Household debt rose 11% in the first quarter of this year. Consumer credit up 5.9% in April... :eek3:
But does it really surprise you? We all seem surprisngly less conserative with our money these days. Moving to wall street as well.
Not surprised at all, but it's still disturbing to read. I think a good chunk of our economy is currently fueled by people using their homes as ATMs... when the housing market slows down (and it's begun to) and rates go up the party will be over.
keep in mind that the number is somewhat skewed. the majority of americans don't have as much debt as the average. but the majority is indeed saving less.