According to CoinDesk, the proportion of seriously overdue credit card loans in the United States has risen to its highest level in a decade, which may indicate difficult times are coming for the US economy and speculation. The top meme coin has fallen 20% in four weeks. American consumers are finding it increasingly difficult to repay credit card loans, which paints a challenging picture for the economy and speculation in non-serious assets such as meme coins.
Data recently released by the Federal Reserve Bank of New York showed that the share of credit card loans that were seriously delinquent (outstanding balances of more than 90 days) increased to 10.69% in the first quarter, the highest level since the second quarter of 2012. Although the balance fell by $14 billion to $1.12 trillion in the first quarter, it was still 13.1% higher than the same period last year. Chicago Federal Reserve Bank President Austan Goolsbee said that the cracks in consumer finances are one of the most worrying economic data points, adding that it is often a leading indicator that "things are about to get worse." The accumulation of debt means less disposable income and a weakened willingness to invest in risky assets such as meme coins. According to Coingecko data, the highest-cap meme coins, such as DOGE, SHIB and WIF, have fallen by more than 20% compared to Bitcoin's 2.4%.
