And yet, delinquency rates are well below average. It’s almost like that increased debt is being supported by an increase in teal wages.
I don’t really consider it a “job”. I mean yes, it’s a lot of tasks and chores to take care of the kids and cook and clean and plan social events for the family. But it’s a different dynamic from having an actual “job” where there is the implied threat of losing your main source of income if you don’t do it well enough by someone else’s often arbitrary standards (assuming one’s partner isn’t a total a-hole).
I think in many cases that actually might be a much better family dynamic than both spouses working demanding jobs.
I know a number of people like that. I don’t think my cousin ever worked a real job in his life.
One of my friends who is now in her early 30s, I think all she does is vacation around the world with her rich boyfriend.
I have a cousin who is 50-ish and like your uncle; I met him only a couple times when we were kids, but in this case, I think he’s also mildly autistic.
Seasonally adjusted - reasonable, because no doubt many people run up debt 4Q, but adjusted for inflation? The increase tracking the late inflation makes me wonder.
Anyhow, increase in credit card debt in the past might just as well be attributed to salaries not keeping up with inflation. I don’t think many people can live for a couple of years on credit card debt only - their credit limits are not going to support it.
I don’t think my uncle is autistic. He’s more like Paul Rudd in Our Idiot Brother, if you’ve ever seen that movie. He’s actually smart and a very talented artist, but he just has zero drive or ambition or business sense. For awhile while I was growing up he ran a small business out of Grandma’s attic painting custom signs for local businesses out on Long Island. But he only sort of worked when he wanted to. He did work at a Lowes or some other big box hardware store for a bunch of years before he retired. But he never really went anywhere or did anything. Never got married. I think I remember him having a girlfriend at one point when I was very young.
I would say it’s sad except he seems content enough. He could do a lot more with his art, even if just as a side hustle or something. But he’s just one of these guys who doesn’t really want any sort of pressure or rejection or anything. So we tend to get tired of his “oh I might do-s” because at the end of the day he doesn’t do shit.
40% of the quarters in that plot have higher real per capita balances than the most recent quarter, with the maximum in 08Q4.
I do not think “uncharted” accurately describes the situation.
Yeah, I was looking for the per capita balances before I came across the delinquency rates. Did you estimate, or did you find those somewhere?
Calculated from NY Fed, Census, BLS. I’ll see if I can post the data later if you want them.
No, no need for that, I was just checking that I didn’t miss some obvious source where they were already compiled. Even though I’m retired I still go out to FRED a fair amount, so that’s my main source, but I’m always interested in new sources.
I don’t think FRED compiles this one:
This was an interesting rabbit hole for me, thanks for sharing that.
The extent to which student loans drive up personal debt is pretty impressive. Or maybe impressive isn’t the word I’m looking for.
I know wages are going up, but I doubt people are getting paid in a bunch of Ben Franklins 
Gah!!