Financial crisis in the US? | Credit cards past dues in focus | Latest News | WION

Consumers are increasingly holding off on applying for new mortgages and credit cards, a Philadelphia Fed report finds. Watch to know more.

#creditcard #us #crisis

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[CarlCrazy]

People in the us finance $6, 000 bicycles - yea it’ll fall apart

[poojakris]

American economy is weird. Whenever they need money they just print it, very simple. Yet no other country can do that and survive

[jessehamilton]

If you owe the bank $100 that’s your problem.

If you owe the bank a million $ that’s the banks problem.

[PamelaPhillips-edsl]

Grumpy Grandpa here. Inflation Is real. So don't be a sucker. 🤔

[louistan]

No issue. The 8 US SIBS Banks will not be allowed to fail. Therefore, as long as they don't write-off the debts, consumers can continue to splurge on their credit cards. The Fed is ever ready to print and pump in money to save them. It did so during the 2008 Financial Crisis and will do the same when the next financial crisis hit.

[BobbySmith-ws]

I'm American and it's not looking good. A big default is coming

[GoldMoney-zrdt]

My favourite news channel My favourite newsreader Keep it up!

[brianoconner]

A lot of people are living in their own fantasy world by getting into too much debt thinking that it won't catch up with them.

[camadams]

1) Inflation (at least in the US) was not do to the central bank. It was almost entirely due to monopoly price fixing. A SINGLE scandal accounts for 35% of the inflation just by itself. That scandal? Collusion between OPEC and private US private shale producers to not increase production as demand returned to normal after the pandemic. Central banks don't have antitrust power or fiscal policy powers, so blaming them would be silly. If we are going to blame them we have several other groups to blame first

Secondly, the fed funds rate and interest rates on short term, non-secured, revolving credit lines aka a credit card were always insane. My interest rate is around 20% now. Before the pandemic it was 19%. The problem here is the failure to put limits on credit card companies regarding the max interest they are allowed to charge

[texassecession]

It's more important for the US politicians to give military aid to Ukraine and Israel than saving Americans off the cliff.

[godzillamothra]

economy fueled by consumption, which in turn is fueled by debts, what can go wrong? When the world came out of lockdown, the most idiotic concept first came out is the revenge spending. Revenge spending made sense if you were working for three years in the middle of jungle, earning income but have no place to spend. But when you were locked down, had little to no income for the past three years, the first thing you do when you coming out of lock down is to earn money as much as you can and save as much as you can, at least for few years, before you even think of spending.

[Fawazeditsyt]

just don't hold $ which is backed by nothing,
Create a BRICS currency backed by 5 metals and 6 commodities, Sell all $ reserves and buy assets like mines companies etc. by 2030 US debt will be 50 T $,
I don't get it how come the economists not able to understand what is happening ?

[saintchristopher]

😮US itself is in very big Debt Trap/Debt crisis....US is today survived just by printing the US Dollar... Economy is in the Dip recession..😂

[tinaryan]

Increasing interest rates is the stupidest way to bring down inflation in these times.

Firstly, increasing rates is inflationary because it causes increases in the general price level of goods and services because businesses have to factor the increased cost of credit in their pricing so prices keep rising.

Also, the increased interest income on savings, treasury securities, and other investments is flooding the economy adding to inflationary effects.

Meanwhile, the burden falls on consumers who can't keep up and have to resort to living on credit

[РайтарионРабРомы]

Did u know the USSR had no economy crises? You may have heard about the overproduction crisis. If not, then I recommend reading it. You’ll understand why.

[sonachaudhary]

US ke chakkar me sab jaayenge 😂 first comment. 😮

[poojakris]

So they are planning to acquire Russia so that they don’t have to pay for gas for heating and cooking. 😅

[graham_hodson]

Nothing seems to be safe in this time and age anymore. Even savings too. The greedy US hegemony is the root cause of all the misery and pain.

[ЕвгенийИ-му]

за несколько лет гос долг вырос до 35трл совсем недавно был 19трл )) к 30 году за 50+ перевалит

[philiptan]

The high payment delinquent in credit cards debt is a sure sign of serious decline in purchasing power and the start of decreasing economic activity which will take its toll in increasing unemployment rate. The massive financial debt has increased to 35 trillion usd with interest payment of a trillion per year makes it impossible for the interest rates to go down. The usa has no more way out of this financial mess which is getting messier by the day. The demise of the usd is just around the corner as the debt delinquency is spiraling out of control increasing the likelihood of banks going bankrupt. The usa is in big big trouble now.