American households added $193 billion of debt in the fourth quarter, driven by a surge in mortgage loans, and overall debt levels rose to a new record at $14.15 trillion, the Federal Reserve Bank of New York said on Tuesday.
"Over-living" leads to overspending leads to overextended leads to stress leads to illness.
It's an ugly cycle, folks.
One of the key keys in this whole thing...... that term "over-living". In other words, "living beyond your means".
If you can't afford it, you can't have it. Yes, it takes willpower. You must be strong.
But in the end, the budget must balance. Period.
Here's the full press release from the Federal Reserve Bank of New York:
Grace & Peace & Love to you all -
Matt