The level of U.S. credit card delinquencies is signally a serious recession in the coming weeks, analysis published Monday by Barrons argues.
Writer Andrew Addison presented his technical analysis of American credit card delinquencies, which have risen significantly in recent weeks and months. As more and more credit card users are late to pay off their balances, historical data suggests this means we’re heading into a recession. Obviously, we’ve been saying the recession is coming for a while now, but this latest analysis shows the snowballing economic storm barreling into 2024.
“As consumers’ balance sheets become stretched, they cut back on their spending. The cutbacks could be on discretionary items such as restaurants and travel, or essentials such as medicine or food,” Addison notes in his analysis.
His solution to his problem? Gold, apparently.
But you can’t eat gold or use it for medicine in times of economic upheaval.
Dear Kay: I Just Saw The Banking News. Are We Screwed? | @DailyCaller
If you bought a home with a mortgage recently, probably yes. But here’s some advice anyway. https://t.co/AclSjtGbl5
— KAY SMYTHE (@KaySmythe) March 13, 2023
With the holidays fast approaching, I really hope more and more Americans cut back on frivolous gift-giving and instead focus on the importance of family and community during this time. At a funeral Sunday, the preacher spoke of how our grandparents’ generation survived the financial storms of the last century because they depended on each other and knew how to do things.
Do you have a close community you can depend on to help you when food prices continue to rise but your purchasing power starts to collapse? Answering this question is more important than buying almost anything right now. (RELATED: The COVID Recession Is Here. And It’s Exactly What We Warned You About)
Some of my friends are going big this Christmas because they know it’ll probably be the last in the overpriced homes they purchased in the last two years. Others are hoping to refinance or sell in the new year, which is going to be another problem unto itself. There’s no real telling when or how this thing will hit, but I’m sure 2024 is going to be even more hectic than 2023 … and I pray to goodness I’m wrong.