In his piece, "The Double Debt Mountain of 2026," John Wilder discusses the problem of growing consumer debt coupled with growing government debt. An excerpt:
Total credit card debt hit a record $1.28 trillion in 2025, up $44 billion in just three months. That’s not a blip: that’s paying for groceries on credit cards and only paying the minimum monthly payment. Delinquencies on household debt overall jumped to 4.8 percent, led by the kids. For people under 39, the transition into serious delinquency on credit cards is nearly double the national average.
Surveys show 56 percent of Gen Z are forced to use cards just to make ends meet because prices keep climbing. Sixty-six percent of Millennials say they rely on plastic to get through the month. Thirty-five percent of Millennials are carrying more than $10,000 in card debt.
Credit card debt, the gateway drug of insolvency. Sure, payday lenders and “buy here, pay here” car places are the crack cocaine and meth of debt, but it all starts somewhere.
Gen Z is running around $3,500 in average balances, while Millennials are pushing $7,000. They’re not buying yachts or avocado toast, they’re financing groceries, gas, and rent.
This is why, for most of history, usury was illegal.
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