This is just one of the bombs that will send us into another recession during Trumps administration. The Fed can print money, but they are really concerned about deflation. Something they cannot do a damn thing about.
Americans now have the highest credit-card debt in U.S. history
What do you think the Donald will do when the banks come crying for bailouts this time?
Americans had $1.021 trillion in outstanding revolving credit in June 2017. This beats the previous record in April 2008, when consumers had a collective $1.02 trillion in outstanding credit revolving credit.
Can you see the writing on the wall? Those who do not learn from history are bound to repeat it and Americans know virtually nothing about history. It's sad really as I can remember 2008 like it was yesterday and today's adults age 18-39 (those are the real consumers that advertisers target) will never see it coming.
If The Donald does not bail the banks out again (which he will have to) you might see the end of the American economy. You can expect to see HUGE unemployment and home foreclosures.
Revolving credit had been growing at an annual growth rate of 4.9%. One reason: More consumers are getting access to credit cards backed by major banks and issuers in recent months. More than 171 million consumers had access to those cards in the first quarter of 2017, the highest number that has had access since 2005, when about $162.5 million people had access.
For the first time since the Great Recession, lenders have given more consumers with sub-prime, or below average, credit scores, access to credit cards, but they are giving them lower spending limits, according to the credit reporting agency TransUnion.
You can bet that Goldman Sachs knows. They run the Treasury.
This year, total household debt — including housing, auto loans and student-loan debt — in the U.S. also surpassed the 2008 peak. While the debt level is similar to 2008, the things Americans are buying on credit have changed, as household incomes have increased in recent years, and housing prices and stock prices have improved.
Compared with 2008, fewer borrowers have housing-related debt and, instead, more have taken on auto and student loans.This is backed up by previous research: Student loans have made it harder for younger consumers to buy homes; plus, lower housing prices are also tied to higher student loan default rates.)
So you can sleep in your car (until they can repossess it as all newer cars have GPS) and use your diploma as a blanket. OMG you can't buy a house because you have too much student debt. That is irony at it's best. How many times did my Mom and TV say you got to get an education to get a good paying job. Yeah right, all the time the kids are paying off student loans and they graduated 10-20 years ago. Don't worry The Donald will cut your taxes and money will come raining down on everyone.
Good Luck everyone.