Household debt ticked up 0.7% during the third quarter, the New York Federal Reserve said on Wednesday, continuing a five-year climb encouraged by low unemployment, strong consumer confidence and cheap borrowing costs.Consumer debt is now about $1.3 trillion higher than the previous peak set in 2008, although these figures are not adjusted for inflation nor the larger size of today's economy. Household debt has climbed about 25% from the post-recession low of $12.7 trillion.
Easy money will encourage more borrowingBorrowing costs have tumbled in recent months because the Fed has slashed interest rates three meetings in a row to fight the economic slowdown at home and abroad. Those rate cuts make it cheaper for households and businesses to borrow and refinance existing debt. That easy money may ultimately help drive US debt even higher.
Usa is fuckt, i denmark the state love its ppl, and take care of them thats why we are happy
The big trumpy tax cut was going to save us
US economy is booming; jobs are plentiful & hourly raises up 9%. Savings rate at 7%. Millions out of poverty!
Sánchez PSOE demanded guarantees from Podemos, on the Catalan crisis within the Constitutional framework, the assistance of Assens, Garzón supporters of a referendum, ERC's first-time NO reflects it, the PNV that seeks in its decisions and times the path of Catalan nationalism.
Seems sustainable.
Thanks Obama
YAP OBAMA SIR ROCKS
PetePotenzini Sell my soul to the company store🎶🎵
Stop trying to live beyond your means!!
realDonaldTrump IvankaTrump Can any country's economy consider sustainable if their people especially middle class is living such huge debt for paying of their mortgages, credit cards and especially student loans. Youth is not inclined for higher education in fear of st Loans
People keep spending like crazy and have 15 different monthly subscriptions. Not shocked but people are spending more on convenience in stead of value.
Living large on debt with no concern for the future may be great until you get to retirement age and have to work well into your seventies. Save 10% of your income now or you may find yourself stooped and tired greeting people at the local Walmart. Sad! debt
If you cannot afford it, don't buy it. What a concept.
😅😅
Even more when taking into account $23 Trillion Federal Debt. Almost additional Trillion at end of FY19 on Sept 30. $23T over 126M households is about $182,540 Federal Debt per US Household. Staggering number.
Modern day slavery. They've got you right where they want you.
And why is that, ummm let me guess. You barrow 150 grand, Because criminal banks made it that way. And you have to pay back 350 grand. I see that as a problem. Without criminal banks, We could all own houses.
At least healthcare is expensive and school shootings are frequent!
Seems a bit disingenuous to lump credit card debt and mortgage debt in the same basket...thoughts Wu_Tang_Finance
No sympathy. Why go to college if you cannot afford it? Or spend a credit card if you cannot pay it back?
So like college debit forgiveness lets do the same with mortgages
It's more like looking into the abyss, but ok.
retweet 4620
But the economy is ROCK SOLID!
That’s called winning in Trumpland.
thanks donny realDonaldTrump NOT
Hmm, where was your reporting when Obama piled unto the debt?
So when POTUS repeatedly asks FED to cut rates it WOULD benefit the vast majority of Americans? Then why are Dems against asking for the rate cuts? 🤔
YEAH, LET’S BUILD A WALL.🤣
But the President says we’re okay and he neeeeeeeeveeeer lies. Ever At all So it must not be a yuuge deal. Bigly And he never even met Stormy Daniels, just ask his lawyer Michael Cohen.
Gee, I remember a time when Dems were in power that people borrowing money was a great sign of confidence in the economy. Now that they are not in power, it's a terrible sign? Politics at it's best, I guess.¯\\_(ツ)_/¯
Finally! REAL news!!! About the economy.....
People are just as dumb as the government
ELECT ME PRESIDENT AND I WILL CANCEL IT ALL!!!
Seeing as how our entire economy is stimulated by maintaining a rotating debt this is a good thing.
People living beyond their means. Many of those people walk around with $1000 phones in their pocket and pay $200 a month to use it. There are more examples but we are a greedy society, everybody wants and willing into go into debt to get it.
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Thanks to Obama!
Sounds like they should start paying those loans off then. Kinda how loans work
People should stop taking loans they can’t afford to pay. My honor roll student will be going to a 2 year tech school for the first two years of college.
And a few of them are getting richer by the second. What a cruel world.
Just learning from our political leaders.
And it’s no one’s fault except the evil banks that make people open credit cards to buy worthless junk or finance a $6 cup of coffee. There are ants and grasshoppers in life and Americans are predominantly grasshoppers.
And the DEMs want to increase taxes 👎🏾👎🏾👎🏾 are they stupid or what? 😂😂
So does the USA, thanks to realDonaldTrump
That's corporate America for you.
This can't end well !!!
Very concerning, the financial sector is clearly relaxing it’s rules too much which can only lead to one thing.
Not me!
Now do every government State Federal and Local in the US how much do they owe
cos our 'public representatives' who really only represent bankers and lobbyists decided to bail out these fraudulent banks, instead of tossing them in prison. endthefed
Just the way Murica wants it. There’s a reason they don’t teach budgeting classes in high school. Wake TF up sheople and educate your kids on money management. If you don’t they’ll just be a part of this statistic later in life.
Buying those $5 Starbucks coffees everyday new cell phones of the year and what do you think happens
Tick Tock The sands slowly slip Through the hourglass
Omg
AOC says it will all be over in less than 12 years. So it’s her fault
Pay down your credit cards ! Get credit counseling immediately. Several years ago I had to do this. Now one credit card and my score is over 800 ! Also dump your Wall Street bank for a credit union. Buy Local, Union, Fair Trade. Boycott big corporations that pay zero taxes.
Well done banks!! When is the next crush
Nice necklace. I want one like it..
What no way. With all the winning we have been having lately. 😜
I don't have debt because I live within my means...it's not hard really💁
What else would you call somebody who commits usury but a slave master. Perhaps a thief, for What else is charging interest but Stealing from the future by creating fake prosperity out of ink and ledgers
Thanks GOP potus
and it's all thanks to Donald Trump. This was the debt I was talking about to those that praise Trump as a savor and such. here is your wake up call
More fake CNN!
Thank God we have TheDemocrats They will WIN the White House in 2020 and all this debit will be erased. That’s why I am voting for ewarren she’s giving away the house! BlueWave2020 Democrats ElectionDay KeepAmericaGreat MAGA ClimateAction
call Mr. Robot
I’ve done my part to contribute to that data.
Just keep swimming(working)
So.Much.Winning!
Winning!
The maximum unsecured debt an entity can legally create is 15% of the lending bank’s unimpaired capital. For the Big-Four banks that is $15B to $20B. And the debit balance is a demand loan with no fixed maturity, so, yeah, debt is awesome
Doesn't that little 'nugget' sound reassuring?
When are they gonna pay for it?
Owned by the banks
This debt trap is by design.
Tell. Me. About. It. debt
MAGA.
That’s a good thing. Economy good people spend money buy houses. Great job President Trump. And my 457 is growing at record numbers for me.
Are we 'WINNING' yet ?
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