As the Biden administration continues to push their massive spending spree, it shouldn't come as a surprise that U.S. household debt has hit a new record high.
It all starts at the top, and according to the Federal Reserve Bank of New York, the U.S. household debt is now at $15.24 trillion! A new record that you probably won't hear much about from the White House.
"Consumers are taking on debt because they have to, their income is not keeping up with rising prices" said Jordan Goodman, America's money answers man, "When expenses rise faster than income, people use debt to make up the difference."
The extra Covid money is gone, and now people are turning back to credit cards. Food, gas, bills, education, mortgages and rent, everything is going up -except- wages. Goodman says he expects that trend to continue, especially as we hit the holidays.
That leads us to our poll question today.