🔻Americans have $1.14 trillion in credit card debt🔻

According to the Federal Reserve Bank of New York, Americans' credit card debt totals $1.14 trillion. In the second quarter of 2024, the total debt was $27 billion less.

Total consumer debt is $17.8 trillion - this includes not only credit card debt, but also mortgages, student debt, auto loans, and so on.

By the way, mortgage and auto loan debt grew by $77 billion and $10 billion, respectively. Mortgage debt, the primary debt owed by consumers, is $12.5 trillion and auto loan debt is $1.6 trillion.

The only debt that decreased was student debt. It decreased by $10 billion during the quarter and now stands at $1.58 trillion.

#BankOfAmerica #Mortgage #creditcard #XRPVictory #MarketDownturn

HSBC, Nationwide to restrict crypto purchases with credit cards.


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NEW - Fox Business: 🇨🇭 Credit Suisse $CS employee said there is “panic, meltdowns, people crying.”

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RuPay credit card holders can avail a 10% flatcashback on electronic purchases exceeding₹15,000, with a maximum cashback limit of3,000 per card. This exclusive offer is validonly on 3rd and 4th February 2024, and canbe redeemed once per card. The cashback isapplicable when using any UPI application duringthis limited-time campaign period.
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The finance ministry has amended rules under the Foreign Exchange Management Act (FEMA) to bring international credit card spending under the Liberalised Remittance Scheme (LRS).

Put simply, credit card spending in a foreign currency will now be a part of LRS's annual limit of $2,50,000 per person. Further, it will be subject to tax collected at source (TCS).

This move came after Finance Minister Nirmala Sitharaman, while moving Finance Bill 2023 in the Parliament, asked the Reserve Bank of India (RBI) to look into ways to bring credit card payments on overseas tours under LRS.

Credit card payments under LRS: What changes

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🎉#FBPay already supports X Layer!
Now you can buy $OKB with you #creditcard through FBPAY!

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The United States currently holds a whopping $17.1 trillion in household #debt .

This includes

$12.0 trillion in mortgages

$1.6 trillion in auto loans #loan

$1.6 trillion in student loans

$1.0 trillion in credit card debt. #creditcard

Why I am super bullish on #bitcoin and #blockchain solutions Here's why

👉 Limited Supply

👉 Decentralization

👉Transparency and Security

👉Store of Value

👉Financial Inclusion

I'm bullish on blockchain and Bitcoin $BTC because they offer an alternative to the massive centralized debt burden in the U.S. Their limited supply, decentralization, transparency, and potential to serve as a store of value make them promising tools for addressing financial challenges and reshaping the way we think about money and debt.

Negative outlook for consumption, credit card defaults and theft incidents increase😿

Following the dire consumer outlook earlier this week from a string of retailers (Macy's / Dollar Tree / Foot Locker), Nordstrom added to the anxiety about consumer health with rising credit card delinquencies and theft incidents. Furthermore, management expressed caution on spending expectations for the rest of the year and into the crucial holiday season, echoing worrisome comments from Macy's earnings call which mentioned:

·"While we had expected delinquencies to rise... the speed at which the increase occurred for us and the broader credit card industry... Was faster than planned"

·The speed of those delinquencies across all aged balances actually accelerated after Q1, and that occurred primarily in June and July... We've experienced higher aged balances across all delinquency levels.

·That consumer is experiencing a number of headwinds as they think about servicing their responsibilities and their liabilities. I referenced a little bit earlier credit cards, I referenced student loans, auto loans, mortgage. All those in a higher interest rate environment creates real challenges.

#creditcard #Nordstrom #Management #earnings #loan

I want to get a review on RedotPay card. Please inform me, is it worth buying or not? What is overall experience?
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#creditcard
#redotpay