Hey, everybody, economic ninja here. I hope you’re doing great. You know who’s not doing great? The people that are not paying their credit cards. Delinquency rates are rising and I want to show you a story out of zero hedge. I’m actually going to do a share screen because it’s crazy to see all of the states lined up and the percentages of how many people are not paying. We are now well into the double digits and it is going to get worse.

And this is an amazing sign for you to be paying attention to because as people have harder times paying, you know the end is nigh when it comes to the actual economy. All right, so here we go. Let’s dive right in. This story again is out of zero hedge and it is entitled mapping credit card delinquency rates in the US by state. It says credit card debt carries a hefty bill in America and falling behind on payments can be extremely costly to cardholders or sorry for cardholders.

See, I told you the ninja can’t read this. Graphic via visual capitalist Marcus Liu shows credit card delinquency rates across 50 us states. And look at this. Wait a minute, look at that. A credit card advertisement. Isn’t that cute? And I’m sure that when you clicked on this video, I’ll bet you Google shoved a couple of credit card dads right in front of you. Let me know down below if that’s true.

But it says right here, these are the delinquency rates across the US states as of quarter three of 2023. This data comes from a wallet hub study published in January of 2024. If you look at this credit card delinquency rate map, you can see they’re all over the map, no pun intended. But if you look at the numbers, I don’t see with a quick scan any single digits.

It’s getting nutty. What is that? Louisiana? Let’s dive down and see where we’re at. It says which states have the lowest and highest delinquency rates. Credit card delinquency is when a credit cardholder falls behind on required monthly payments. Credit card agencies are often notified after two months of delinquent payments. WalletHub examine proprietary user data on the average number of delinquent credit card trade lines, also known as credit accounts, across states.

Here they are, from lowest to highest. Lowest. Iowa, do me a favor. Hashtag what state you’re in in the comment section below. As we go through this. Massachusetts 13%. We see New York and California jumping up to 14 and 15% Alaska at 15%, Maine at 18%. It’s only getting worse. Everyone, 20% of people missing, like delinquent on their credit cards. This is not good. And again, as we get into these numbers, think about what banks are doing lending houses, as these numbers keep getting higher and higher and higher, and they’re going to get worse through 2024.

Banks have to pass the losses off to you because they do not. And I mean, you, the borrower, maybe you’re not borrowing. I don’t know. Let me know. Do you have credit card debt? Do you not actually, don’t even answer that, because that’s just going to cause all kinds of weird comments. My point being is this, if you do have credit card debt, it’s time to get out.

And trust me, if you get out, if you work really hard, you’re going to benefit. I’m going to talk about that in a second. But look at here. We’ve got 25% in West Virginia, 27% in Kentucky, Arkansas at 30%, Louisiana at 31. 7%. And then look at this. Mississippi comes in at a whopping 39. 1%. It says no state had credit delinquency rates less than 10%, with Iowa coming in the closest at 12.

9%. That puts Iowa ahead of the wealthy, ahead of the wealthier states like Massachusetts, Washington and New Hampshire. At the bottom end was Mississippi, which had 39% credit card delinquency rates to end 2023. That’s well ahead of the next lowest states, Louisiana at 31%, and Alabama at 30%. It’s notable that the American south has had higher rates of delinquency across the board. The five states with the highest rates of credit card delinquency are all located in the southeastern region of the country.

And Texas had a higher delinquency rate at 25% than other majorly populated areas like Florida and New York. Listen, here’s the facts. If you would get out of debt right now, an opportunity is coming, and it is not going to come for those that have poor credit scores. Or even if you have a good credit score because you’re able to maintain those payments, you’re going to miss out on the greatest opportunity of your life.

Not joking. Opportunity comes when bad things happen. That’s why that word is sort of synonymous. Crisis and opportunity in the chinese language. Think about this. There has never been a better opportunity to not only level up, but skyrocket past the people in your life financially when things go bad. But you’re not going to be able to take advantage of it if you have a bad credit score, or even if you have a good credit score and you just have so much debt, you can’t even think about buying homes for pennies on the dollar, cars.

Pennies on the dollar. This is coming. This is a collapse. Like this is Phil Collins right now. I can feel it crashing in the air tonight. I don’t care how I sound. Hold on to that credit score. Seriously, I’m not joking. And if you want to hear something better than my singing, that’s going to be pretty easy. Think about what you’ve always wanted to achieve and how it’s always been out of reach.

Well, you know why it’s always been out of reach? It’s either because of your debt load, or your mind’s keeping you back, or it was just too expensive. Well, those prices are about to come to you, but they don’t come to you by just sitting and waiting and thinking good thoughts. You got to put some work into it. Get ready. Credit card crash of credit of 2024 is going to be nutty, and banks are going to demand a lot more interest and a lot more fees to even give you their money, which actually isn’t theirs.

It’s yours. Start thinking about that. Let’s get ready. Let’s take this down together. The economic ninja is out. .

See more of The Economic Ninja on their Public Channel and the MPN The Economic Ninja channel.