Americans now owe a record $18.19 trillion in consumer debt, according to Equifax, and while some of that absolutely comes down to bad spending and saving habits, I think a lot of folks are simply trying to survive. Groceries, rent, insurance, cars, and college all cost too much right now, and for many people, credit cards are no longer about buying luxury items but covering basic living expenses. We should probably stop instantly judging people in debt without knowing their story, because one layoff, medical issue, or family emergency can wreck somebody financially faster than most people realize.
Source: OkReport5065
9 Comments
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What you say is true a hardship can really put someone behind financially. But most people over spend when they do have resources and that helps put them in vulnerable financial positions. Then even any small set back starts the ball rolling to never getting ahead.
Remember when former Fed Chair & Biden Treasury Secretary Janet Yellen said the record high credit-card debt was “evidence of a strong consumer?? No, its evidence of Americans’ paltry wages & purchasing power being outstripped by inflation far higher than our lying CPI stats say it is.
Its largely due to poor financial decsions, lack of financial knowledge, and lack of economic discipline.
Trump advisor Kevin Hassett says tremendous credit card spending is an indicator of a healthy economy!
I use my credit card more than ever before. I also pay it off in full every month.
Hopefully things will get so bad that they will be forced to forgive it
