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U.S. consumer debt spikes at rate not
seen since just before the Great Recession

Daily Mail [UK], by Daily Mail Reporter & Reuters

Original Article

Posted By:Attercliffe, 2/20/2014 6:46:53 AM

Americans are taking on debt at a rate not seen since just before the country spiraled into the Great Recession. Federal Reserve Bank of New York data out Tuesday indicates that consumers have slowly loosened their belts since the dark days of the recession began in ´07. But the stunningly high rate at which borrowing has risen in recent months, and the nation´s history debt-driven economic downturn, leave room to worry the data could spell impending disaster. Total consumer debt rose 2.1 percent to $11.52 trillion in the fourth quarter of 2013 from $11.28 trillion in the third quarter, the New York

      


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Reply 1 - Posted by: GreatGreyhounds, 2/20/2014 6:50:17 AM     (No. 9739376)

People are borrowing money just like the Federal Government is, recklessly...


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Reply 2 - Posted by: Trigger2, 2/20/2014 6:58:44 AM     (No. 9739384)

Why not? The dollar isn´t worth anything anymore. Strike while the iron is hot before the dollar finally implodes.

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Reply 3 - Posted by: Rather Read, 2/20/2014 7:09:11 AM     (No. 9739393)

I have a horror of debt. I owe nothing.

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Reply 4 - Posted by: privateer, 2/20/2014 7:27:54 AM     (No. 9739417)

The steady drip-drip-drip of Obama-enforced Cloward-Piven destruction continues to erode the bedrock of Freedom.

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Reply 5 - Posted by: Blue-Z-Anna, 2/20/2014 7:56:50 AM     (No. 9739460)

In theory it would seem that the Fed´s printing massive amounts of funny money would cause huge inflation. Those who borrow good money today and pay it back with cheap, inflated money tomorrow have made a good deal.

No ?

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Reply 6 - Posted by: Judith, 2/20/2014 7:59:23 AM     (No. 9739464)

Up here in MA, we have a talk show about finances that is touting the USA´s economic recovery. Everything is coming up roses (with the occasional dig at republicans). With that "news" is it possible that some people (blind and deaf to reality)are taking on more debt?

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Reply 7 - Posted by: gusman, 2/20/2014 8:01:39 AM     (No. 9739473)

How about people borrowing money to just keep what they have. I know a lot of of former upper middle class people who are very afraid of losing everything they have because of this economy.

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Reply 8 - Posted by: swarfer, 2/20/2014 8:41:58 AM     (No. 9739530)

I’ve spent the last 30+ years working towards a debt free retirement. I had a lot of ups and downs but I always stuck to the plan and it all worked out. I feel sorry for folks who have no idea how to manage their affairs. I suppose that that growing up and hearing all those stories of the depression made such an impression that I was never overwhelmed by materialism or consumerism. Every time I go to WalMart I see families getting out of nice late model cars texting on smartphones dressed in clothes I would wear to change the oil in my car. I routinely see the same vehicles with bald tires. How can people make these choices? Most people no longer have any concept of thrift and saving or making sensible choices with limited resources or planning for the future. I remember my grandparents, they never owned a car, never owned a house, all their clothing could fit in a linen closet yet they dressed well had nice furniture and ate well and seemed not to want for anything while living off less than a modern family spends on telecommunications every month.

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B-G1


 
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R_DBL_B
  


 
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