The American Consumer Is Unravelling — And Banks Are Next

The Consumer Isn’t Slowing — It’s Collapsing While media pundits distract the public with debates over market bottoms and GDP wiggles, the real crisis is already here: the American consumer is breaking. And once the consumer buckles, the entire financial system — including your bank account — is next. Let’s drop the illusions: Americans aren’t “slowing down” spending — they’re imploding under it. The lower and middle class are maxed out, defaulting on debt, and skipping necessities. According to the Philadelphia Fed, over 10.75% of active credit card accounts are now making only the minimum payment, a record high. Delinquencies are rising fast — past-due rates jumped to 3.52% in Q3 2024, more than double the pandemic lows. And banks…