Much of the American economy is running off of credit card debt now. It is a fact that many people do not want to admit, but it is a reality. Americans now owe $1 trillion in credit card debt and these credit cards typically have interest rates well over 20 percent.
America’s credit card balance has passed $1 trillion, or it’s about to, depending on whom you ask as the average interest rate on a new card is 24 percent. https://t.co/3mgaFWkedU
— The Hill (@thehill) May 30, 2023
None of this is sustainable. I see people using credit cards for food and other basic essentials every single day. The average American has basically become a debt slave.
I can’t predict when all of this will finally come to an end, but it will come to an end and it will be ugly. Hell, it is already bad now. Just look at what’s happening in American cities.
This country is in a state of disarray and collapse.
