Marketwatch: Personal bankruptcy filings totaled 39,286 in August an 18% Y-o-Y increase

Economy
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Personal bankruptcy filings totaled 39,286 in August 2023, an 18% Y-oY increase.
Total bankruptcy filings were 41,614 in August 2023, also an 18% Y-o-Y increase.

How can this be the case?
The travel and leisure industry is booming.
Sales of expensive cars like Teslas are up 20%.
High-end fashion stores report strong sales (as long as, like Lululemon, they don’t have stores that can be robbed.
The windmill and solar industries are booming.
Chip-factories and highways are being built at such a rapid pace they offset the decline in manufacturing construction in the rest of the sector.

The answer seems simple:
The economy that services the rich, and the sectors of the economy into which the government is forcibly plowing money, are both doing well. Sometimes, on paper that makes the economy look strong. Sometimes, like when looking at bankruptcy numbers the ugly truth is revealed.

Consumer bankruptcies steadily increased during August in another sign that financial distress is increasing for many people.

Americans filed more than 39,000 bankruptcy cases last month, an 18% increase from the same point last year, according to new data from Epiq Bankruptcy, a bankruptcy data-analytics firm.

Americans amassed a collective $1 trillion in credit-card debt by the second quarter of the year.

While credit-card debts are climbing, more people are struggling to stay current.

There were more than 41,600 new bankruptcy cases filed last month, including businesses filing for bankruptcy in order to manage their debts. That’s also up approximately 18% from last August, Epiq’s data showed.

It’s the 13th straight month when the number of bankruptcies recorded a year-over-year rise. . . .

Early-stage credit-card delinquencies hit their highest rate since early 2012, according to Federal Reserve Bank of New York data. Car-loan delinquencies reached their highest point in five years, the New York Fed said. They are delinquencies where the borrower is behind on their credit-card bill by at least 30 days.

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Oh I should have added to the list.

One other part of the economy that is doing very well is the bankruptcy attorney profession.

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not surprised. things are getting harder and harder to pay for

of course we’ll be told this is all because the economy is doing so well

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Old-school Liberals:
“If we see a problem we’ll throw government money at it.”

Socialists:
"If we see a problem we’ll throw money government money at it,
PLUS, if there is part of the economy we would like to grow we throw money at that too!"

“As long as the money we are throwing has enough zeroes on it, economists will count that as economic growth and no one will be the wiser.”

It is what brought down Eastern Europe and, given time, it will bring us down too.

Throwing money at problems and throwing money at “areas we want to grow” does not produce real economic growth.

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For today’s lib the two major keys for economic prosperity are INFINITE DEFICIT SPENDING & FLOODING THE NATION WITH THE WORLD’S POVERTY!

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Just so we understood the gravity of the situation: Basec on 2022 data the US ICE deports only 6,000 people a month.

IOW 39,000 personal bankruptcy filings per month is a LOT.

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Not sure they can paper over this one like they did in 08.

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The business of being a bankruptcy attorney must be really good right now.

I mean, picture if you are a car salesman and car sales are up 18% y-o-y,
or if you are a home builder and home sales are up 18% y-o-y.

Heck if you’re a doctor an illnesses rise 18% y-o-y you’d want CDC to declare it a national health emergency and shut down the economy.

This does not sound like a small thing to me.
and yet . . . the travel industry is doing fine,
expensive clothes and expensive cars are selling just fine.

You’d think the left (who claims to care about the lower classes) would be marching on DC with torches and pitchforks about now. Maybe caring about the lower classes is just something they say on the Internet so they can feel superior to others.