The Worst Credit Crisis Of Our Lifetime Could Bankrupt Millions in the U.S.

Explore the alarming rise in bankruptcies across America in 2024, drawing parallels to the financial instability of the Great Recession. As consumer prices soar, average American families and businesses face significant financial hurdles, battling to manage daily expenses and grappling with reduced access to credit. We delve into the factors driving this crisis, including stringent lending criteria by banks and a notable contraction in bank credit, a trend not seen since the 2008 financial crisis. Join us as we discuss the broader implications of these economic challenges, the real-world impact on Americans, and potential strategies to navigate through these turbulent times. Share your thoughts and experiences in the comments below as we dissect how these economic pressures are reshaping American lives and what can be done to mitigate their impacts.

[enkhyy]

Stop spending money you don't have. Reduce consumption and focus on your real needs.

[kennydebaene]

If you want to be successful don’t go into debt. Never got a loan for my company and I’ve been in business for 10 years. Grow at the speed of cash not credit

[joeykitty]

Nobody was sounding the alarm about unchecked spending; lending; debt accumulation, and most importantly, 'free money'. Now, the fan has been hit....

[suegeorge]

I have been spending the last 5 years paying off my credit card. I am now debt free except for the house payment which will be paid off in 3 more years. My best advice is to not keep refinancing your mortgage for a little bit less of a percentage point. Get your mortgage percentage rate at something that you can live with. Then live with it.

[hoadiep]

Take care our country first! Our populations are broke. Mom and dad have to take care of their children first before taking care of others!!! Stop spending money on other countries! Taking care of ourselves first please!

[wongkongyew]

USA social, economy and political system are fucked up by those old politicians ! Only Americans can safe themselves now. Time are crucial !

[bboxx]

If you want to have money, don't spend money.

[lynnwilt]

We’re looking to downsize our car. We simply cannot afford 2 car payments for SUVs any longer. The money just isn’t there-my work is all but dead so my income contribution has all but dried up. I still have to do all the mom duties so what I can actually do to contribute to the household is limited by kids’ schedules. It’s scary.

[hermanrogers]

I work my tail off over 45 years and I am happy to have My debts paid off and retired peacefully

[michaelmgtow]

Reducing spending, and worrying about not enough money is signaling your sub-conscience mind of lack, in turn you’ll continue to receive lack. Always at all times like a child think of abundance, and never out of your mouth speak of lack.

[CHRISCRAZZ-tw]

I’m 50 years old when I was 35 I had a very successful business and three rental properties and one $600, 000 house I lived in which was a multifamily dwelling rental divorce and embezzlement. Now I rent a garage and live in it. I have no need to go back to my granite countertops, any money I get in the future I’m gonna spend it on travelling and motorcycles. I moved to a small town looking for a house to buy if you’re wealthy or successful in your 35 it’s not a guarantee of future success, especially if you marry, a crazy woman.

[brianhagerman]

Good thoughts. This is a problem in many areas of discourse. Unbacked, empty claims and trying to shift the burden of proof where it doesn’t belong.

[Luigi]

1:06 -> Bank credit levels have consistently fallen for 3 consecutive quarters, marking the first prolonged contraction of this magnitude since 2010. 👀

[sheilapassin]

Give Americans Stimulus checks instead of helping other countries.Bieden has caused this

[sheilapassin]

We are going into a depression. I am a senior and doesn't have enough food.

[hmanggala]

Actually we already on recession without everyone realized.

[carlosalenduran]

I'm out of gas in my car and I don't even have $5 to put gas

[fredaheunes]

Money is being funded to the major Arms Corporations..and paying salaries and pensions for UKRAINE..ask Yellen about the missing ONE TRILLION DOLLARS GONE MISSING

[rayblack]

No we all need to repent Today this American thing is over! Passport time!

[ChickenWang]

Lucky just rent and food electric and gas. So 75 hours covers it