Meanwhile, the US government just hit $35 trillion in Federal debt for the first time in history.
Deficit spending as a percentage of GDP is at World War 2 levels.
Debt levels across the board are alarming.
Follow us @KobeissiLetter for real time analysis as this develops.
— The Kobeissi Letter (@KobeissiLetter) August 8, 2024
Credit Card Charge-Off Rates Continue to Increase
Many of the large banks have been reporting elevated charge-off rates in their quarterly filings.
This rate has now risen above pre-pandemic levels.
Charge-offs, in the context of credit card loans, refer to the value of debt… pic.twitter.com/JMoQG914Vm
— Reef Insights (@ReefInsights) July 30, 2024
