Credit card companies like Mastercard and Visa are reporting a major slowdown in spending. With holiday sales figures exhibiting no growth adjusted for inflation.

This suggests that the US Economy is worse off than many believe in 2024 and that the long-awaited recession could be around the corner. Particularly if credit card borrowers continue defaulting on their balances.

With the New York Fed reporting a significant increase in both 30 and 90-day transition into delinquency for credit card users across America. These delinquency rates are now higher than they were before the pandemic.

However – much the mainstream financial media is not reporting on these stories. Or not reporting on them accurately. With organizations like the Washington Post and Wall Street Journal failing to mention that the Mastercard Credit spending data was the worst in 7 years.
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In the midst of the current economic crisis, people are finding themselves strapped for cash and struggling to make ends meet. Mastercard has recently reported a major slowdown in spending, indicating that consumers are cutting back on their purchases and tightening their belts.

The pandemic has wreaked havoc on the global economy, causing widespread job losses and financial insecurity for millions of people. With businesses shutting down and unemployment rates skyrocketing, many individuals and families are facing a significant reduction in income and are finding it increasingly difficult to cover their basic expenses.

As a result, consumers are becoming more cautious with their spending habits, prioritizing essential items and cutting back on discretionary purchases. Mastercard’s data illustrates this shift in consumer behavior, showing a sharp decline in spending on non-essential goods and services.

The current situation has forced many people to reevaluate their financial priorities and adopt a more frugal approach to their spending. With uncertainty looming over the future, individuals are taking steps to conserve their resources and ensure their financial stability.

In addition to reducing their spending, people are also exploring alternative sources of income and seeking out assistance from government programs and charitable organizations. However, the limited availability of financial support and the growing number of people in need have made it challenging for individuals to access the resources they require to weather the storm.

Mastercard’s report serves as a stark reminder of the financial hardships that many people are currently facing. As the pandemic continues to take its toll on the economy, it is crucial for individuals to be mindful of their spending and seek out the necessary support and resources to navigate these challenging times.

Ultimately, the slowdown in spending reflected in Mastercard’s data is a reflection of the financial strain that individuals are experiencing. As we navigate this unprecedented crisis, it is important for people to prioritize their financial well-being and seek out the assistance and resources they need to weather the storm. By taking proactive measures and making informed financial decisions, individuals can better position themselves to overcome the current challenges and emerge stronger on the other side.