Reports show that consumer debt jumped by $42 billion in the February 2022, brining the total consumer debt in America to over $4.5 trillion. The latest report marks a more than 11% increase in from 2021 and setting a new all time high. Credit card debt alone rose more than 20% in February, a new record, brining the total credit card debt in America to over $1 trillion. Student loans and car loans grew by more than 8% brining the total debt to a staggering $3.5 trillion. This gives me pause to think how much better off consumers would be if they weren't saddled with ridiculously over-inflated amounts of student loan debt. Cancelling student loan debt would help transform large swaths of consumers from paycheck top paycheck living to being able to actually save money and get ahead.
Reports show that price gouging under the guise of inflation can explain a great deal of the debt increases. While consumer spending has kept pace over recent months, consumers are most likely spending the same or more but getting much less in return. The big picture question here is how does the economy remain sustainable when the entire system is dependent on consumers running up ridiculous amounts of debt and brining themselves to the edge of bankruptcy. If you are too deep in debt and don't know what to do, contact Florida Consumer Lawyers today for a free consultation.