Do you think a large percentage of people are paying for things with debt and carry a balance?
Today we have a record amount of debt on all levels. Whether it’s the national debt, corporate debt, or personal debt, it’s all compounding, weighing down on everyone. Today, we have the most excessive levels of debt ever seen before and this cannot be sustained indefinitely. It must end with pain. Unfortunately, people take too much risk and just like the human body detoxifies, the financial system needs a periodic Economic Detox.
Total Revolving Credit Owned and Securitized, Outstanding | FRED | St. Louis Fed
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2019 Money Matters on Campus Report | EVERFI
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