Americans Have $11.85 Trillion in Household Debt. How Did We Get Here?

http://www.truth-out.org/news/item/32355-americans-have-11-85-trillion-in-household-debt-how-did-we-get-here

Household debt is now $11.85 trillion, and it has more to do with stagnant wages than unnecessary spending. In past decades, the more the top 10 percent prospered, the more the bottom 90 percent borrowed. Now, we’re borrowing more for things income used to cover.Subscribe to Truthout’s daily newsletter and never miss another story. You’ll get our top headlines of the day and more, delivered right to your inbox! Sources: Introduction: http://daviddegraw.org/peak-inequality-the-01-and-the-impoverishment-of-society/ $11.85 trillion: http://www.newyorkfed.org/householdcredit/2015-q1/data/pdf/HHDC_2015Q1.pdf 1. Household income, 1980: http://www.davemanuel.com/median-household-income.php Household income, 2012: https://www.census.gov/prod/2013pubs/acsbr12-02.pdf Medical services: http://www.aei.org/publication/the-college-textbook-bubble-and-how-the-open-educational-resources-movement-is-going-up-against-the-textbook-cartel/ https://research.stlouisfed.org/fred2/series/CUSR0000SAM2 Consumer price index: https://research.stlouisfed.org/fred2/series/CPIAUCSL New homes: https://research.stlouisfed.org/fred2/series/MSPNHSUS Household and national debts: http://www.nerdwallet.com/blog/credit-card-data/average-credit-card-debt-household/ http://www.gobankingrates.com/savings-account/average-american-profile-earnings-spending-saving-money-today/ Total debt, auto loans: http://investor.equifax.com/releasedetail.cfm?ReleaseID=892028 June 2010: http://blogs.wsj.com/economics/2010/08/09/student-loan-debt-surpasses-credit-cards/ 2. Nonmortgage debts: http://www.urban.org/research/publication/delinquent-debt-america Top 10 States: http://247wallst.com/special-report/2014/08/13/10-states-struggling-with-delinquent-debt/ 59 percent: https://www.creditdonkey.com/average-american-savings-statistics.html Savings rates: https://research.stlouisfed.org/fred2/series/PSAVERT/ 3. https://www.fdic.gov/bank/statistical/stats/2014sep/industry.pdf http://www.creditcards.com/credit-card-news/bank-yields-loans-1276.php

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