50 years ago, Americans saved 14% of their income and had only $13.24 billion in credit card debt, ~$85 per adult.
Today, Americans save 4.4% of their income and have $1.373 trillion in credit card debt, ~$5,000 per adult.
The affordability crisis has hit its breaking point.
And turning this around doesn’t seem to be anyone in powers priority. So many people adversely affected…while a few buy another yacht. 🤦🏻♂️
I'm old enough to remember when credit cards were first offered widely. There was a real stigma against paying for something with a credit card, like you were admitting you didn't have enough money.
The banking industry did an incredible marketing job to get us where we are today.
