A Hidden Volcano Of Debt

The Associated Press recently reported that in December 2017 alone, based upon augmented consumer confidence, consumer borrowing increased by $18.4 billion, says Chuck Tatelbaum a director with the Tripp Scott law firm in Fort Lauderdale, Boca Raton and Tallahassee, FL. Of this amount, $5.1 billion was an increase in credit card debt and $13.3 billion for student and motor vehicle loans. This follows an increase of $31 billion of consumer debt, most of the credit card nature, in November 2017.

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“Increase in consumer debt could have a disastrous effect,” says Tatelbaum

What is so frightening about these statistics is that with the impending interest rate increases to be promulgated by the Federal Reserve in 2018, consumers...