American Consumer Debt Hits $17 TRILLION | Is it as Bad as It Sounds?

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In today's video, we're tackling a growing issue that might sound scarier than it actually is. We'll break it all down for you, so make sure to stick around until the end to get my full thoughts.
American Consumer Debt has reached a staggering $17.06 Trillion.
We'll explore personal consumption expenditures, which have hit $18.72 trillion, showing that consumer behavior is still on the rise. According to the US Bureau of Economic Analysis, spending continues to reach all-time highs, and we'll analyze this trend over the years.
Next, we'll touch on consumer sentiment. Americans' optimism about the current economy isn't great, but there are some positive signs. We'll dissect the data, discussing both short-term and long-term trends.
To get the most up-to-date insights, we'll look at the monthly consumer confidence survey, which reaches 36 million consumers. It reveals interesting statistics about income expectations and current financial situations. The landscape is evolving, and we'll examine what this means for your finances.
Now, let's take a look at the breakdown of consumer debt. Mortgages dominate, making up 70% of the total debt balance, but there are also student loans, auto loans, and credit card debt.
Non-housing debt has been on the rise, with credit card balances at an all-time high of $1.03 trillion. Auto loans and other balances have also increased. We'll analyze these trends and their potential impact on the economy.
On a positive note, delinquency rates have remained low after a sharp decline during the early stages of the pandemic. We'll explore the current state of delinquencies for various types of debt.
As we shift our focus to the broader economic picture, we'll discuss US GDP growth and its impact on the financial landscape. The increase in money supply and its effect on purchasing power will also be explained.
Lastly, I'll share my thoughts and some simple strategies to navigate these financial waters. While things appear stable for now, we'll discuss the importance of continuing to invest and maintaining an emergency fund.
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DISCLAIMER: I am not a financial adviser. These videos are for educational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. I am merely sharing my opinion with no guarantee of gains or losses on investments.
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⌚️Timestamps:
0:00 - Intro
0:34 - Personal Consumption
1:04 - Consumer Sentiment
1:57 - Family Finance Survey
2:53 - Total Debt Balance
4:30 - 90 Day Delinquencies
5:44 - Not So Bad?
6:59 - WBFU
7:28 - My Thoughts
9:23 - LOL

[@WhiteBoardFinance]

Join My Private Community - WhiteBoard Finance University: www.wbfuniversity.com Use code "CONSUMER20" for a 20% discount. WBFU Includes: 🎥 4 Full-Length Courses (Stocks, Real Estate, Budgeting, Increasing Income) 🧠 Over 50+ exclusive videos, and new ones every week 📊 Full transparency into my portfolio (every buy and sell I make) 💬 Access to our private community and live chat with 100+ members ❓ Weekly Q&A Discussion and Livestream with Marko 🛠 Exclusive Tools & Spreadsheets 👨‍🔬 Monthly Guest Expert Livestreams

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[@user-im7qe6ve4t]

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[@Brigh578]

Investors should exercise caution with their exposure and exercise caution when considering new investments, particularly during periods of inflation. It is advisable to seek guidance from a professional or trusted advisor in order to navigate this recession and achieve potential high yields

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[@humphrey]

Thanks Marko! Great background and coat.

[@WhiteBoardFinance]

Thank you!! Hope you're well Humphrey :)

[@user-ey8kj9pb8b]

Interesting video, thanks!

[@2023Red]

Very nice Marko. I do not disagree with your conclusion. My takeaway is that cash itself erodes over time as does debt in value. When we think of inflation, the smart move is to lay claim to those commodities likely to inflate more. Those hard assets are stocks, real estate, and certain commodities. We are into the first two. But we also think perhaps we need to create debt ourselves such as more real estate in choice locations. We can quality.

[@dougz2855]

I agree with your advice to invest and to also have an emergency fund, that said, I also find myself spending much more than before the pandemic!

[@halfsleep3554]

Marko!!! Thank you

[@Nightromance]

Your diction is very nice, Marko. I improve my audition skill in english by listening to your videos.

[@JUAN75001]

Another excellent video from Mark ! Also wanna say i love your haircut haha.

