💸The U.S. Now Has:

1. Record $17.1 trillion in household debt

2. Record $12.0 trillion in mortgages

3. Record $1.6 trillion in auto loans

4. Record $1.6 trillion in student loans

5. Record $1.0 trillion in credit card debt

The average house payment is about to hit $3,000/month for the first time in history.

All as oil prices are up ~40% in 3 months, mortgage rates hit 7.5% and credit card rates are at a record 25%.

Borrowing more debt is not the solution to high inflation.

This is unsustainable.

The average American household now has $8,000 in credit card debt but less than $5,000 in savings.

The average house payment is now 48% of the median income.

Borrowing more debt is making the problem worse.