Credit Card Charge-Offs Hit The Highest Level In Nearly 7 Years And Credit Card Delinquencies Hit The Highest Level In Almost 8 Years

 

When people are having a harder time paying their bills, that is a signal that the economy is slowing down.  This is something that we witnessed back in 2008, and it is something that is happening once again right now.  Credit card charge-offs at major U.S. banks haven’t been this high since the U.S. economy was pulling out of the last recession, and the same thing is true regarding credit card delinquencies.  So even though the mainstream media keeps telling us over and over that the U.S. economy is “booming”, the cold, hard numbers are telling us something completely different.  This is a point that I made yesterday in my article about how homelessness is absolutely exploding in New York City, and it is a point I will undoubtedly have to make many more times as long as the mainstream media feeds us this fictional narrative about a “booming economy”.  Look, the truth is that you can’t say that we have a booming economy until we have a year when the U.S. economy grows by at least 3 percent, and at this point we haven’t had that since the middle of the Bush administration.

 

And now there are all sorts of indications that the U.S. economy is really starting to slow down again.  One of those indications is the fact that the level of credit card charge-offs has risen to the highest level since 2012…

 

Red flags are flying in the credit-card industry after a key gauge of bad debt jumped to the highest level in almost seven years.