AS WE KNEW WAS COMING, A VERY SAD PHENOMENON... And It Will Get Worse.
From Greg M
Lions and friends…
Americans increasingly turned to their credit cards to make ends meet heading into the summer, sending aggregate balances over $1 trillion for the first time ever, the New York Federal Reserve reported Tuesday.
Total credit card indebtedness increased by $45 billion in the April-through-June period, an increase of more than 4%. That took the total amount owed to $1.03 trillion, the highest gross value in Fed data going back to 2003.
The increase in the category was the most notable area as total household debt edged higher by about $16 billion to $17.06 trillion, also a fresh record.
It’s unsecured debt. Watch the defaults, banks take the hit but they get to write it off. They created the loan out of thin air - they lose nothing but rather have write-off’s for the profitable side of the business.
Being debt free is a great feeling. Never live beyond your needs.