Get the latest headlines, market analysis, and original content from SchiffGold.
American consumers continue to cope with rising prices and prop up the sagging economy using their credit cards. Total consumer debt rose another $23.8 billion in July to a record $4.644 trillion, according to the latest data from the Federal Reserve.
The mainstream has suddenly discovered price movements impact retail sales. For months, retail sales generally came in higher than expected. And for months the mainstream financial punditry ignored inflation and told us this signaled a strong economy. But in July, retail sales unexpectedly fell flat. Now the mainstream financial punditry claims this signals a strong […]
Consumers continue to add to their record level of debt as higher prices squeeze wallets. Americans added another $40.1 billion to the debt load in June, according to the latest data from the Federal Reserve. That represents a 10.5% year-on-year increase.
American consumers added to their record levels of debt in May as they continue to struggle to make ends meet in this inflationary environment. Americans increased their debt load by $22.35 billion in May, according to the latest data from the Federal Reserve. That represents a 5.9% annual increase.
Consumer debt climbed to a new all-time record in April as Americans continue to cope with rapidly rising prices. Total outstanding consumer debt rose by $38 billion in April, reaching a new record of $4.57 trillion, according to the latest data from the Federal Reserve. Total consumer debt was up 10.1% in April. It was […]
Americans are feeling the pinch of inflation. Wages are up but consumers are worse off. Average hourly earnings have risen by 5.5% over the last year. But factoring in rising costs, real earnings are down 2.6%. So, how are Americans making ends meet? They’re charging it.
Prices keep rising faster than wages. The stimulus checks are long gone. Savings are being depleted. How is the average American supposed to make ends meet? The only option is to charge it. And that’s exactly what Americans are doing.
The Federal Reserve is talking about raising interest rates. Well, that’s going to be a big problem for American consumers who are running up debt at a torrid pace. This is yet another reason why the Fed can’t do what it’s claiming it will do. Consumer debt jumped 11% year-on-year in November, according to the […]
Pretty much everybody now expects the Federal Reserve to go to war against inflation, but the central bank has a problem not many people seem to be talking about – an economy buried under debt. In this episode of the Friday Gold Wrap podcast, host Mike Maharrey talks about consumer debt levels and their ramifications. […]
Apparently, those stimulus checks weren’t enough. American consumers pulled out their credit cards and ran up big balances in February. According to the latest numbers from the Federal Reserve, consumer debt unexpectedly spiked in February, growing at an annual rate of 7.9%. Economists had expected a small uptick in consumer debt after a flat January, […]
