Record High: Non-Mortgage Interest Payments (Patreon)

For a long time, the biggest slice (yellow) was for mortgages, which makes sense because houses are expensive.

The smaller slice (black) is for other debts like credit cards, student loans, etc. But just now for first time in history, the black slice became bigger than the yellow slice for the first time!

This means people are paying more interest on non-mortgage debt than ever before. There could be a few reasons for this:

• Maybe student loans, credit cards, and car loans are costing more overall.
• Credit card companies are gouging customers
• Customers are broke and putting everything on the credit card

It is definitely a sign many households are struggling financially.