U.S Credit Card Debt
QUOTE OF THE WEEK “Gratitude makes sense of our past, brings peace for today, and creates a vision for tomorrow.” Melody Beattie TECH CORNER Not much to report. I did hear this morning that the US credit card debt officially just passed $1trillion. Combine that with the fact interest rates on credit card balances have gone up 5% over the last twelve months. That will eventually put a crimp on consumer spending. Gen Z is the fastest growing generation in piling on the debt. We are still positioned in US Treasuries of multiple durations in the managed accounts and we are positioned in intermediate duration high quality bonds in the annuities. Should a recession come as we anticipate, that the allocation will not change unless we get a signal that the recovery from the recession has started.
