People Have STOPPED PAYING THEIR BILLS! They Just Don’t Have MONEY!

The Federal Reserve Bank of New York's latest Quarterly Report on Household Debt and Credit paints a grim picture of the American consumer's financial health 2. As of Q4 2023, total household debt has skyrocketed to a staggering $17.50 trillion, with alarming increases across various debt categories

Key findings from the report:

-Credit card debt surged by $50 billion, reaching $1.13 trillion 2.
-Auto loan balances increased by $12 billion to $1.61 trillion 2.
-Mortgage debt rose by $112 billion to $12.25 trillion

Most concerning is the sharp rise in delinquency rates across all debt types 2. The report shows that 3.1% of outstanding debt is now in some stage of delinquency 2. This trend is particularly pronounced among younger borrowers, with credit card delinquencies surpassing pre-pandemic levels 2.

Wilbert van der Klaauw, an economic research advisor at the New York Fed, warns that "This signals increased financial stress, especially among younger and lower-income households" 2.

The ripple effects of this financial strain are being felt throughout the economy. As consumers struggle to make payments, businesses are reporting slower hiring and planning more layoffs. This cascading "wall of debt" threatens not just individual households but the broader U.S. economic landscape.

With Americans increasingly unable to keep up with their financial obligations, the economy faces a potential crisis as consumer spending - the backbone of economic growth - falters under the weight of mounting debt and delinquencies.

[TrenGenius]

🔥🔥🔥 SESSION WITH BIG BRO TREN NOW!

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[MichaelsPaintingChannel]

This whole park is empty.. Nobody is out or having a good time..

[pinkrose]

So true! People definitely look sad or mad. It's real out here. People are exhausted. 😮

[drugs]

Why are we paying to live on this planet? SERIOUSLY 😒

[KiddKhy]

I work 2 jobs and still have to be careful on what I spend smh

[niecyfields]

“The wealth of the wicked is stored up for the righteous.” Proverbs 13:22 🙌

[cartierkid]

These millionaires and billionaires and trillionaires are playing in our face. If we all get together we can be more powerful than there money. They need us to make money. 💯

[universalredguard]

Haven't paid on the grid bills in years. The sun 🌞 from the most high God charges my solar generators up, harvest rain water that God provides, and the list goes on. We just getting started.

[Africaismomma]

“I don’t know everything but I’m not DUMB” 😂😂😂😂😂 I felt that bro

[california_rebel]

If you survived 2008-2010 you have an advantage.

Jobs are playing games.

Right now is definitely a time to hold on to that job, no matter how bad you wanna quit. Some money is better than none.

Keep the essential bills. Rent, lights, gas, govt phones.
All that tryna keep up with the next broke persona will take you under.
Stopped the car note trap years ago.
As long as that thang crank and ride, you can survive.

The word of the day is “Extension”.
You’ll be surprised how many of these bill people will work with you if you communicate that “I ain’t got it”.
Just some things I learned from the last recession.

[exsxpx]

It's been a depression for a while, it's been masked by financial stimulus.

[clare]

The cost of food really doubles it's not no 30%increase it's really more

[Validheart]

People are starting to act out getting angry because their unable to pay or keep up with paying bills.

[alanzielinski]

Homelessness... can't afford anything 😢

[karliefarnold]

I don't feel comfortable spending. Clearly, this country is going in the wrong direction. Work hard like an ant 🐜 and store / invest your capital.

[NyNj]

As a business owner I can tell you that I’ve been feeling the crunch.. sales have been down in the last two weeks.. The devil is working hard to take us out!! Smh

[FreSpirited]

It's not natural to pay bill's. We humans are the only species on planet earth paying for any and everything dats already free and available...

[MegaCityOne]

The car market is the biggest warning sign. A new basic truck costs $70, 000 right now.

[supertoyota]

Bro, here in the UK 🇬🇧 it's a similar thing. I travel parts of the country and read all the news. Shops closings, theatres closing, mortgages, rents, groceries, travel, etc etc etc everything is going up like crazy

[MoneyGreen]

People are paying 1, 750 for a master bedroom in West Hollywood CA. Called shared living it's ridiculous.