Allison Tait (@allisontait): "And a large portion of this is credit card debt from fee harvesting lenders who prey on marginalized communities and charge exorbitant and extractive interest rates, trapping those who can least afford it in debt."

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And a large portion of this is credit card debt from fee harvesting lenders who prey on marginalized communities and charge exorbitant and extractive interest rates, trapping those who can least afford it in debt.

In the US, household credit card debt has reached a record $1.28 trillion, having risen sharply over the past year. The labour market is weakening, but people haven’t stopped spending – not because they’re earning enough to maintain their lifestyles. But because households are borrowing to maintain living standards that their pay can no longer support.

Grace Blakeley

Feb 13

2:44 PM

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