Credit card delinquencies have now reached and 8-year high, with no reprieve in sight.
As Michael Snyder pointed out at The Most Important News, the truth is that you can't say that we have a booming economy until we have a year when the U.S. economy grows by at least 3 percent, and at this point, we haven't had that since the middle of the Bush administration. There are all kinds of warning signs and red flags about this manipulated economy, but none are quite as telling as delinquencies.
When people can no longer afford to pay their credit cards or car payments because they have to eat instead, we are staring a recession in the face. In fact, the level of credit card charge-offs has risen to the highest level since 2012., according to American Banker. A charge-off is the amount of debt a company believes they can no longer collect.