This is a problem because a lot of people no longer have the money to pay back what they’ve borrowed.
Nearly 25 million people are behind on their credit card, auto loan or personal loan payments, according to a Moody’s Analytics analysis of Equifax data. The nation has not seen anything that high since 2009 in the midst of the Great Recession. It’s a warning sign in this hot economy. It’s plausible the situation could deteriorate, especially if a recession arrives. Many households are also behind on their utility bills: 20.5 million homes had overdue balances in January, according to the National Energy Assistance Directors Association. The number of households applying for help to pay their utility bills is the highest it has been
. Families are already making difficult choices about cutting food or medicine or heat from their budgets. If job losses climb, many will likely lose cars or homes.There’s a confluence of factors driving this: Inflation remains stubbornly high, generous government support during the pandemic is ending, some families overspent and used car prices dropped so somethan a car is worth.
Struggling families have fewer places to turn for help. Food stamp benefits were cut on March 1, slashing
This article listed many indicators that the economy is horrible (which it obviously is) and no reasons that it is 'hot'. Headline reads the exact opposite. How was this published?
Come on…. Paying back debt is so 1995 Today you just take it out, default on it and blame it on racism.
Everything is great. According to Biden.