There should no longer be any doubt that the U.S. economy is slowing down, but most Americans still don’t realize what is happening because the major news networks are completely focused on the endless impeachment drama that is currently playing out in Washington. And without a doubt that is important, because it threatens to literally rip our entire nation in two.
The things that I am going to share with you in this article are definitely very alarming. But if you live in a wealthy neighborhood and are always surrounded by other wealthy individuals that never have to worry about missing a meal, then some of the numbers in this article may not ring true to you.
Because credit card rates are so much higher now than they were in the past, even a mild recession could crush those who carry credit card debt. The current national average interest rate on credit cards is 17.61%, just shy of the record set in July. By comparison, the average credit card charged about 13% when the Great Recession began.
For nearly half of Americans in the workforce, financial disaster would occur from missing just one paycheck. As people continue to live above their means, if the worst happens and they lose their job, many would fall back on dangerous options to make ends meet instead of cutting back their lifestyle.