More Bailout Cash Won’t Stop Wave of Credit Card Defaults


We at this site have been warning that consumer debt would be a big part of the next recession. Much of the middle class has long been addicted to easy credit and Covid has laid this bare.

(From Bloomberg)

Even if Congress passes a new rescue package with more unemployment benefits, the cumulative effect of the ongoing economic catastrophe may finally trigger that default deluge, a new survey reveals. More than half of consumers with credit card debt said they will need more bailout money to make minimum payments over the next three months, but about the same number said employment will be more critical to avoiding default.

Rest assured, the lobbyists for the credit card companies are fully aware of this.

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