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While Congress and the White House are arguing about whether to raise the government’s borrowing limit, there’s another form of debt Americans should be concerned about.<\/p>\n
According to a the New York Federal Reserve Bank report, total household debt increased to $16.51 trillion in the third quarter 2022.<\/p>\n
That includes mortgages, car notes, credit cards, student loans and other debts.<\/p>\n
Perhaps most troubling is that we owe nearly $1 trillion just on credit cards and the amount of such debt Americans are carrying is growing at the highest rate in 20 years.<\/p>\n
If current inflation continues, no doubt more folks will be living on plastic. And when prices come down, the debt remains — with interest adding more and more.<\/p>\n
The question is whether it’s sustainable — meaning we can continue to scrape by scraping by — or whether it will all coming crashing down on us, much like the 2008 housing crash when millions of Americans — including some right here in Texarkana — lost their homes, jobs and retirement savings.<\/p>\n
We don’t know the answer. We do, however, see red flags. Prices are up, debt keeps rising and incomes for many still remain stagnant. That means a whole lot of us are living way beyond our means.<\/p>\n
There is always a reckoning down the road. How long that road may be is anyone’s guess. But in our view the wisest course for anyone is to get their financial house in order. A strong foundation cis the best way to ride out future storm.<\/p>\n<\/div>\n<\/div>\n
Print Headline: EDITORIAL\/Red Ink: While Washington fights over debt ceiling, Americans keep using credit cards<\/em><\/p>\n\n
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