[@whatsitlike6392]

I retired in May 2020 6:15 is me. I am somewhat bitter as I sold my primary during that same time frame and we know what happened to real estate since. What has saved us is we own rentals and have absolutely no consumer debt. We have pretty much stopped eating out as we can't get past the price of food. $14 for an enchilada combo at a counter serve place is just too much. The upside is it's nice to see liquid savings actually giving a bit of return now.

[@moneycessity]

True! The cost of eating out has gotten ridiculous...

[@Valeriestunt]

Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got to talking about investment and money. I started investing with $150k and in the first 2 months, my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and get more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family.

[@Valeriestunt]

@Stephanie-ytt However, if you do not have access to a professional like JUDITH ANN PEACE, quitting your job to focus on trading may not be the best approach. It is important to consider all options and seek guidance from reliable sources before making any major decisions. Consulting with an AI or using automated trading systems can also be helpful in managing investments while balancing other commitments

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@Stephanie-ytt Judith Ann peace is her name

[@Valeriestunt]

Lookup with her name on the webpage.

[@Valeriestunt]

@Stephanie-ytt You are welcome

[@hab28]

I'm interested to see the Q3-Q4 2023 student loan numbers. See if people actually saved up on the side and paid them off soon before the interest started back up again.

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you the man, bro!

[@WhiteBoardFinance]

You too!

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BABE WAKE UP NEW MARKO

[@WhiteBoardFinance]

😂🙏

[@Psalm_23]

3:00 On this chart on the right hand side there are percentages to represent the bars. If you add them all up it adds up to 99 percent Am I missing the one percent somewhere lol?

[@joeblow1104]

Student loan forgiveness is the biggest joke ever! These people signed on the line, got an education, and then bitched and moaned about having to pay back a LOAN!! This is how dumb our Country is right now!

[@danielhutchinson6604]

$17,7 and climbing. It is an indication that Wages do not keep up with Inflation. But $5 trillion was created between 2008 and today. Indicators point to the end of a Consumer Society.....

[@kevincameron192]

Between you and Patrick Boyle, Im gonna get to live my parents life too!

[@WhiteBoardFinance]

😂❤

[@kevincameron192]

@@WhiteBoardFinance I'm calling a market crash in the next 7 days. Friday or Monday. If I'm right, you should give me a free membership. Thanks for the awesome content man. (disclaimer: never take advice, of any kind, from me).

[@moneycessity]

Inflation hedging is incredibly important for long-term financial planning. One thing you can do is start taking your Social Security only when it hits the maximum value instead of drawing from it early.

[@rightwingsafetysquad9872]

The good news is that in real terms, credit card debt peaked in 2001. Other debts continued to rise, like auto, but those aren’t quite as dumb.

[@SangoProductions213]

Not as bad as the rate of spending *increase*

[@coldflu]

It’s the largest deadbeat borrowers like nation states that you should be more worried about. Their debt has different rules

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Selling my house hopefully gain 200k and put in treasury bills. Video analysis please?

[@billschlafly4107]

Where do you plan to live? Seems rather risky given the increase in rent costs.

[@jimmyb7055]

@@billschlafly4107 no risk no reward

[@bassjasinski]

I thought unfunded liabilities were over $100 Trillion 😂

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Cerveza

[@charitydunning7369]

This data seems fishy

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[@ramia5586]

U.S.A GDP in 2022 is 25.46 Trillion. Is this the consumer debt americans acumulated overtime?

[@drewbny78]

no. thats the amount of money spent by Americans. not necessarily what they owe

[@3rett115]

Don't tell mom you're in debt 1T because of drugs!

[@Sizzerb81]

Add 100 billion more to Ukraine and Israel.

[@philipw4849]

Content is great, but stay away from politics as your credibility drops.

[@WhiteBoardFinance]

Thanks! I usually don’t bring up politics in most of my videos I feel other than maybe monetary policy

[@chartuck]

What did he say about politics? Had it on in the background as I was making dinner but must've missed it.

[@WhiteBoardFinance]

@chartuck literally nothing lol

[@chartuck]

@@WhiteBoardFinance lol the only thing I heard you say is the thing about regurgitating CNBC articles. I love your content bro. Keep up the amazing work and ignore the woke brigade!

[@Savvynomad225]

Huh? Are you trying to say the comment about redefining recessions is political? They did actually redefine it, politics aside.