It is starting to look a lot like the last financial crisis. Americans are defaulting on their credit cards at a rate that we haven’t seen in more than a decade, and this could have very serious implications for our financial institutions as we move into 2025. Easy credit has enabled many Americans to enjoy lifestyles that are far beyond what they actually deserve, but outrageously high interest rates, absurd penalties and predatory fees have sucked the financial life out of millions of households. The temptation of easy credit has proven to be too much for many Americans to resist, and now a day of reckoning has arrived and it isn’t going to be fun.
It was expected that credit card defaults would continue to rise this year.
But a 50 percent jump is ridiculous…
Credit card defaults are at their highest level since 2010 as consumers feel…
