I think it's less people maxing out their credit cards, and more people using the same amount of actual credit (by value), but their credit is worth less due to the ridiculous inflation.
That is: you need to go in greater debt to buy a gallon of milk now than you used to.
https://www.federalreserve.gov/releases/g19/current/
Data set here, I think you nailed it with inflation being the reason. Seeing the same thing in business, I'm a controller for a produce company. Basic economic concept "time value of money" says you should use credit where possible and doubly so in an inflationary cycle.
6T printed during the cohoax. 80% of all fiat ever created by the FED. In hyperinflation now. Best to transfer the fiat into real assets while one still can.
Been following this topic for decades. Decided March 2021 was my best shot to build the house I'm planning to live in for the rest of my life (expecting about 45 more years based on family history). Lumber prices be damned. Got the build close enough to done to lock in my interest rate for the new mortgage loan the Friday before the Tuesday first Fed interest rate increase. Also managed to keep the planned monthly payment 1/4 under budget with all the extra amenities. (I had a strategy to start with a base plan at 1/2 the cost of where I wanted to end, knowing how projects always overrun). Closed my last credit card in 2003.
Prior to Covid I had never been more than 2 weeks in between jobs. Had a contract end coincidentally when SHTF. The stars aligned and I got hired into my current consultant position 3 weeks into the first lockdowns. In my field it's best to move about every two years to keep up with market pay increases.
Been stockpiling all the things for about the last 15 years, so only a few minor additions in the next few months before it turns "bad". (My husband has a sunflower seed habit, and sunflowers need a lot of fertilizer. Planning to get a 2-3 yr supply for his consumption rate.)
That said, let the inflation and vaxxed-purge come. We're ready to survive it.
I think it's less people maxing out their credit cards, and more people using the same amount of actual credit (by value), but their credit is worth less due to the ridiculous inflation.
That is: you need to go in greater debt to buy a gallon of milk now than you used to.
https://www.federalreserve.gov/releases/g19/current/ Data set here, I think you nailed it with inflation being the reason. Seeing the same thing in business, I'm a controller for a produce company. Basic economic concept "time value of money" says you should use credit where possible and doubly so in an inflationary cycle.
This system is running on fumes. The big reset is coming - one way or the other. Forced or just self-collapsing.
https://nitter.net/zerohedge/status/1522653075789561856
6T printed during the cohoax. 80% of all fiat ever created by the FED. In hyperinflation now. Best to transfer the fiat into real assets while one still can.
Been following this topic for decades. Decided March 2021 was my best shot to build the house I'm planning to live in for the rest of my life (expecting about 45 more years based on family history). Lumber prices be damned. Got the build close enough to done to lock in my interest rate for the new mortgage loan the Friday before the Tuesday first Fed interest rate increase. Also managed to keep the planned monthly payment 1/4 under budget with all the extra amenities. (I had a strategy to start with a base plan at 1/2 the cost of where I wanted to end, knowing how projects always overrun). Closed my last credit card in 2003.
Prior to Covid I had never been more than 2 weeks in between jobs. Had a contract end coincidentally when SHTF. The stars aligned and I got hired into my current consultant position 3 weeks into the first lockdowns. In my field it's best to move about every two years to keep up with market pay increases.
Been stockpiling all the things for about the last 15 years, so only a few minor additions in the next few months before it turns "bad". (My husband has a sunflower seed habit, and sunflowers need a lot of fertilizer. Planning to get a 2-3 yr supply for his consumption rate.)
That said, let the inflation and vaxxed-purge come. We're ready to survive it.