by Peter Schiff, Schiff Gold:
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.
Consumer debt continues to climb at a staggering rate.
Total consumer debt rose by $52.4 billion in March, a 14% increase according to the latest data released by the Federal Reserve. Outstanding consumer debt now stands at $4.54 trillion.
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The Federal Reserve consumer debt figures include credit card debt, student loans and auto loans, but do not factor in mortgage debt. When you include mortgages, US consumers are buried under more than $15.8 trillion in debt.
With stimulus money long gone and savings depleted, Americans have clearly turned to credit cards to keep up with rapidly
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