US household debt: Americans whip out the plastic as pandemic-era savings disappear | Financial Times

Chief executives do not tend to sound warnings when their business is growing. But JPMorgan chief executive Jamie Dimon was right to draw attention to credit cards this summer. We ve been over-earning in credit for a substantial amount of time now , he told investors. We re quite conscious about it.

Debt is rising. But over the past couple of years, American consumers flush with pandemic stimulus cash have had little difficulty making payments. Credit card delinquencies and charge-offs were abnormally low in the second quarter of the year. This meant that banks such as JPMorgan did not have to set aside the sort of loss reserves that can sting earnings. 

via www.ft.com

This is a terrible idea! Eschew debt! Don’t use your credit card! Ai chihuahua!