The debt spending binge: Household debt has surpassed record levels reached during 2008 Great Recession.

Debt spending is once again keeping the economy afloat. People are leveraging future income on buying items today on the basis that the economy is not going to have a hiccup. On some reports you see pundits mentioning that delinquencies remain low. Well things were fine too before the Great Recession hit. Once again we are teetering on the brink of a solvency crisis should the economy have a slight turn. People are living beyond their means and banks are gaming the system once again. A recent report by the New York Fed shows that household debt has now reached a new record. What is more problematic is much of the debt increase is coming from student loans, auto debt, and credit cards.
Going to brink of debt
Household debt has now crossed another line in the sand breaking the previous record reached during the 2008 financial crisis. People are taking on mountains of debt and the debt being taken on this time is even more problematic.
First let us look at this new record:

This post was published at MyBudget360 on MAY 21, 2017.