New reports have revealed that consumers in America now have the largest pile of household debt in the history of the world. Not the history of the country. Not the history of a specific state. Not of a specific region. Of the whole world. It’s not a record we should be proud of. Currently, the government’s national debt is somewhere in the ballpark of $36 trillion. The totality of households here in the U.S. holds nearly $18 trillion.
That would be plastered all over the front of every news outlet’s website and social media if it weren’t for the fact the national debt is at an astronomically high level. Our whole society is awash in debt. We’re drowning in it. Corporate debt is ballooning to insane levels. Spending within the government is completely out of control. And consumers are spending themselves into oblivion as if there are no consequences for their actions.
Check out more via Prophecy News Watch:
Sadly, our entire society is absolutely saturated with debt at this point. Government debt on all levels is spiraling out of control, corporate debt has ballooned to absurd levels, and consumers have been gorging on debt as if there will never be any consequences. Unfortunately, a time of reckoning has arrived, and it is going to be incredibly painful. On Wednesday, we learned that total credit card debt has surged to a brand new record high of 1.17 trillion dollars…
Collectively, Americans now owe a record $1.17 trillion on their credit cards, according to a new report on household debt from the Federal Reserve Bank of New York. Credit card balances rose by $24 billion in the third quarter of 2024 and are 8.1% higher than a year ago. Needless to say, incomes have not increased by 8.1 percent over the past year. So our credit card balances are growing faster than our paychecks are, and that is a problem.
You think that’s terrible, wait until you get a look at student loan debt. This is going to make your eyes go crossed. The total student loan debt is at $1.61 trillion dollars. It’s so high that roughly 30 percent of borrowers have “gone without food for medicine due to their monthly bills.”
Thirty percent of federal student loan borrowers say they’ve gone without food or medicine due to their monthly bills, the Consumer Financial Protection Bureau finds. In addition to skipping necessities, 38% of people with federal student loans said they carried credit card debt that they wouldn’t have otherwise, the bureau found. Around 44% of borrowers said their education debt delayed when they could by a home, and 26% said the debt pushed back when they’d start a family.
If you or your child is considering college, might I suggest mulling over a trade instead? Trade jobs are plenteous with low competition and usually pay far higher than white collar jobs. Yes, you have to work hard, but what a small price to pay to avoid going thousands upon thousands of dollars in debt.
Overall, total household debt in the United States has skyrocketed to a brand new record high of 17.94 trillion dollars… The Federal Reserve Bank of New York’s Center for Microeconomic Data today issued its Quarterly Report on Household Debt and Credit. The report shows total household debt increased by $147 billion (0.8%) in Q3 2024, to $17.94 trillion.
Making matters worse, tons of retail stores are being forced to shut their doors as a result of a horrific economy. So far this year, 2024, a total of 6,481 stores closed. That’s a lot of people out of work.
As of Nov. 8, retailers have announced 6,481 store closures, an increase of 336 closures in just the past week, according to the latest data from Coresight Research. The majority of these closures were driven by American Freight, which is shutting all 329 of its locations as part of its parent company’s bankruptcy proceedings. Spirit Airlines is one of the latest victims. Spirit’s share price suddenly crashed when it announced that it will be filing for bankruptcy…
Spirit Airlines is preparing to file for bankruptcy protection, it emerged last night – sparking fears among flyers about mass cancelations. After news broke about the bankruptcy emerged on Tuesday evening, Spirit’s share price plummeted 45 percent in just seconds – erasing hundreds of millions in market value from the carrier. By Wednesday morning, it was down by 70 percent.
Even the mainstream media is being hit hard. CNN is now planning to cut loose some of its highest-paid staff members due to the absolutely dismal election night ratings they pulled in, ushering in a new low point in the network’s history.
Folks, the bottom line here is that as a nation we have been living far too high above our means and now the bubble is about to burst. Things are going to get real bad, real fast. And there’s no easy way out. There’s no shortcut home, as the old song goes. If we want to get out of the mess we made of things, we’re going to have to suffer to do so.
And that means reducing our spending on frivolous things like unnecessary entertainment expenditures, eating out all the time, coffee at Starbucks, and so on. We must batten down the hatches, save money, pay off our debt, and then we can see about saving up for luxuries.
"*" indicates required fields