Tuesday, July 2, 2019

Stock Market Overview -- Consumer Debt Crisis

Statistics Proving the US Consumer is facing Debt Apocalypse...

Consumers have never been in so much debt, during the entire history of the United States, and there would not be an economic collapse as long as the vast majority of consumers are regularly making their debt payments, but as you will see below, the delinquencies are starting to rise to extremely disturbing levels.

In fact, some of the numbers that are coming in are even worse than what we witnessed, at any point, during the last economic crisis. Just imagine what things are going to look like, once the economy really begins to deteriorate, especially when there are already alarming areas of concern.

It appears we are heading into a new economic collapse, even though, according to the Federal Reserve, it has not officially begun quite yet -- meaning, the worst is yet to come.

Millions of Americans will likely lose their jobs, just like in previous economic recessions as well as depressions, and without an income, most of those that suddenly find themselves unemployed will not be able to pay their bills.
The stage is set for the largest tsunami of consumer debt defaults that the United States has ever seen, which will absolutely devastate major financial institutions across America as well as have global repercussions.

Please carefully review the below list, which is proof that we are not exaggerating things even a little bit. The following 12 statistics prove that the US is facing a consumer debt apocalypse:

1.) Total consumer debt in the US just surpass the $4 trillion level, which has never happened before in all of US history -- most of it comprised of auto loans, student loans, personal loans and credit cards.

2.) US consumers are now in debt for a total of $13.5 trillion, when you throw in mortgages and all other kinds of individual debt. There was a 22% increase in debt, during the first quarter of 2019, when including mortgages.

3.) There are 480 million credit cards currently in circulation within the United States, which is an 13% increase since 2015. Credit card balances are now exceeding the previous 2008 peak level, just as the prior economic recession was underway.

4.) US consumers are carrying $870 billion worth of balances on their credit cards right now, with 35% of them being over the age of 60.

5.) Over 55% of Americans, with credit card balances, have been carrying them for more than a year.

6.) There are 37 million credit card accounts in the US that are classified as "seriously delinquent" -- 90 days or more past due.

7.) Americans now owe a total of $1.3 trillion on their auto loans, up $584 billion, since 2010.

8.) At the moment, 7 million consumers are delinquent on their monthly auto loan payments by 90 days or more -- surpassing the previous peak, during the last economic collapse, by 1 million Americans.

9.) The total amount of student loan debt in the United States has reached $1.5 trillion, consisting of 44 million borrowers, with an average loan balance of $28,000. This total outstanding loan amount has doubled over the last 10 years, while still representing all demographics and age groups.

10.) There is $166 billion in student loans debt that is considered to be "seriously delinquent" -- 90 days or more past due.

11.) Millennials are now more than $1 trillion in debt, with no generation of Americans having ever been deeper in debt at this stage in life -- drowning in debt.

12.) One recent survey found that 78% of Americans are "living paycheck to paycheck." Suffocating debt levels are a big reason why that percentage is so incredibly high -- very little room for error.

We have not seen anything like this, since the last economic crisis. At this point, even main street economist, are openly admitting what is coming, and when the next economic collapse strikes, things are going to get very difficult for US consumers. A debt apocalypse is coming, and is going to be incredibly painful, especially for US consumers. 

Job cuts are starting to rise, and a recent Fed surveys expects second quarter 2019 Gross Domestic Product (GDP) growth to be only 1%, as the economy begins to rapidly slow -- a concerning trend, when 70% of the US economy is depended upon US consumer spending. 

Businesses are already nervous, so a major US downturn would happen swiftly, with the worldwide ripple-effect, ushering in a global slowdown.

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