Interview with Odysseas Papadimitriou, CEO of CardHub, on their latest study examining the accelerating increase in credit card debt levels, why he thinks this is unsustainable, and may soon “spiral out of control.” Subscribers can access the full broadcast on Thursday by logging in and clicking here. Not a subscriber? Click here.
Forgetting Lessons of Great Recession
“A lot of consumers have forgotten the lessons of the Great Recession and, as a result, they are hurting their finances. It’s not that they are in trouble and they need to spend in order to pay their bills or stay afloat—I do not think that’s the case. I think it’s the opposite. They are optimistic, they are happy, they have forgotten the lessons of the Great Recession and what too much debt does to a household and for the nation overall and, as a result, they are taking on more and more debt and they are deteriorating their finances to the point where it won’t be sustainable for too much longer.”