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Staggering Consumer Debt Nearing Recession Levels

It is truly staggering to see how much debt has been accumulated in the decade following the Great Recession. Debts in the categories of auto loans, credit cards, and student loans have topped a confounding $1 trillion, the highest levels on record without adjusting for inflation.

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The fiat-based monetary system is in uncharted territory that could lead to increased levels. in debt and quadrillions in.

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A staggering number of Americans now say they may miss a credit card payment this year. Consumer debt is at an all-time high.. per capita debt levels are up only 1.3% in the past.

That said, up until now, the cost of the staggering increases in notional consumer debt outstanding has been offset by lower interest rates. As a result, historically low rates have have kept the ratio of household debt service to disposable income levels near multi-decade lows. But rising rates could change all this in the very near future.

 · Consumer Debt Has Increased by 47% Since 2008 and It’s Reaching a Crisis Point. Surprisingly, just about every major type of credit has increased since the last recession. Student loans are up 146% even though the number of students attending college hasn’t increased. And auto loans are up 36%, according to the St. Louis Fed.

When these limits are reached, the upward phase of the long-term debt cycle comes to its end, the overall amount of debt in the system comes back to lower levels in a process called deleveraging.

After a debt-fueled recession, you would think individuals would be more cautious and conservative with their use of debt. But apparently, that’s not the case in the U.S. If anything, borrowing has become even more reckless. Since the 2008 recession, total U.S. consumer credit has increased by $1.22 trillion (47%) to $3.82 trillion.