No, Janet, it means tapped out consumers are sinking further into debt they can't possibly repay. The US has $17.1 trillion in household debt, $12.0 trillion in mortgages, $1.6 trillion in auto loans, $1.6 trillion in student loans, and $1.0 trillion in credit card debt.
Total mortgage debt is now more than double the 2006…
In the US, interest rates on household items are skyrocketing.
In just 1 year, the average interest rate on credit card debt has gone from 14% to 21%+.
New car loan rates went from 4% to 8% while used car loan rates are at 12%+.
Mortgage rates are at a fresh high of 7.2%, up from 2.7% in 2021.
How can the average person afford any of these items?