U.S. retail sales are still on the rise despite the rising threat of credit card delinquencies. U.S. retail sales hit a figure of $605.21 billion in July which marked a multi-year high for consumer spending amid rising interest rates.
Credit Card Loans Transitioning Into Delinquency
It’s very unlikely that the U.S. consumer will curb spending without a fight. As of right now, credit card loans that are 30 or more days delinquent is at a 10+ year high and retail sales are somehow still rising. With interest rate cuts appearing nowhere on the horizon, one must ask “how long can this last?” Both credit card loans that are 30 or more days delinquent and interest rates are at 10+ year highs; the stock market may carry on upwards but the economy has to be considered fragile at the moment.
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