The New CS Board

[jumanji0881]

Americans Are Using Plastic To Make Ends Meet As Prices Continue To Rise : https://www.zerohedge.com/personal-finance/americans-are-using-plastic-make-ends-meet-prices-continue-rise

My Comment: With all of the debt, something is going to break to cause the next financial crises

Excerpts:
They’re charging it.

Consumer debt continues to climb at a staggering rate.

Total consumer debt rose by $52.4 billion in March, a 14% increase according to the latest data released by the Federal Reserve. Outstanding consumer debt now stands at $4.54 trillion.

The Federal Reserve consumer debt figures include credit card debt, student loans and auto loans, but do not factor in mortgage debt. When you include mortgages, US consumers are buried under more than $15.8 trillion in debt.

With stimulus money long gone and savings depleted, Americans have clearly turned to credit cards to keep up with rapidly rising prices. Revolving credit, primarily reflecting credit card debt, rose by 35.3% in March. American consumers added $31.4 billion to their credit card bills in a single month. US credit card debt now stands at just under $1.1 trillion and is fast approaching all-time highs.

In a nutshell, the Federal Reserve and the US government have built a post-pandemic “economic recovery” on stimulus and debt. It is predicated on consumers spending stimulus money borrowed and handed out by the federal government or running up their own credit cards.