Article originally appeared on www.zerohedge.com.
U.S. credit card defaults have surged to their highest levels since 2008. Lenders have written off $46 billion in delinquent balances in the first nine months of 2024—a 50% increase from last year.
“What makes our economy grow? Consumer spending fueled by unsustainable debt,” warns Taylor Kenney in her latest video. “The cracks in this system are widening, and when the spending stops, the illusion of growth will collapse.”
Kenney highlights how the so-called “economic recovery” has left one-third of Americans drowning in debt, with zero savings and rising defaults on everything from auto loans to mortgages. Meanwhile, the Fed’s rate hikes and inflated costs of living have turned a fragile economy into a ticking time bomb.
“This isn’t real growth—it’s a carefully crafted illusion,” she cautions. As household debt hits record highs and store closures accelerate, the ripple effects …
| View full article |
