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Even as the Fed cuts interest rates, and signals that more rate cuts on the way, consumer credit card interest rates are hitting all-time highs. A Bankrate report said that the average retail credit card interest rate reached a whopping 30.45 percent earlier this year, up from 2021’s average of 14.35 percent.
Mainstream pundits and government officials keep talking about the strong economy and resilient consumers while ignoring what’s driving them – borrowing. To listen to them, you would think the road to prosperity is paved with credit cards. In this episode of the Friday Gold Wrap host Mike Maharrey breaks down the recent household debt data […]
Mainstream financial network pundits and government officials keep telling us that the economy is chugging along because Americans continue to spend money. But it’s clear that borrowing is the only thing sustaining this spending spree. Meanwhile, the “resilient” American consumer is drowning under a surging tidal wave of debt.
There are a few things that Friday Gold Wrap host Mike Maharrey writes about that don’t seem to garner much interest. In this show, Mike is going to talk about two of those things, why they matter, and why you should care. He also talks about the recent drop in the price of gold and […]
Total household debt eclipsed $17 trillion for the first time ever in the first quarter of 2023 as Americans wrestle with persistent price inflation. After charting the biggest rise in 20 years during the fourth quarter, household debt climbed again in Q1, rising by $148 billion. The 0.9% increase pushed total household debt to $17.05 […]
After charting its biggest increase since 2007 in the third quarter, household debt surged again in Q4 as Americans try to borrow their way out of the squeeze soaring price inflation has put on their wallets. Total household debt rose by $394 billion in the last quarter of 2022, according to the latest New York […]
With real wages decreasing and inflation running rampant, Americans are burying themselves in debt to make ends meet. After setting a new record in the second quarter, household debt increased at the fastest pace in 15 years during Q3, as American consumers have run up credit card balances month after month this year as they […]
Jobs are on everybody’s mind as the July employment report comes out. Will the labor market show more cracks? Or will it give the pundits more room to spin the idea that we’re not really in a recession? In this episode of the Friday Gold Wrap, host Mike Maharrey talks about the labor market and […]
Personal income from all sources adjusted for inflation — real income — fell for the second straight month in June and was down 1% on the year. But American consumers continue to spend. How can this be? They’re running up debt at a dizzying pace. This undercuts the narrative claiming the American consumer is “healthy.”
Total household debt was over $1.6 trillion higher than the previous peak in 2008 even before the full force of the coronavirus pandemic government shutdowns hit the economy. Household debt increased by $155 billion (1.1%) in Q1 to a total of $14.3 trillion, according to the latest data released by the New York Fed. The […]
The SchiffGold Friday Gold Wrap podcast combines a succinct summary of the week’s precious metals news coupled with thoughtful analysis. You can subscribe to the podcast on iTunes.
