Last week, when observing the sudden and unprecedented drop in credit card balances, something we have not seen since covid...
... we said that with the Fed still refusing to cut rates - for good reason - the brutal slowdown in new credit card debt "is hardly a surprise because in Q2 the average rate interest-bearing credit card accounts just hit a new record high of 22.76%, which is a vivid reminder that while banks are happy to hike credit card rates, they rarely if ever cut them."
