by Michael Snyder,The Economic Collapse Blog:
As long as you have hope, you can face whatever challenges are ahead. Sadly, Americans have been losing hope at a rate that is absolutely unprecedented. As you will see below, optimism about the future has fallen to the lowest level ever recorded. One of the biggest reasons why people are losing hope is because we have been ina historic cost of living crisisfor almost this entire decade. It is getting harder and harder just to pay the bills. Nobody can deny this. For most of the country, just surviving from month to month is a real struggle.
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When there just isn’t enough money coming in, it can be very tempting to bridge the gap with debt.
According to the Federal Reserve Bank of New York, credit card debthas risento the highest level in the entire history of the United States…
Americans ended 2025 more in debt than ever before.
Credit card balances hit a fresh high in the fourth quarter, rising by $44 billion to $1.28 trillion, according to a new report on household debt by the Federal Reserve Bank of New York released Tuesday. That’s a 5.5% jump from a year earlier.
The central bank’s monthly Survey of Consumer Expectations, released Monday, also found that fewer consumers expect their households’ financial situations to be better off a year from now — and a larger share expect to be worse off.
Once you start piling up credit card debt, it can be exceedingly difficult to ever get it paid off.
Credit card rates are higher than ever, and this is allowing large financial institutions to rake in enormous profits.
Source: SGT Report
