Household Debt Makes a Comeback in the U.S.
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  1. #1
    Registered User Contrary Housewife's Avatar
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    Default Household Debt Makes a Comeback in the U.S.

    https://www.nytimes.com/2017/05/17/b...ates.html?_r=0

    "It took nearly a decade, but debt has made a comeback.

    Americans have now borrowed more money than they did at the height of the credit bubble in 2008, just as the global financial system began to fall apart."
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    I'm proud to say that I'm not included on the ugly side of those statistics!! So much has changed in my world since the debt bubble of 2008.....I've paid off over $20,000 in student loan debt, over $65,000 in mortgage debt, $5,000 car note, $6,000 and over $10,000 in credit cards. On top of all of that my income has more than doubled.
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    come now.. with debt so cheap, and monthly payment so low, people are being incentivized to get debt. it's too bad they don't make financial education part of the school curriculum. because cheap debt is still debt.. sigh.

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    It's never been totally over from 2008. I've always said that. For some yes. Many no. It's going to happen again. That's just natural and a given but it's never been over in smaller places. That was 2008. This is 2017. 9 years. I mean we now have a whole new round of what was then kids who now have jobs and their own money to spend who still live with mom and dad whether it's because they can't afford to move out or they're saving or or or...
    Doesn't matter why. It's a whole new round of new car buyers, credit card takers and house buyers that are adults now and kids then. And bet most of them didn't learn a damn thing from what happened to their parents. Not all. Most. History will repeat itself. Unfortunately.
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    Registered User larabelle's Avatar
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    WOW is all I can say...just WOW!! I am so blessed not to be among the negative statistics. However, I agree that a lesson which is not learned WILL be sadly repeated and debt regardless if it is student loans is still debt.
    Blessed and Highly Favored!!!!
    From $78K in debt to debt free and purchased a house and used car with 100% cash...God is sooo Good!!!

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    I'm surprised that mortgage debt has remained the same. I figured that, with the increasing costs of housing, that number would have gone up substantially.

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    I'm happy to say our household is not on that debt train. We only have hubby's car (which I plan to pay off by August) and the house for debt.

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