WARNING: Americans Are Re-leveraging, To Pay For Food, Education, Medical Bills, And Taxes While Home Sales Tumble, Jobless Claims At Near Nine-month High, Interest Rates Skyrocket
December 19th, 2013
The Federal Reserve’s latest quarterly Flow of Funds report revealed the first increase in U.S. household debt since before the financial crisis in the third quarter of 2013.
In short, Americans have stopped paying down debt, and releveraging has officially begun.
Read more: http://www.businessinsider.com/most-important-chart-of-2013-2013-12#ixzz2nxPGOP00
Re-leveraging has begun. Yes, after 1/2 – 1 decade of crummy raises, job loss, increased prices for everything, add in a health scare, yeah dummy, Americans are re-leveraging, to pay for food, education, medical bills, and yes, taxes. There’s probably a percentage of new car purchases simply due to the fact the 15 year old civic they were nursing along finally gave up the ghost and they had to buy something, so yeah, there’s a bright spot.
More Americans Rely on Credit Cards for Basics Like Food and Gas