US fights inflation with credit card debt

Total credit card debt is skyrocketing as savings rates have crashed. Total revolving credit in the US now stands at USD 1.3 TRILLION, up from ~ USD 960 billion in 2021. Meanwhile, the savings rate has fallen to just 3.6% as affordability reaches record lows.

Interest rates on credit card debt are also reaching record levels, close to 25%. The US has record credit card debt, record high interest rates and record low savings. Is a soft landing really that likely?

We’ve said it before: Americans “fight” inflation with debt on their credit cards. With interest rates on these credit cards reaching record highs, this can only go on for so long.

Source: Kobeissi Letter

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