Middle Class Death Spiral: Consumers Have Never Been In More Debt, And Bankruptcies Are Surging

Read more on this subject: Economy – Economics USA
News Story Source: http://theeconomiccollapseblog.com by Michael Snyd
The cost of living has risen much faster than wages have, and as a result hard working families all over America are being stretched financially like never before.  Even though most of us are working, 59 percent of all Americans are currently living paycheck to paycheck, and almost 50 million Americans are living in poverty.  In a desperate attempt to continue their middle class lifestyles, many Americans have been piling up mountains of debt, and it has gotten to the point where we have a major crisis on our hands.

According to the New York Post, the total amount of debt that U.S. households have accumulated is about to cross the 14 trillion dollar mark for the first time ever…

Meanwhile, record American household debt, near $14 trillion including mortgages and student loans, is some $1 trillion higher than during the Great Recession of 2008. Credit card debt of $1 trillion also exceeds the 2008 peak.

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