2024-04-10 05:12:00 ET
Summary
- US credit card debt topped $1.34 trillion in February, significantly above the cycle tops of around $900 billion in 2008 and 2020.
- New car loans (5-year term) at 8.22% are above the 2007 rate peak.
- Corporate bankruptcy filings have been leaping since the Fed started hiking base rates in March 2022, both in America and Canada.
US credit card debt topped $1.34 trillion in February, significantly above the cycle tops of around $900 billion in 2008 and 2020 (as shown below since 2003, courtesy of MFHOZ ). The interest rate on this debt is above 20%....
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Debt Stress Pandemic