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Consumer debt hits $4 trillion

Source Date: 
Thursday, February 21, 2019
Categories: 

Americans are diving deeper and deeper into the red.

As of this month, outstanding consumer debt exceeded $4 trillion for the first time, according to the Federal Reserve.

Relatively strong holiday spending, particularly in November, and increasing credit card debt added more than $41 billion in outstanding balances at the end of 2018, according to LendingTree, a loan comparison website, which analyzed the data from the Fed.

In addition, a steady rise in student loan balances, as well as an increase in the cost of automobile financing in the fourth quarter, contributed another $80 billion.

"If we don't change direction soon, we'll end up where we're going."
– Irwin "Professor" Corey
“This would be a much better world if more married couples were as deeply in love as they are in debt.”
– Earl Wilson
"Bankruptcy laws allow companies to smoothly reorganize, but not college graduates burdened by student loans."
– Robert Reich
The road to success is always under construction
– Lily Tomlin
“What I would like to do... once I take care of all my kids' student loans, is buy a red 1965 Mustang and fully restore it.”
– Mike Quigley
"Nothing in life is to be feared. It is only to be understood."
– Marie Curie
"There is scarcely anything that drags a person down like debt."
– P. T. Barnum