Historical Borrowing

Posted: February 13, 2018 in Debt
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“Consumers now own a mountain of credit-card debt in excess of $1 trillion – the highest level since before the 2008 financial crisis.  Meanwhile, the savings rate for consumers dropped to just 2.9% as of November, versus nearly 6% just two years ago. The only time Americans have been saving less than today was 1929-1931 – during the peak of the Great Depression.  In other words, Americans are borrowing more and saving less than virtually any time in history.  How long can that last?” -P.J. O’Rourke

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