The US government paid $711 billion on net interest payments this year, according to the CBO.

This is an increase of $177 billion, or 33%, from fiscal year 2022.

Average interest rates on Federal debt have gone from 1.5% in 2022 to nearly 3.0% today.

Annualized US interest expense is expected to hit $1.2 trillion in the coming years.

Years of effectively zero-rate policy are finally catching up with us.

There's no such thing as "free" money.

JUST IN: Credit card delinquency rates continue to rise sharply, now at March 2020 levels.

The delinquency rate on credit card debt for those aged 18 to 29 is now at 9%.

For those aged 30 to 39, delinquency rates are up to 7.5%.

Delinquency rates have more than doubled from their lows since the Fed started raising rates.

All as excess savings just hit their lowest since the pandemic.

We expect higher delinquency rates ahead.

There are few victories in the world, and many achievements are made into steel after repeated quenching. From today on, with the attitude of hard work, active life, and strive to go to the distance of dreams. May you taste the joy of success in pursuing your dream in the years of daring to struggle. Good morning!

行百里者半九十，很多时候，失败不是因为能力有限，而是因为没有坚持到底。既然已经做出选择，就只顾风雨前程，坚定地向目标迈进。相信所有持之以恒的努力，最终都会得到生活的馈赠。早安！