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.
— MapleMAGA 🇨🇦🇺🇸 (@MapleMAGAw5) August 8, 2023
— Invariant Perspective (@InvariantPersp1) August 8, 2023
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… pic.twitter.com/ndbJyphh7x
— The Kobeissi Letter (@KobeissiLetter) August 8, 2023
The US government has spent an alarming $6.7 trillion over the last 12 months.
This is up 14% since last year and just shy of the $7.6 trillion record during 2020.
We are now spending just $900 billion less than a period when $4 trillion was handed out.
The worst part?
Over… pic.twitter.com/cuYZHhofxO
— The Kobeissi Letter (@KobeissiLetter) August 7, 2023
h/t Simian_Stacker