Having created another handful of tongue-in-cheek posters — this time, on the perils of consumerism — at Behancé, Damian Bennett writes that
It’s not just celebrities. “About 6% of Americans struggle with compulsive buying behavior.” It’s epidemic. It’s a national disorder.■ How Tech Is Turning Casual Spenders Into Binge Shoppers December 19, 2024Much of this buying is on credit, which is debt, and cumulative debt — unless you are the government — eventually outruns credit.
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Additionally...
AVERAGE AMERICAN HOUSEHOLD DEBT IN 2025 March 1, 2025
American households carry a total of $18.036 trillion of debt and average $105,056 per household. Total debt is at an all-time high as of the fourth quarter of 2024, according to the Federal Reserve.
● Total credit card debt, Q4 2024 $1.211 trillion
● Average credit card debt, Q3 2024 $6,380*
● Average personal loan debt, Q3 2024 $11,652
● Total student loan debt, Q4 2024 $1.615 trillion
* The current average rate on credit cards is 21.91%.
...it is not just the government drowning in debt (~$37 trillion dollars!), but the public has maxed its credit cards to compensate for inflation, turning credit wholly into debt. [Pause.] Herbert Stein, American economist: "If something cannot go on forever, it will stop."
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