Big Short’s Steve Eisman Just Issued A Surprising Prediction, Buy This To Become Millionaire In 2025

By Andrea Arnold On Jun 13, 2024

Recent data on consumer financial health, particularly concerning credit card delinquencies, paints a mixed picture. Notably, Steve Eisman highlights that while the overall credit quality remains solid and delinquencies are beginning to decrease, certain challenges persist. Reports, such as the one from the Federal Bank of St. Louis, indicate that the percentage of credit card debt that is delinquent has been climbing sharply since mid-2022. This rise has reached levels not seen since the global financial crisis, with the poorest 10% of zip codes experiencing a delinquency rate as high as 21%.
The economic strain is further evidenced by the falling personal savings rates among Americans. The Bureau of Economic Analysis reported a rate of 3.6% in April, significantly below the historical average of 8% dating back to 1959. This drop in savings, coupled with higher prices, suggests that consumers are under considerable financial pressure, yet interestingly, spending has not waned. Major payment networks like American Express, Visa, and MasterCard have noted that consumer spending, especially on travel and experiences, remains robust. This is corroborated by a Morgan Stanley survey indicating that 60% of U.S. consumers plan to travel this summer.

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