Credit Card Rates Just Hit A Record As The Average Car Loan Rises To Fresh All Time High (www.zerohedge.com)

The US consumer implosion is coming and it will be spectacular.

by Tyler Durden     Sunday, Oct 09, 2022 – 08:00 PM

With the 30 Year mortgage now (un)comfortably into 7% territory, the US housing market is already suffering the “sharpest turn since the 2008 crash“, according to Redfin…

… pushing the average mortgage payment almost 50% to $2,500 from around $1,700 at the start of the year.

But we won’t focus on mortgage in this post (we have done so excessively on various previous occasions), especially since in a world where most Americans have been forced to rent (with the average house increasingly unaffordable), having a mortgage became a luxury for the middle class long ago. Instead, we will bring readers’ attention to what is no longer a luxury, but with the US savings rate at record lows

… and with credit card debt soaring every month by record amounts…

… to record highs

… it is that tiny piece of plastic that has become absolutely indispensable in funding the American way of life, and unfortunately as the latest US consumer credit report showed, the interest rate on all credit card accounts (that were assessed any interest as of Q2), just jumped to the highest since Fed record-keeping started in Q4 1994.

(story continues)…

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