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POSTED ON August 3, 2022  - POSTED IN Key Gold Headlines

Personal income from all sources adjusted for inflation — real income — fell for the second straight month in June and was down 1% on the year. But American consumers continue to spend. How can this be?

They’re running up debt at a dizzying pace.

This undercuts the narrative claiming the American consumer is “healthy.”

POSTED ON March 19, 2019  - POSTED IN Videos

As we reported last week, consumer debt continues to break records month after month. Americans owe over $4.3 trillion dollars in revolving debt (primarily credit cards), student loans and auto loans. When you factor in mortgages, the number climbs to $13.54 trillion. That figure was $869 billion higher than the previous peak of $12.68 trillion in the third quarter of 2008 (right before the crash) and 21.4% above the post-financial-crisis trough reached in the second quarter of 2013.

But many mainstream analysts downplay this surge in debt. And on the surface, the numbers do seem to indicate the risk isn’t as big as it was prior to the 2008 financial crisis. But as Wolf Richter explains, the averages conceal a different reality.

POSTED ON May 30, 2018  - POSTED IN Key Gold Headlines

Americans have loaded themselves down with debt and some are struggling to pay the bill.

Total household debt hit a record $13 trillion in 2017, eclipsing levels seen on the eve of the Great Recession. Americans have been burning up the credit cards. Revolving debt grew by $26 billion in the fourth quarter of 2017 alone, a 3.2% increase. Americans have run up a nearly $1 trillion credit card tab. Meanwhile, flows into serious delinquency have increased steadily since the third quarter of 2016.

The delinquency level for subprime credit cards is particularly concerning, having risen to a level higher than at the peak of the financial crisis.

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