fillippone on Nostr: The U.S. Now Has: 1. Record $16.5 trillion in household debt 2. Record $11.9 trillion ...

The U.S. Now Has:

1. Record $16.5 trillion in household debt

2. Record $11.9 trillion in mortgages

3. Record $1.6 trillion in auto loans

4. Record $986 billion in credit card debt

Total mortgage debt is now more than double the 2006 peak.

Meanwhile, 36% of Americans have more credit card debt than savings with balances rising at the fastest pace since 1999.

This is all while mortgage rates just hit 7.1% and credit card debt rates hit a record 24.9%.

We are "fighting" inflation with debt.

This can't end well.

Source:

https://twitter.com/kobeissiletter/status/1632408557101432833?s=46&t=ybCp3ydjDJA_wR_uVxrEgA