… confirming that the average American is actually hyperleveraging to the point where all available credit is forcefully eliminated by a lender institution!
Guess I’m not an “average American”.
I am paying down debt, I have stopped buying anything but groceries and booze. It hasn’t been exactly “voluntary”, I just realized that I had everything I wanted. Over the last 2 years I’ve bought a new laptop to replace one that died. I traded in my 13 year old Chevy for a 5 year old Chrysler in mint condition and very low mileage. That car payment is my only debt.
I now find myself with disposable income. For the first time in my life I actually have a sizable (to me) savings account at my credit union. I’ve even managed to buy a few ounces of gold and silver.
To President 0bama: I apologize for not buying more consumer goods and stimulating the economy – but I can’t think of anything to buy.
Me too. Mr. Obama tear down these walls!