"And so it comes as no surprise from Bloomberg that more US consumers are saddled with credit card debt for longer periods of time. According to a survey by CreditCards.com released on Monday, 60% of credit card debtors have been holding this type of debt for at least a year, up 50% from a year ago, while those holding debt for over two years is up 40%, from 32%, according to the online credit card marketplace."
"Bankruptcy filings in August 2022 across all chapters totaled 35,355, a 10 percent increase from the August 2021 total of 32,276, according to new research released today from Epiq's Bankruptcy Analytics platform.
Overall commercial filings increased 6 percent in August 2022, as the 1,861 filings were up over the 1,753 commercial filings registered in August 2021. Individual filings increased 10 percent totaling 33,494 in August 2022 compared to the 30,523 filed in August of 2021.
Total filings, both commercial and individual, show a 15 percent increase month-over-month compared to the July 2021 total of 30,854 filings. August’s commercial filings represent a 16 percent increase compared to July’s commercial filing total of 1,607, while August’s individual filings represent a 15 percent increase compared to July’s individual filing total of 29,247."
When I read news like this, the Car's song "Drive" always comes to mind. People are unwisely using credit to fund a lifestyle that they never could really afford. And for what? To what end? For what purpose? They've done it before and they will do it again no matter what history says or what the inevitable outcome may be. The outcome is always bankruptcy. It is never "different this time" as they always falsely believe.
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