Americans Owe More Than One Trillion Dollars in Credit Card Debt
The Federal Reserve reported that revolving credit, which includes credit cards, increased to ONE TRILLION dollars in February 2017, up from about $940 BILLION at the same point in 2016.
If you'd like to learn more about the TRILLION dollar credit card bubble, please check out one of my recent blog posts here: http://mainstbailout.com/2017/...
Recent Comments
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There is that so fast running "clock" on a building in Washington, that shows the grows of the US debts too?
Good morning Iris. Interesting article. Rising consumer debt coupled with the massive increases in Govt debt across G20 economies MUST be a worry and threat to overall economic health worldwide. Clearly we can expect rising interest rates and a period of minimal growth - both likely to trigger recessionary pressures. Personally I can't figure out why any sane person would "borrow" on credit cards when surely there exists far lower cost avenues to securing loans for viable borrowers.
Out of interest, and I ask an "expert" in this field, do you gravitate towards Ron Paul's opinions on the impending financial crisis?
Kind regards
Richard
Hi Richard. Thanks for your comments. Interesting times ahead.
Funny you ask about Dr. Paul. I was a supporter of him during his last presidential campaign. The Libertarian party even wrote about this in a press release.
All the best, Iris
Thanks Iris
I fear the mess, financial, moral & environmental, us oldies are leaving behind for our kids and grandkids. We should be ashamed. It most certainly isn't what my parents or grandparents did for me"!
Richard
Yes, lately we do seem to be making a mess of things lately.
Hopefully we can turn things around?
Sadly, I have to agree with you my friend.
The credit card debt is just a fraction of the $20+ TRILLION debt the U.S. owes.
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It is a huge problem. If this bubble bursts, the world economy will collapse, because of the domino effect.
All countries with a huge state deficit will be torn by this tidal wave. And most other countries will be carried away too. To have a global economy will make it even worse.
Don't think, I'm against the global economy. Not at all. But what has advantages has also disadvantages. And this is one of the disadvantages.
Think what will happen the day the US is really bankrupt, like Argentine was a few years ago. Here we talk 20 Trillion. I don't dare to imagine that.
Anyhow I hope you have a great day Iris. Thanks for sharing!
Thank you for your thoughtful comments Eric Pierre.
Yes, if/when the dollar collapses, the global dominoes will fall.
Best, Iris
Eric
One thing I believe is certain - the bubble surely must burst.
Richard