The percentage of people behind on their credit card and car payments has hit a ten-year high.
The percentage of people behind on their credit card and car payments has hit a ten-year high, thePer Equifax, “credit card delinquencies have hit 3.8% this year, while 3.6% have defaulted on their car loans.”blames rising interest rates, which make credit card and car payments higher, along with the crippling inflation inherent in Bidenomics. While that’s undoubtedly the case, historically these default rates remain low. Since 1992, default rates havein the 3.5 to 5.0 percent range.
The question now is, how high will the default rate climb? Delinquencies tend to climb during recessions, which we are in now, regardless of what the fake “experts” tell us. But something new might be on the horizon…. The whole student loan program is a taxpayer-subsidized affirmative action program to make left-wing universities filthy rich. It is absurd that taxpayers back these loans and not the businesses who directly benefit from them. By removing any moral hazard from the student loan program, the only people who benefit are corrupt schools that overpay staff and explode in size as they hand out useless diplomas like candy.
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