Americans are THROWING in the towel on Credit Card Debt

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it just keeps getting worse and worse… for months now, we’ve been talking on this channel about the state of consumer debt in the United States. We’ve reported on record high credit card balances, an all-time high in delinquencies, and how Americans’ credit scores have fallen for the first time in a decade.

As always, the mainstream media is putting a positive spin on this – saying the economy is strong, or that these trends aren’t severe enough to signal financial distress… But more and more data are affirming the truth. We don’t need to pretend this story has a happy ending or come up with a narrative that makes people feel better about their mountains of debt. This credit situation is destroying Americans.

So don’t be surprised when you hear that new data from the Federal Reserve showed that the growth of credit card debt actually slowed in the first quarter. It sounds like good news, and it will probably be regarded as such in the echo chamber that is the mainstream news.

The truth is that while growth did slow, Americans still added over $6 billion to their liabilities column in Q1, in the form of consumer debt.

It shouldn’t be surprising to anyone that credit card growth is finally slowing down a bit, especially since the average APR for commercial credit cards hit a new record high of over 21%.
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