American debt went past $16,000,000,000,000.00 for the first time ever at the end of July.

It’s an increase in auto loans, credit card balances but mostly by borrowing for mortgages.

Author Dave Ramsey said, “It’s tight out there.

They are scared and this is a sign that they are reacting poorly to the situation.

“Here’s the thing, if you don’t lower your lifestyle to income, even with all the inflation, even with all the pressures, if you don’t lower your outgo, it’s not sustainable.

“You can’t keep borrowing like you are in Congress.”

Credit card balances have increased by $46 billion. That’s the largest increase since 1999. And there are 233 million new credit cards – the largest increase in 23 years. People are putting their gas purchases on their credit cards and that makes things worse. Sixty-one percent of Americans are living paycheck to paycheck.

Ramsey said the main concern that he hears is about home values, even more than gasoline.

With inflation pushing toward 10%, the average wage earner who is deep in credit card debt may never recover. And the children of middle Americans may never afford their own home.

Inflation has to be controlled and President Joe Biden and the Democrat-controlled Congress doesn’t have the will to stop borrowing and spending.

Americans should vote for fiscal conservatives on November 8 to slow down or stop Joe Biden’s disastrous fiscal policies.

Otherwise, America will go broke.