Americans reject consumerism by paying off their credit cards – no wonder the US economy is tanking.
A new report from WalletHub, the personal-finance website, could signal the U.S. economy is in late-cycle, as the stressed-out, tapped-out American consumer just rejected consumerism and has overwhelmingly decided to repair its overextended balance sheet instead.
While President Trump pedals the notion that the economy is the “greatest economy in HISTORY,” WalletHub noticed a considerable amount of Americans repaid $40.3 billion in credit card debt during the first quarter of 2018 — the second-largest quarterly payoff ever (via data from the U.S. Census Bureau, Federal Reserve and credit agency TransUnion).
Q1 2018 Credit Card Debt Paydown by City
Top 18 Largest Paydown Cities
However, WalletHub noted that Americans started the fiscal year by “owing more than $1 trillion in credit card debt for the first time ever, after adding a post-Great Recession record $91.6 billion to our tab in 2017.”
With credit card spending went through the roof…
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