Fed reports massive spike in defaults. Credit cards being shut off.

The Federal Reserve just released a new study showing that credit card default rates in America have surged up to the highest level on record. In some cases - even worse than what we saw in 2008. These skyrocketing credit card defaults are an ominous sign of the US Economy and Consumers. Particularly for those spending on bank cards such as Discover, Wells Fargo, JP Morgan, and Bank of America - where the card default rates have more than doubled in the last 2 years. --- REVENTURE APP: Access Exclusive Data and Videos as a Channel Member: DISCLAIMER: This video content is intended only for informational, educational, and entertainment purposes. Neither Reventure Consulting or Nicholas Gerli are registered financial advisors. Your use of Reventure Consulting’s YouTube channel and your reliance on any information on the channel is solely at your own risk. Moreover, the use of the Internet (including, but not limited to, YouTube, E-Mail, and Instagram) for communications with Reventure Consulting does not establish a formal business relationship. Image(s) and/or Footage used under license from . Additional stock footage provided by Envato Elements.