USA currently has:
1. Record household debt of $16.5 trillion
2. Record $11.9 trillion in mortgages
3. Record $1.6 trillion in auto loans
4. Record credit card debt of $986 billion
Total mortgage debt is now more than double the 2006 peak.
36% of Americans have more credit card debt than savings, with balances growing at the fastest rate since 1999.
Interest rates are rising at the fastest rate in history, while mortgage rates hit 7.1% and credit card debt rates hit a record 24.9%.
The average payment on a new mortgage has grown by 61% in just 18 months. The average American is spending a record 46% of their income on home payments, and debt is being used to buy basic necessities.
***We are "fighting" stagflation with debt.***
