I know the media makes more money when they sensationalize, but I still get concerned when I see articles like this one posted yesterday on Yahoo Finance: U.S. Household Debt Exceeds $14 Trillion for the First Time
This chart of household debt from the article is interesting. It looks like CC debt is actually declining but student loan debt is multiplying. And auto loans haven’t wavered in popularity.
Link to article: https://finance.yahoo.com/news/u-household-debt-exceeds-14-160303784.html
Our Debt Culture
February 12th, 2020 at 02:23 pm
February 12th, 2020 at 09:12 pm 1581541933
February 12th, 2020 at 09:20 pm 1581542421
When people talk about how ‘great’ our ecuno y is, i try to tell them we are living on borrowed money. But I don’t think most get it.
I was always scared of debt - I grew up poor, but my mother understood that and told us no a lot.
At one time I worked with a woman who. Knew made around what I did. She always had new clothes, hair professionally done, expensive makeup, went on trips. I wondered how she did it. Until one day she was crying because the cash advance she tried to take on her MasterCard to pay her American Express bill was declined. Light dawned.
I feel like that is America today...looking good, while fully broke.
February 12th, 2020 at 10:57 pm 1581548245
Most also don't realize that those that maybe don't look that well off based on clothes, cars and houses might actually be the millionaires! Not all the time, but sometimes!