U.S. Credit Card Debt Poised to Reach 10 Year High

America's love for debt continues to soar.  Why delay our fiscal desires by saving for something when we can have it NOW!?

I want that new car!  Buy it now for no money down and only $700 per month for 7 years!

I want that Mexico vacation!  Buy it now and it will only increase your monthly VISA minimum payment by $35/mo at 18% forever!

Sadly, since most Americans don't have $1000 in savings and never will, the car repairs, appliance repairs, groceries and clothes will also go on the credit cards and they will get cycled into the "18% forever" abyss with very little chance of ever getting out.

And of course when enough Americans realize that they are up to their necks in debt, they will gladly vote for any politician who promises them "debt relief". 

"Why should I have to pay for some greedy bankers interest on my student loan I took 10 years ago and can't even remember the classes I took?  It's not fair!"

Americans are projected to fall seriously behind on their credit card bills at the highest rate in a decade as banks push a record number of people to get plastic.

The share of credit card borrowers who are at least 90 days past due on their accounts will probably tick up to 2.01% next year, the highest level since 2010, according to a forecast by TransUnion. Still, the credit-rating company said the increase isn’t a cause for concern, noting that bad card debt still remains much lower than the level seen during the last recession.

“This is well-managed delinquency,” Matt Komos, TransUnion’s vice president of research and consulting, said in an interview. “It’s still healthy. This uptick is not concerning with the amount that credit has been expanding.”

The number of people with access to revolving credit reached a record 200.5 million in the third quarter. That figure was helped by private-label credit card originations, which reversed a 10-quarter slump by posting 2.4% growth, according to TransUnion.

As lenders sign up more people for credit cards, the newest borrowers are increasingly falling behind on their bills. Accounts opened in recent years have been souring at faster clips than prior years, suggesting that more new borrowers are struggling to keep up with their minimum payments. For instance, 5.4% of credit cards originated in 2018 were delinquent within nine months, up from 4.5% the year before.

Here;  https://finance.yahoo.com/news/americans-souring-credit-card-debt-110000412.html

"But Dennis, this will never be a problem for America, because this is America!"