August 26, 2023
Rising Personal Debt
Ken Elder
Tim adds:
The average person sees the government spending money that doesn't exist and figures "why shouldn't I do it too?" Especially since I rather suspect the average person realizes things are all going to fall apart soon and want to get what they can now.Eat, drink, and be merry for tomorrow you die! So people are eating in expensive restaurants, buying cars, new clothes, etc. now while they figure they still can. We are SOOOO dead!
The economy is fine, why do you ask?
Credit card debt is now greater than before the pandemic..
CNBC
As Americans increasingly lean on credit to make ends meet, new reports show signs of potential problems ahead.
Total credit card debt surpassed $1 trillion for the first time ever, the New York Federal Reserve reported Tuesday.
Credit card balances are up almost 20% from a year ago, according to a separate quarterly credit industry insights report from TransUnion. The average balance per consumer rose to $5,947, the highest in 10 years, TransUnion found.
The average person sees the government spending money that doesn't exist and figures "why shouldn't I do it too?" Especially since I rather suspect the average person realizes things are all going to fall apart soon and want to get what they can now.Eat, drink, and be merry for tomorrow you die! So people are eating in expensive restaurants, buying cars, new clothes, etc. now while they figure they still can. We are SOOOO dead!
Posted by: Timothy Birdnow at
09:04 AM
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