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http://www.brotherjohnf.com/debt-is-piling-up-so-what/ – Debt Is Piling Up: So What?. —
schiffgold.com / BY SCHIFFGOLD / MAY 31, 2017
Debt is piling up worldwide. But so what?
We have described increasing levels of US debt as a “ticking debt bomb.” American families have amassed more than $1 trillion in credit card debt alone. As of the end of 2016, the average credit card debt per American household stood at $8,377. That was up from $7,893 at the end of 2016.
Of course, credit card debt makes up just one portion of US consumer indebtedness. You also have to factor auto loans and student loans into the mix. In February, total consumer credit stood at $3.79 trillion. The annual growth rate of total consumer debt is pushing 5%.
Everyday Americans aren’t the only ones racking up debt. They are simply following the example of their Uncle Sam. The US national debt is pushing $20 trillion, with actual unfunded liabilities pushing far higher.
America isn’t alone. Debt is a worldwide phenomenon. Just last week, Moody’s downgraded China’s credit rating. It estimates the Chinese government’s debt burden will rise to near 40% of GDP by 2018 and 45% by the end of the decade.
The post Debt Is Piling Up: So What? appeared first on Silver For The People.
–(Published @ May 31, 2017 at 02:20PM by www.bitcoins.am™ Instant Real-time Bitcoin News Aggregation Source- From: ) #bitcoinnews
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