American household debt reaches $17 trillion for first time

[Alvin Bragg]

On 03 Oct 2021, "Andrew Anglin - White Supremacist Pedo Boy"

Thank Joe Biden and the Democrats. Especially that greedy whore Nancy
Pelosi.

Americans are falling further into debt.

According to the Federal Reserve Bank of New York, household debt
reached a record $17.05 trillion in the first quarter of 2023.

The bank's report notes that the figure is now $2.9 trillion higher than
at the end of 2019, prior to the pandemic.

Americans carry most of their debt in mortgages. In the first quarter of
2023, they had more than $12 trillion in mortgage debt.

Student loans were the second-leading contributor to debt in the first
three months of the year. Americans are carrying $1.6 trillion in
student loan debt, according to the report.

SEE MORE: Social Security's cost-of-living adjustments not enough,
report finds

Auto loans were just behind student loans, with $1.56 million worth of
debt.

While not in the top three, credit card debt appears to be an increasing
issue. In the first quarter of 2023, it grew by $145 billion, second
only to the amount by which mortgage debt grew. Another concerning issue
with credit card debt is the delinquency rate. According to the report,
more than 4.5% of credit card bills were at least 90 days past due in
the first quarter of the year. That's more than in any other category.

People were less likely to fall behind on their mortgage or home equity
line of credit to begin 2023.

<https://www.10news.com/american-household-debt-reaches-17-trillion-for-
first-time>

[Alvin Bragg]

On 31 Oct 2021, "Andrew Anglin - White Supremacist Pedo Boy"

It's that cocksucker Joe Biden's fault.

According to a new report, people who retired before 2000 have lost 36% of
their buying power despite annual cost-of-living adjustments.

Social Security is supposed to increase with the rate of inflation every
year, but a new analysis indicates Social Security recipients are falling
behind.

According to the Senior Citizens League, people who retired before 2000
have lost 36% of their buying power. On average, these retirees, generally
over age 85, would need an extra $516 a month to maintain the same buying
level as 2000.

The reason is that the prices of items that seniors typically buy have
increased faster than other items. According to the Senior Citizens
League, Social Security’s cost-of-living adjustments have raised payments
by 78% from January 2020 through February 2023. But the organization says
the prices of items typically purchased by seniors have jumped 141%.

The Senior Citizens League said that in 2000, the average Social Security
payment was $816. This year, it’s $1,453. To keep up with inflation, the
amount needed would be $1,969.

The cost of some items commonly purchased by seniors has more than tripled
in the last 23 years. Those items include eggs, prescription drugs,
heating oil, dental care and Medicare Part B premiums.

The Social Security Administration says it bases its cost-of-living
adjustment on the consumer price index for urban wage earners and clerical
workers. The Bureau of Labor Statistics releases consumer price index data
monthly. As of April 2023, the consumer price index is up 4.9% compared to
the year prior.

The consumer price index weighs the costs of goods based on their
importance. Items like food, shelter and energy tend to be weighted more
heavily.

The last cost-of-living adjustment came in December 2022 when the Social
Security Administration increased payments by 8.7%. The next cost-of-
living adjustment will be announced in October and will take effect two
months later.

With the inflation rate declining, the Senior Citizens League estimates
that Social Security payments for 2024 will go up by 3.1%.

<https://scrippsnews.com/stories/social-security-s-cost-of-living-
adjustments-not-enough-report-finds/>

[Klaus Schadenfreude]

On Wed, 17 May 2023 00:21:36 +0200 (CEST), Alvin Bragg

Post by Alvin Bragg
On 03 Oct 2021, "Andrew Anglin - White Supremacist Pedo Boy"

Thank Joe Biden and the Democrats. Especially that greedy whore Nancy
Pelosi.

Americans are falling further into debt.

I'm at $3.99, but I just rented a video from Amazon. I hope to have it
paid off next month.