breaking news Us credit card default soar to the highest level since the wake of the 2008 great financial crisis but this is not just about Mis payments no this represents something far more serious and far worse but what exactly is that and how does it impact you well let's get into it today credit card lenders wrote off 46 billion dollar in seriously delinquent loan balances for the first 9 months of 2024 up 50% since that same time period last year and the highest level in 14 years since 2010 but before you jump to any conclusions
we are not looking at a repeat of 2008 no we are looking into the future and it is grave but let me explain what I mean in 2008 the majority of our country was hurt it didn't matter whether you were lower middle or upper class everyone was impacted by wall Street's greed except of course a small handful of wealthy Elite or those who had the foresight to protect their wealth outside of the system but today is very different this article goes on to say high income households are fine but the bottom third of us consumers
are Tapped Out said Mark xandy head of Moody's Analytics their savings rate right now is zero what we are witnessing today are the results of a papered over system now go with me on this because no one ever wants to talk about it but what happened in 2008 the government spent a bunch of cash supposedly to keep the system afloat right but did the everyday American really benefit from that I mean outside of the system not crashing they just plotted along while the halves they they were the ones that really benefited cut to 2020 last
5 years we've spent what $1 13 trillion was that real growth in our economy sustainable growth or has it just created an even bigger divide between the halves and the have knots those who are already in a position to profit and benefit and those who are not that's the the one third right here who are drowning and defaulting on their debt things are only getting worse for them but anyone out there who's here above who's feeling comfortable right now because maybe you made some profit in the stock market I urge you do not take that
comfort for granted and do not get too comfortable where you are because the cracks in this system are widening because all the government gave us was the illusion of growth the illusion of growth it's not real it's not tangible let me ask you a question what is our Economy based on what makes our economy grow consumer spending consumer spending that is propelled forward over the last couple of years by what by debt debt that is unsustainable people cannot keep up with their debt obligations meaning they cannot continue to spend meaning our economy cannot continue to
grow and no it's not just because people were irresponsible I will say that a lot of Americans fell into a debt trap credit card companies once again we giving out cards to people who shouldn't have qualified reminds me of a housing situation we had but then what happened well the FED cranked up interest rates now we had people who had more debt than they'd ever had before at rates that were significant ific L higher during a time when the basic cost of living had risen significantly and our purchasing power was down 25% it's no wonder
that people are in the hole they are in and I know someone out there is going to say well no one should take on debt that they can't afford I get that but at the same time the system we live in is broken who are we learning from our government those in power I mean come on so we have this situation now where people are defaulting not just on their credit cards auto loans are up people can't afford their mortgages we have a record amount of household debt right now in America so yes it's no
wonder that the machine has continued to spin and whirl that the economy seems strong but again it's all an illusion a carefully crafted illusion that cannot go on forever so what happens let me ask you what happens when the spending stops businesses are going to see less Revenue meaning that we're going to see more More Store closures a trend that's already started aside from 2020 2024 had the highest number of store closures over 6,000 brick and mortar stores closed from big chains and in 2025 it's already been announced that over 3,000 stores will be closing
with plenty more to come even businesses that do not close their doors we could expect to see more layoffs so what does this mean loss of jobs layoffs well suddenly we have unemployment rise as unemployment Rises this debt problem we're seeing this household debt problem that's only going to get worse ultimately people are going to have a loss of confidence in the economy because the economy is going to slow down you cannot have a 70% consumer spend driven economy with people not spending and not see a Slowdown when confidence crumbles from the illusion that we've
built when that is shattered that is when we're going to see stock market volatility prices drop and ultimately what happens you guessed it the government will try and step in they will try and continue to spend meaning that inflation which is still not under control don't you love that term under control yeah we're never getting back what we already lost and it's not even slowing enough to what they want it to be still well above 2% but let's say the inflation jumps right back on up the dollar is worth even less than it is today
meaning that not only are people struggling with losing their jobs with defaulting on debt with a slowing economy but on top of that there is an attack on the dollars in your actual wallet your savings your retirement it means that a lot of people are going to lose a lot of their savings so what happens now well for those of you out there who are sitting there saying something's not adding up I know it doesn't make sense that the economies is continuing to grow the way that it has here's your answer it's not real it's
not sustainable it is not sustainable it cannot go on forever I know I've said that before but it's the truth and we have the facts right here which means the time is ticking eventually whether it's tomorrow whether it's in a month I don't know things are going to turn and turn in a bad way and all I ask for everyone out there watching is that you make sure you are not in the system in this papered over system when things happen because when it happens it will be too late to protect yourself the time to
act is now so if you're concerned about any of this or you're not sure what to do or you think you have an idea but you want a second opinion that is what we specialize in making sure that people are protected outside of the system so you can call us at the number below you can click the county Link in the description you can talk to someone from our team one of our expert analysts who understand this better than anyone I know I have learned so much from our team they are incredible and if you
want an expert opinion on how you can protect yourself they are the people you should talk to again I'm not a financial planner I don't give Financial advice but we do specialize in helping people get your strategy in place so that you can sleep well at night do what's best for you and as always I so appreciate you being here I'm Taylor Kenny with itm trading your trusted source for all things Gold Silver and lifelong wealth prot section until next time
