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Some frightening data from the Federal Reserve (courtesy of the WSJ): Of all the Americans with credit-card accounts, more than 13%— nearly one in seven— are at least 90 days delinquent on payments. And:
that number is on the rise; and
the people who are carrying credit-card debt are paying, on average, 21% interest, so they’re falling ever further behind; and
bear in mind that many people who aren’t classified as delinquent (yet) are carrying credit-card debt; and
among low-income cardholders, 17% are carrying debt of more than $10,000; wealthier cardholders carry even more debt.
All of which means:
An awful lot of Americans have no realistic prospects of ever paying off their credit-card debt. They’re struggling just to pay the monthly minimum, and while rolling up the tab.
In that respect they’re much like Uncle Sam, since Congress no longer even pretends to foresee a balanced budget. The real action on Capitol Hill comes only with the votes to increase the debt limit.
The Wall Street Journal article helpfully concludes with a reference to the Suicide & Crisis Lifeline.