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Sarah Lazare – Americans Are Drowning in Credit Card Debt, and It’s Not Because They Are ‘Irresponsible’

Amid soaring inequality [3] and stagnant wages [4], consumers in the United States collectively accumulated a stunning $34.4 billion in credit card debt during the second quarter of 2016 alone, according to a new report [5] from the personal finance website WalletHub. This high number represents the greatest second-quarter accumulation since at least 1986, when such data was first recorded, and positions U.S. consumers to surpass “$1 trillion …

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Credit Card Debt Levels Reaching Unsustainable Levels, Says CardHub CEO

Interview with Odysseas Papadimitriou, CEO of CardHub, on their latest study examining the accelerating increase in credit card debt levels, why he thinks this is unsustainable, and may soon “spiral out of control.” Subscribers can access the full broadcast on Thursday by logging in and clicking here. Not a subscriber? Click here. Forgetting Lessons of Great Recession “A lot of consumers have …

US Student loan debt

Student-Loan Surge Undercuts Millennials’ Place in U.S. Economy – David Wilson

Surging student-loan debt represents a key risk to the economy’s expansion because wage gains are failing to keep up, according to Beth Ann Bovino, U.S. chief economist at Standard & Poor’s. As the attached chart illustrates, the dollar amount of borrowing has increased in each quarter since 2003, when data compiled by the Federal Reserve Bank of New York begins. …

federal reserve

How the Federal Reserve Is Destroying Your Economic Future – Lynn Stuart Parramore

When it comes to what goes on in the marble corridors of the Federal Reserve, Americans tend to be suspicious. For different reasons, both the right and the left have challenged Fed policies aimed at bolstering the economy in the wake of the Great Recession. In two papers for the Institute of New Economic Thinking’s Working Group on the Political Economy …