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There are signs that the air may be coming out of the subprime credit card bubble. According to numbers recently released by Federal Reserve, delinquency rates on credit card balances at commercial banks other than the largest 100 rose to 6.2% in the second quarter of this year. These are credit cards issued by the […]
It’s time to get real. This grand economy everybody keeps telling us about is actually a house of cards built out of cheap money and debt. And it won’t take much to blow it over. A recent article by Reuters reveals just how precarious the so-called economic recovery really is. According to the report, the bottom […]
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The Federal Reserve bumped up interest rates another 25 basis points this week. The target federal funds rate now stands at 1.75%. “Well, OK,” you might be thinking. “But this is just a bunch of wonkish policy stuff. What’s it to me?” In a nutshell, it means your debt is going to cost you more. […]
Could the house of credit cards Americans have built be on the verge of collapse? Earlier this week, the New York Fed released the latest data on US household debt, revealing it has grown to a record $13 trillion. Americans have been spending, but they’ve been putting a lot of it on plastic. Credit card balances […]
Passage of a GOP budget that added $300 billion in new spending has focused plenty of attention on surging federal government debt over the last week or so. But Uncle Sam isn’t the only one running up those credit cards. Everyday Americans are also piling on the debt. Total household debt soared to a record $13 trillion […]
Last summer, US Global Investors CEO Frank Holmes called debt “the mother of all bubbles.” That bubble continues to blow up. US consumer debt increased even more than expected in September. According to data released by the Federal Reserve, total credit rose by $20.8 billion, an annualized rate of 6.6%. Analysts had expected an increase in […]
