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US Credit Card Debt Tops $1 Trillion For The First Time

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WEB Notes:One article says we are rich, the next says we are broke. Which is it? It depends on what “class” of people you are talking about. If you are the bottom 99%, you probably fall in here.

Total U.S. credit card debt has topped $1 trillion for the first time, according to a new report from the card comparison site WalletHub.

Consumers added $92 billion in credit card debt in 2017, bringing the aggregate over $1 trillion. Other categories over the trillion-dollar threshold are housing, auto loan, and student loan debt.

It’s “not a question of whether consumers are weakening financially, but rather how long this trend toward pre-recession habits will last and just how bad it will get,” noted Alina Comoreanu, a WalletHub researcher.

The average household owes a record $8,600, which is more than the peak during the recession.

Source: Washington Examiner

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  1. Trickle down economics can be a good thing. Such as tax breaks which non-corrupt corporations give gratuitously in the form of wage increases, benefits etc. This trickles down for the economic good! As the Reagan Administration showed to be proven effective. But when it comes to irresponsible debt trickle-down. This only passes on to everyone else in the form of default, or bankruptcy. Resulting in increased compound interest rates of all things purchased! That is what we see defeat the purpose of gain for anyone! What Brandon has stated in many topics of financial responsibility is! To live within our budgetary means! Temptation of unaffordable toys is a terrible choice that leads to just that! DEBT! That new car smell just doesn’t last very long, but the payments for a new one darn sure does! I have wanted a new vehicle for quite some time! I’ve owned the same truck for 19 years! I’ve put quite a few bucks into it to keep it mechanically fine! With that savings being much more beneficial than what it would cost for a new one! And you know what! The difference in what I put into that old truck verses what a new vehicle cost! I’ve got to use for things that have been quite satisfactory for what really counts! Like investing in something that will make me more money to better my families livelihood! And making it possible to make that purchase in cash and not more loan debt! I can buy that new truck now if I want to! But you know what! I kind of like my old truck! I will be proudly able to put 20 year classic license plates on it next year! Sentimental Whoo hoo! So I think I’ll keep it and save my money for something else big! Like my retirement Investments! ???

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