U.S. household debt has reached a record $17.8 trillion as of the second quarter of 2024. This includes significant increases in mortgage balances, auto loans, and credit card debt.
Poster Comment:
Blame fractional reserve banking. Lots of easy credit leads after a few decades to a mountain Unpayable Debt to be cancelled. I define a Depression as a period in time when Unpayable Debts are cancelled en masse.