Already worse than 2008. t.co/SHSyomwhhA
— Financelot (@FinanceLancelot) May 9, 2023
Meanwhile, credit card interest rates are rising at a historic pace.
The average rate on credit card debt in the US just hit a record 24%.
All while 73% of millennials now say they are living paycheck to paycheck.
Follow us @KobeissiLetter for more analysis as this develops.
— The Kobeissi Letter (@KobeissiLetter) May 8, 2023
In the US, 45% of millennials now have more credit card debt than savings.
44% of US adults who are aged 43 to 58 have more credit card debt than savings.
Overall, a record 36% of US adults now have more credit card debt than savings.
These numbers are up massively this year. pic.twitter.com/ueqJBTh5T7
— The Kobeissi Letter (@KobeissiLetter) May 8, 2023
Peter Schiff: The US Is In A Financial Crisis Worse Than '08 t.co/8gdMZIhrvX
— zerohedge (@zerohedge) May 10, 2023