Spreading debt bubble devours Trumpland: Fastest-growing debt category in U.S. is not student loans

[Harpy Eagle]

The personal debt bubble is growing and devouring Trump's fantasy land as the whole US economy is fueled by debt.

The borrowing public has decided that what is good for the goose is good for the Trumpist.

The growing resort to personal loans may also reflect the fact that living costs are rising faster than wages.

The budget is in deficit by $ 1trillion annually and growing, the Federal debt has grown by ~$ 2.3 trillion since Trump's inauguration.

The economy is fueled by debt which is buying imported foreign goods as the trade deficit is still rising despite being offset by growing oil and gas exports. US manufacturing and investment is down.

Donald Trump's fantasy land economy is a humungous debt bubble waiting for a prick. Is Donald Trump the prick?

The fastest-growing debt category in U.S. is not student loans or credit cards

The democrat House writes the Budget, so WTF is Nancy and the democrats doing about the budget deficit? <nothing but making it bigger>

Trump cut taxes for the wealthy which has had a big effect on tax revenue.

Why?

Because people paid less in taxes, thus tax revenue went down.

This is not real complicated.

Didn't tax revenues for 2018 go up?

No, for CY18 they actually went down.

 

[miketx]

The personal debt bubble is growing and devouring Trump's fantasy land as the whole US economy is fueled by debt.

The borrowing public has decided that what is good for the goose is good for the Trumpist.

The growing resort to personal loans may also reflect the fact that living costs are rising faster than wages.

The budget is in deficit by $ 1trillion annually and growing, the Federal debt has grown by ~$ 2.3 trillion since Trump's inauguration.

The economy is fueled by debt which is buying imported foreign goods as the trade deficit is still rising despite being offset by growing oil and gas exports. US manufacturing and investment is down.

Donald Trump's fantasy land economy is a humungous debt bubble waiting for a prick. Is Donald Trump the prick?

The fastest-growing debt category in U.S. is not student loans or credit cards

The fastest-growing debt category in U.S. is not student loans or credit cards
PUBLISHED FRI, NOV 29 20199:16 AM ESTUPDATED FRI, NOV 29 201912:08 PM EST
Janet Alvarez

Personal loans are growing at an 11% annual clip, according to Experian, faster that student loan or credit card balances.

Borrowers with excellent credit can achieve savings by using personal loans for large projects, like home improvement.

Credit card debt can be consolidated into a personal loan, but origination fees, potentially high interest rates and lack of perks make this a less appealing option for borrowers with a lower credit score.

The fastest-growing debt category in U.S. is not student loans or credit cards
It’s the fastest-growing debt category in the country, but if you are thinking student loans or credit cards, you’re wrong.

Personal loan balances now exceed $300 billion, as of the second quarter of this year, according to Experian, a whopping 11% yearly increase. For good reason, too, as personal loans can help to consolidate credit card debt, or make funds available for major projects, such as a home remodeling effort. For many of us, the allure is hard to ignore, but personal loans do differ in some key ways from other types of credit you might use, such as credit cards. It’s important to understand the key differences before signing on the dotted line.

Interest rates vary dramatically
As compared to credit cards, personal loan interest rates can vary much more dramatically, according to research by ValuePenguin. In fact, some borrowers with excellent credit may qualify for loans with interest rates as low as 5% or 6% with some lenders. On the other hand, borrowers with poor credit may encounter rates higher than the average credit card, sometimes exceeding 30%. ...

Fake news.