Total household debt in America is now over $17 trillion.
JUST IN: Total US household debt rises by $148 billion in the first quarter of 2023, to a total of $17.05 trillion.
This is the first time in history that total US household debt has crossed $17 trillion.
Breakdown of the large categories:
1. Mortgage Debt: +$121 billion to…
— The Kobeissi Letter (@KobeissiLetter) May 15, 2023
This country’s economy is an illusion. It is all based off of debt.
Does anybody think this is sustainable? We see major cracks in the foundation forming everywhere. People are just staying afloat with credit cards now.
The interest rates on credit cards are averaging 25 percent now.
Auto loan and credit card interest rates just hit a record high.
Average interest rates:
– Credit Card: 25%
– Used Cars: 14%
– New Cars: 9%Meanwhile, we have new record levels of debt:
– Total Household Debt: $17.1 trillion
– Auto Loans: $1.6 trillion
– Credit Card Debt:…— The Kobeissi Letter (@KobeissiLetter) May 15, 2023
This is insane. The economy is doomed. Nobody can tell me different.
Here’s Jeremiah Babe’s latest economic doom report if you want more details on the doom.
