The two stupefying Wall Street Journal charts about US credit card debt you see above has caused me to break from my typical Sunday Smack format of simply raising questions without a strong injection of my opinion.
Banks are issuing more credit cards today than they did just prior to the 2008 financial crash while culmulative credit card balances approach $1 trillion.
Any economist who tells you that American consumers resemble any whisper of financial security these days is a lying-azz one.
But banks have disregarded the most basic warning sign of Americans’ creditworthiness to fire-up the cards marketing machine. In turn, consumers once again appear to be spending money they don’t have.
My Sunday Smack is: “Do you see signs that 2008 is set to repeat itself?”
song currently stuck in my head: “ the night has a thousand eyes” – steve kuhn, steve swallow & aldo romano
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