone to complete shit.

0 sats \ 1 reply \ @faithandcredit 6 May 2023

Or maybe it will increase because they need to distract themselves :()?

0 sats \ 0 replies \ @godlikeXi 6 May 2023

that could happen