Apparently, we hit a record in America. Our collective revolving credit usage is $1.02 TRILLION. That’s 1,000 Billion dollars. The last time our debt level reached this high was in 2008, just before we had The Great Recession. And, wouldn’t you know it, there’s a noticeable increase in delinquent credit cards and auto loans. In other words, banks are over extending themselves again, offering subprime credit accounts.
They say that history is doomed to repeat itself if we don’t learn from our mistakes. Looks like we’re didn’t learn. On the plus side, if we hit another recession, real estate is about to go on sale!
It’s a great time to step on the gas and get out of debt ASAP.