A new report from the Federal Reserve was released this week showing that we added the most debt in total dollars since 2007 and the most debt in rate of increase since 2013 in the 2nd quarter of this year. THIS IS ALARMING!!! We are not talking about federal debt but household debt, meaning the debt you and I choose to take out. Yes, much of this increase had to do with mortgage debt, but some came from increased credit card balances and increases in the amount of car loans outstanding. Debt does nothing but hold us back, yet we obviously go running back to it ever so quickly! Today, we will discuss:

1. The amount of household debt in the U.S.

2. Why household debt is hitting record highs

3. What we need to do to reverse this trend!

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(Please keep in mind that I am not a financial advisor. I create these videos for educational purposes only. You and only you are responsible for the investment decisions that you make.)