An AP story on MSNBC is headlined:
"Gas prcies blamed for late credit card payments." According to the story these late payments are for the time period of April - June, and as most of us know gas has increased even more since then.
From the article:
"The rise in gas prices is really stretching budgets to the breaking point for some people," the association's chief economist, Jim Chessen, said in an interview. "Gas prices are taking huge chunks out of wallets, leaving some individuals with little left to meet their financial obligations."
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How much more proof do we need that our economy is in trouble? What more does it take to show that the average working American is struggling to make ends meet? What happens in a few days when people are required to increase their minimum payment on credit cards? Especially given that many people are using their credit cards to buy gas and that purchase is increasing their balance almost exponentially.
More from the article:
Against this backdrop, credit card delinquencies are likely to remain high in the coming quarters, Chessen suggested.
The association's survey also showed that the delinquency rate on a composite of other types of consumers loans, including auto loans and home equity loans, climbed to 2.22 percent in the second quarter, up from 2.03 percent in the first quarter.
Interest rates are starting to climb which is going to further impact those who have adjustable rate loans. Add into this mix the increasing cost of health care and wages that are not keeping up with the cost of living and we can see a disaster looming on the horizon.
Consumer spending drives our economy, and when consumers are having to spend beyond their means just to get by we can see that there are clear signs of a slowdown, to what degree remains to be seen.
The economic policies of this administration have created this mess, this administration has harmed working class Americans to a level they can't begin to imagine.
All the while oil companies are making huge profits, and this administration does nothing to stop what is sure to be an economic train wreck.
Mission Accomplished.