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Economy

“…Americans just dove into credit card debt faster than they have in 22 years”

“Americans’ credit card balances spiked $52 billion in the last three months of 2021.

Inflation is partially responsible, raising the cost of food and gas.

Americans have been swiping their credit cards at record speed in the last few months, as rising inflation eats into the savings people accumulated during the pandemic.

The total US household debt hit $15.8 trillion in the fourth quarter of 2021, the New York Fed reported this week, seeing an increase of $333 billion from the previous quarter. Credit card balances alone hit $860 billion, up $52 billion in that same timeframe. That’s the largest quarterly increase the Fed has seen in the 22 years it’s been collecting data, the researchers say, adding that the surge in debt overall was driven by home and car purchases…”

https://www.msn.com/en-in/money/news/2-reasons-americans-just-dove-into-credit-card-debt-faster-than-they-have-in-22-years/ar-AATHLju

First off grow your own food. The way things are looking many people are going to have to do this whether they like it or not. Second people as a whole can put pressure on governments and the gas industry to reopen pipelines and stop shutting them down. It’s artificial scarcity.

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