Recession Watch: When Big Trends Collide

The US, Germany, and China are all trending the wrong way

Let’s start with the US borrowers who can’t make their credit card payments:

Is there a subprime credit card crisis on the horizon?

(MarketWatch) - Subprime consumers are falling behind on their credit card bills. Borrowers with a VantageScore between 300 and 600 experienced an 8.9% delinquency rate — of 30 to 59 days — in July 2023, up from 7.49% a year …