US Debt Data From Kobeissi - Scary

[Chris Seveney]

So I saw the data below and am wondering, are americans fighting inflation with debt? Have incomes kept up with inflation? What will happen when the credit card companies and banks tighten their lending standards?

Do you think the the economy is on the upswing or downswing? Personally not an economist but like to think I have good instincts and will say downswing. Share your thoughts...

According to Kobeissi:

1. Record $17.5 trillion in household debt

2. Record $12.3 trillion in mortgages

3. Record $1.6 trillion in auto loans

4. Near Record $1.6 trillion in student loans

5. Record $1.1 trillion in credit card debt

the total mortgage debt is more than double the 2006 peak and total credit card debt is up 50% since 2020.

Also delinquency rates on credit cards and auto loans just hit their highest since 2008.