Financially, it’s going to be an interesting summer. At the moment, mortgage rates are hitting 7 percent, median rent prices are at $1,850 per month, and the average car payment is about $950 per month. Household debt is currently at $17.1 trillion, mortgages are at $12 trillion, and auto loans are at $1.6 trillion. Soon, student loan payments are set to resume. All of this will create quite a ripple effect.
While it’s true that unemployment is lower than it was 20 years ago, maybe the era of cheap money put everyone in such deep debt that Americans are working two or three jobs to make ends meet.
The very dark cloud that has been looming over our economy is now turning into a perfect storm.
