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We’re in a private debt crisis that could lead to the next economic collapse: Richard Vague
Greetings,
We’re in a private debt crisis that could lead to the next economic collapse: Richard Vague
Source: http://investmentwatchblog.com
As of March 2014, American consumers owe $11.52 trillion in debt, an increase of 1.6% from last year. The average household owes $7,115 on their credit cards
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and the average indebted household owes $15,252. Americans owe $8.05 trillion in mortgages (the average mortgage debt being $152,209) and $1.08 trillion in student loan debt. When combined with corporate debts the U.S. collectively owes about $28 trillion in private debt.
Related: China heading toward a debt crisis with global ramifications: Banking vet
“Every major crisis of our lifetime has been caused by a rapid increase of our private debt
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,” says Richard Vague, chair of the Governor’s Woods Foundation. “They all were a function of runaway private lending.”
People focus too much on government
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debt, argues Vague, when they should be attempting to quell private debt.
Related: Exploding student loan debt threatens the housing recovery
http://finance.yahoo.com/blogs/daily-ticker/we-re-in-a-private-debt-crisis-that-will-lead-to-the-next-economic-collapse–richard-vague-142901568.html?soc_src=mediacontentstory&soc_trk=tw
Read more at http://investmentwatchblog.com/were-in-a-private-debt-crisis-that-could-lead-to-the-next-economic-collapse-richard-vague/#P3mP2czCyz4izWGg.99
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