The US Consumer Has Cracked: Discover Plunges After "Shocking" Charge-Off Forecast

One week ago we looked at the latest consumer credit data where we found not one but two flashing red alerts:

First, the total amount of credit card debt hit a new all time high, which however was to be expected from one of the most consistently increasing series across all US economic data, and one which predictably is correlated to the US savings rate which is at all time lows.

Second, thanks to the Fed's crusade to spark a great recession, the average rate across US credit cards just rose to an all time high 19%+

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