Consumers tacked on an additional $27 billion in credit card spending in the second quarter, the Federal Reserve Bank of New York said.
  • sunzu@kbin.run
    102·
    3 months ago

    Cnbc loves this genre of FUD.

    While true US CC debt is up but if you look per capita, it is not.

    With that being said, rising debt is an indicator that people are relying on credit to fill gaps. If this continues, they will be fucked

    • cygnus
      2·
      3 months ago

      While true US CC debt is up but if you look per capita, it is not.

      What do you mean? They aren’t accounting for population increase?

      • sunzu@kbin.run
        11·
        3 months ago

        The number given there is gross CC debt… Ie 1.1t

        Which I think is historically high but population has grown by like 30m? Since 2008?

        So per capita it ain’t highest it has ever been.

        Long story short, CNBC is running FUD here.

        If a quick search should provide results of this same shit being run every other months.

        I notice them running this shit a while back and like clock work they got reposted on socials