Yup, and I there’s a self reinforcing cycle at work here. People are already starting to cut discretionary spending in order to afford necessities. This in turn means that a lot of businesses are about to go under and do layoffs, then people who lose their jobs start defaulting on their debts. Once enough people default that’s going to create a banking crisis akin to 2008. This time there won’t be anybody to bail US out the way China did last time.
Damn, 36% have more CC debt than savings too. Tough one to correct as bills don’t take holidays
Yup, and I there’s a self reinforcing cycle at work here. People are already starting to cut discretionary spending in order to afford necessities. This in turn means that a lot of businesses are about to go under and do layoffs, then people who lose their jobs start defaulting on their debts. Once enough people default that’s going to create a banking crisis akin to 2008. This time there won’t be anybody to bail US out the way China did last time.