Since the global financial crisis in 2008, Americans have taken a twelve-step program and seem to be kicking the habit of using credit cards and paying those high interest rates.  After total credit card debt routinely increased about 10% year after year, it dropped that much in 2009 and has been relatively flat since then.  (It actually fell $883 million in August.)

Of course, total debt of consumers continues to rise, but it is mostly car loans and student loans.  Car loans are good debts.  However, it is still unclear if student debt is good or bad.  (Is a diploma from some “failure factory” worth more or less than a new wardrobe?)  But, the point is that credit card debt is NOT rising.

As a whole, monthly debt service of households has fallen from 17.6% in 2008 to only 13.8% now.  That is a huge change.  The America consumer is getting healthier financially.  Well, those Americans who don’t need a job are getting healthier financially.

The gap between those of us who don’t need jobs and those who do need jobs is getting wider and wider.  I’m sure Karl Marx would have much to say about that as well . . . but I’d rather not hear it!