12 Statistics That Prove That The U.S. Is Facing A Consumer Debt Apocalypse

In the entire history of the United States, consumers have never been in so much debt.  And that would not be a crisis as long as the vast majority of us were regularly making our debt payments, but as you will see below delinquency levels are starting to rise to extremely alarming levels.  In fact, some of the numbers that are coming in are even worse than we witnessed at any point during the last recession.  If things are this bad already, what are they going to look like once the economy really gets bad?  Because even though it appears that we are heading into a new recession, according to the Federal Reserve it has not officially begun yet.  That means that much worse is yet to come.  Just like last time, millions of Americans will likely lose their jobs, and without an income most of those that suddenly find themselves unemployed will not be able to pay their bills.  The stage is set for the largest tsunami of consumer debt defaults that this country has ever seen, and that will absolutely devastate major financial institutions all across America. (Read More...)

Deadbeat Nation: 37 Million Credit Card Accounts In The U.S. Are “Seriously Delinquent” Right Now

Is the consumer debt bubble finally starting to burst?  If the latest numbers on delinquent credit card accounts are any indication, that appears to be precisely what is happening.  As I noted the other day, Americans currently have 480 million credit cards, and they are carrying 870 billion dollars worth of balances on those cards.  That is one giant pile of debt, but there won’t be a problem as long as the vast majority of Americans regularly make their credit card payments.  Unfortunately, the number of credit card accounts that are delinquent has been steadily rising, and now we are being told that the number of “seriously delinquent” accounts has shot up to 37 million(Read More...)

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