End of American Dream

Weimar Debt
Wiemar Debt

If you think that I am exaggerating even a little bit, please read over the following list very carefully.  The following are 12 statistics that prove that the U.S. is facing a consumer debt apocalypse…

#1 Total consumer debt in the United States just surpassed the 4 trillion dollar mark.  That has never happened before in all of U.S. history.

#2 When you throw in mortgages and all other kinds of individual debt, U.S. consumers are now 13.5 trillion dollars in debt.

#3 A whopping 480 million credit cards are in circulation in this country.  That number has shot up by nearly 13 percent since 2015.

#4 U.S. consumers are carrying 870 billion dollars worth of balances on their credit cards right now.

#5 56 percent of Americans that currently have credit card balances have been carrying them for more than a year.

#6 The number of “seriously delinquent”credit card accounts in the U.S. has shot up to 37 million.

#7 Americans now owe a total of 1.3 trillion dollars on their auto loans.

#8 At this moment, more than 7 million Americans are delinquent on their auto loan payments.  The figure has already surpassed what we witnessed during the peak of the last recession by about a million.

#9 The total amount of student loan debt in the United States has reached the 1.5 trillion dollar mark.  Over the last 10 years, that number has more than doubled.

#10 Right now, more than 166 billion dollars in student loan debt is considered to be “seriously delinquent”.

#11 Millennials are now more than a trillion dollars in debt.  No generation of Americans has ever been deeper in debt at this stage in life.

#12 One recent survey found that 78 percent of Americans “are living paycheck to paycheck”.  Suffocating debt levels are a big reason why that figure is so incredibly high.

End of American Dream

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