Credit card defaults in the U.S. have surged to their highest levels since the 2008 financial crisis. But this isn’t just about delinquent payments\u2014it’s a sign of deeper economic instability fueled by unsustainable debt and widening inequality. In this video, we uncover the real story behind the numbers and how it could impact you. Discover how to safeguard your wealth and protect yourself from the coming storm.<\/p>\n
CHAPTERS:
\n00:00 Breaking News: U.S. Credit Card Defaults Soar
\n01:15 The Growing Divide Between Wealth Classes
\n02:25 The Illusion of Economic Growth
\n04:07 Record Household Debt and Rising Defaults
\n05:48 Inflation\u2019s Continued Attack on the Dollar
\n06:54 Preparing for the Next Financial Crisis<\/p>\n
TRANSCRIPT:<\/p>\n
00:00<\/strong> 00:40<\/strong> 01:15<\/strong> 01:51<\/strong> 02:25<\/strong> 03:06<\/strong> 03:37<\/strong> 04:07<\/strong> 04:45<\/strong> 05:18<\/strong> 05:48<\/strong> 06:22<\/strong> 06:54<\/strong> 07:24<\/strong> 07:57<\/strong> Credit card defaults in the U.S. have surged to their highest levels since the 2008 financial crisis. But this isn’t just […]<\/p>\n","protected":false},"author":34,"featured_media":36433,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[2684],"tags":[89,2716,3169,4036,4700,4730,4972,4973,5032,5216,5217,5218,5219,5220,5221,5222,5223,5224],"class_list":["post-36432","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-taylor-kenney-itm-trading","tag-itm-trading","tag-taylor-kenney","tag-gold-and-silver-strategy","tag-credit-card-delinquencies","tag-financial-crisis-warning","tag-u-s-debt-crisis","tag-hyperinflation-warning","tag-inflation-and-savings","tag-personal-finance-tips","tag-credit-card-defaults-2024","tag-consumer-debt-bubble","tag-rising-household-debt","tag-economic-instability-2024","tag-u-s-recession-risk","tag-financial-collapse-preparation","tag-protecting-wealth-in-inflation","tag-store-closures-2024","tag-economic-slowdown-2024"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.itmtrading.com\/blog\/wp-json\/wp\/v2\/posts\/36432","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.itmtrading.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.itmtrading.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.itmtrading.com\/blog\/wp-json\/wp\/v2\/users\/34"}],"replies":[{"embeddable":true,"href":"https:\/\/www.itmtrading.com\/blog\/wp-json\/wp\/v2\/comments?post=36432"}],"version-history":[{"count":1,"href":"https:\/\/www.itmtrading.com\/blog\/wp-json\/wp\/v2\/posts\/36432\/revisions"}],"predecessor-version":[{"id":36434,"href":"https:\/\/www.itmtrading.com\/blog\/wp-json\/wp\/v2\/posts\/36432\/revisions\/36434"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.itmtrading.com\/blog\/wp-json\/wp\/v2\/media\/36433"}],"wp:attachment":[{"href":"https:\/\/www.itmtrading.com\/blog\/wp-json\/wp\/v2\/media?parent=36432"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.itmtrading.com\/blog\/wp-json\/wp\/v2\/categories?post=36432"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.itmtrading.com\/blog\/wp-json\/wp\/v2\/tags?post=36432"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nBreaking news: U.S. credit card defaults soar to the highest level since the wake of the 2008 Great Financial Crisis. But this is not just about missed payments\u2014no, this represents something far more serious and far worse. But what exactly is that, and how does it impact you? Well, let’s get into it today.<\/p>\n
\nCredit card lenders wrote off $46 billion in seriously delinquent loan balances for the first nine months of 2024\u2014up 50% since the same time period last year, and the highest level in 14 years, since 2010. But before you jump to any conclusions, we are not looking at a repeat of 2008. No, we are looking into the future, and it is grave.<\/p>\n
\nThis article goes on to say: “High-income households are fine, but the bottom third of U.S. consumers are tapped out,” said Mark Zandi, head of Moody\u2019s Analytics. Their savings rate right now is zero. What we are witnessing today are the results of a papered-over system.<\/p>\n
\nNow, go with me on this because no one ever wants to talk about it. But what happened in 2008? The government spent a bunch of cash, supposedly to keep the system afloat, right? But did the everyday American really benefit from that? Outside of the system not crashing, they just plodded along, while the haves\u2014they were the ones that really benefited.<\/p>\n
\nCut to 2020: the last five years, we\u2019ve spent what? $13 trillion? Was that real growth in our economy\u2014sustainable growth\u2014or has it just created an even bigger divide between the haves and the have-nots? Those who were already in a position to profit and benefit, and those who are not? That\u2019s the one-third right here who are drowning and defaulting on their debt.<\/p>\n
\nWhat is our economy based on? What makes our economy grow? Consumer spending\u2014consumer spending that has been propelled forward over the last couple of years by what? By debt. Debt that is unsustainable. People cannot keep up with their debt obligations, meaning they cannot continue to spend, meaning our economy cannot continue to grow.<\/p>\n
\nAnd no, it\u2019s not just because people were irresponsible. A lot of Americans fell into a debt trap. Credit card companies, once again, were giving out cards to people who shouldn\u2019t have qualified\u2014it reminds me of the housing situation we had.<\/p>\n
\nSo, we have this situation now where people are defaulting not just on their credit cards. Auto loans are up. People can\u2019t afford their mortgages. We have a record amount of household debt right now in America.<\/p>\n
\nWhat happens when the spending stops? Businesses are going to see less revenue, meaning that we\u2019re going to see more store closures\u2014a trend that\u2019s already started. Aside from 2020, 2024 had the highest number of store closures\u2014over 6,000 brick-and-mortar stores closed from big chains.<\/p>\n
\nEven businesses that don\u2019t close their doors? We can expect to see more layoffs. What does this mean? Loss of jobs, layoffs. Suddenly, unemployment rises. As unemployment rises, this household debt problem that we\u2019re seeing\u2014it\u2019s only going to get worse.<\/p>\n
\nWhen confidence crumbles from the illusion that we\u2019ve built\u2014when that is shattered\u2014that is when we\u2019re going to see stock market volatility, prices drop, and ultimately, what happens? You guessed it: the government will try and step in.<\/p>\n
\nHere\u2019s your answer: it\u2019s not real. It\u2019s not sustainable. It is not sustainable. It cannot go on forever. And we have the facts right here. Which means the time is ticking. Eventually, whether it\u2019s tomorrow or whether it\u2019s in a month, things are going to turn\u2014and turn in a bad way.<\/p>\n
\nIf you\u2019re concerned about any of this, or you\u2019re not sure what to do, or you think you have an idea but you want a second opinion\u2014that is what we specialize in. Making sure that people are protected outside of the system.<\/p>\n
\nYou can call us at the number below. You can click the Calendly link in the description. You can talk to someone from our team\u2014one of our expert analysts who understands this better than anyone I know.<\/p>\n
\nAnd as always, I so appreciate you being here. I\u2019m Taylor Kenney with ITM Trading, your trusted source for all things gold, silver, and lifelong wealth protection. Until next time.<\/p>\n","protected":false},"excerpt":{"rendered":"