Posted on 02/17/2017 6:21:56 PM PST by Lorianne
Americans are taking on a lot more debt.
Total household debt climbed to $12.58 trillion at the end of 2016, an increase of $266 billion from the third quarter, according to a report from the Federal Reserve Bank of New York.
For the year, household debt ballooned by $460 billion -- the largest increase in almost a decade. That means the debt loads of Americans are flirting with 2008 levels, when total consumer debt reached a record high of $12.68 trillion.
Rising debt hints that banks are extending more credit.
Mortgage originations increased to the highest level since the Great Recession. Mortgage balances make up the bulk of household debt and ended the year at $8.48 trillion.
However, growth in non-housing debt -- which includes credit card debt and student and auto loans -- are key factors fueling the rebound in debt.
(Excerpt) Read more at money.cnn.com ...
Trump needs to get ahead of this; blame it on Bush
8 years of “recovery” sure looks different than I expected.
I have the same no debt I had in 2008.
Paging Dave Ramsey.
Never mind about this, what about the homelessness that Trump has caused.
S/
Compare the DJIA then and now. The economy is working fine, corporate profits are strong. It’s not translating into jobs on mainstreet because of lousy trade deals and crippling regulations in the US.
We’re going to fix that. Then savings will go up.
I just need another 3 years of financial crisis, and I’ll be set for a comfortable retirement. Letting the banksters run wild for a few years should be all that it takes.
We actually have less debt. Paid off our house since then.
Trump’s fault.
For ONCE in my life I am part of the SOLUTION and NOT part of the PROBLEM!
I never did carry any debt beyond a mortgage - on properties I was quickly flipping, anyway - but as of this past summer I am 100% DEBT FREE.
Highly recommended. :)
Going debt free takes a variety of mental burdens away. I recommend it for every American.
Going debt free takes a variety of mental burdens away. I recommend it for every American.
CNN - Very Fake News
Everyone went to college for the past 8 years, and President Hillary was going to wipe their debts clean. Therefore, this is Trump’s fault.
Our minister recently began a series of messages dealing with debt based on many Bible scriptures. First 10% to the church, next 10% to emergency rainy day fund because everything eventually needs to be repaired or replaced. Also incorporated lots of stuff from Ramsey and talked about difference between want and need.
Each service since he began this series has been packed to the rafters.
I heard an ad on the radio for a local bank advertising for vacation loans, that seems like a bad sign on several levels.
I have known several people that do that.
I figure if you need to take out a loan to go on vacation you don’t deserve a vacation.
Most of my vacations are ‘Stay Cations’ where we stay at home and do some little projects around the house, maybe see couple of movies, make some day trips to visit my relatives.
Once a year we make a wine trip to a wine grape region to tour wineries. These are only three or four day trips.
The trips go on my credit card but are always paid off when the bill comes. I never carry a balance on my credit cards.
Same here - folks like us are the exception.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.