Over the pond poorer families are increasing their debt. The same is true of the UK. Where will it end?
Bloomberg reports: “Most Americans are more indebted than ever, underscoring a persistent and widening wealth divide in the US.
Consumer debt, including credit cards, rose to an all-time high for the 118 million US households among the bottom 90%, according to the Federal Reserve’s latest data on the distribution of household wealth.
The group’s debt soared by $300 billion over the last year — the largest annual gain on record — as households deal with higher prices for everything from food to clothing and rents.”
