Federal Reserve releases new financials on consumers September 19, 2008
Posted by BDO in Organizational.Tags: 14, America, clock, consumer, consumerism, Debt, dollars, federal, productivity, reserve, trillion, wealth
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On September 18th, the Federal Reserve released the anticipated debt amounts for the nation. As expected, consumers continue to spend more than they earn. The report shows how consumers are reacting to the downturn on the financial markets. In the second quarter, housing debt grew by only 0.8 percent, while consumer credit grew by 4.4 percent. In all, consumers took on almost $200 billion in debt to bring the current debt outstanding total for the second quarter to $14 trillion.
BeatingDebt.org updated the Consumer Debt Clock with this current information.
These numbers reveal the level of wealth, productivity, and lifestyle that we have given and contine to give to loan companies in America and abroad. This level of debt is the reason for our economic financial problems today. We need to work together to beat debt and start a movement to reverse this consumer debt clock from going up any longer.
To get a copy of the report, click here.
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A Kid's Guide to Managing Money (Ready-Set-Grow Series)
I compleatly agree with you. I few years ago I had headed down a life of borrowing in order to get a flashy lifestyle. A friend refered me and my wife to Dave Ramsey and His Total Money Makeover Debt Payoff plan. We fought hard for 18 months to pay off 35 thousand dollars in debt. Now two years after becoming debt free and saving for what we want we find ourselfs able to pay for what we want more and more. As time goes by it’s amazing to see how fast you can gather assets when you have no bills. We are 26 and have plans to pay off our house in under 10 years by making small sacrifices now. I hope our nation get’s enough thumps on the head to wake up and save again. I have no doubt in my mind that if everyone took on an anti-borrowing additude we could shurly bring our country back into focus and really bring us into a new time of prosperity.