Skip to content

Be financially ready for hurricane season. Access funds when you need them with a Home Equity Line of Credit (HELOC). Loans subject to credit approval. NMLS #406389 

Get Started 863-222-7005

If America Was a Household

Crews Bank & Trust Wealth Management Services May 28, 2024
Chart illustrating average US annual income, annual expenditures, and average credit card spending, which supersedes income by 38%.

Contents

Today’s Chart of the Day is from @hedgeye on X, formerly known as Twitter, and shows what a typical family income would look like if the US was a typical household.

In summary, US families borrow 38% of the amount they spend. This is unsustainable. The big question is how much, and for how long, can we continue to borrow at this rate? 

Let’s say we cut back on spending by a draconian 50%, leaving us $32,000 annually to pay down debt. It would still take us 11 years to do so and at a 20% reduction, it would take us 26 years. 
Chart of the Day

About the Author

Crews Bank & Trust Wealth Management Services
Crews Bank & Trust Wealth Management Services

Experienced professionals from our wealth management services team can help you achieve a bright financial future through investment strategies tailored to you. We’ll show you all of the options available and help you choose the ones best suited to you. We’ll provide high-quality, personal service as we work toward your goals together. Our Portfolio Managers do not receive commissions on trades; our recommendations of investments are based solely on your best interests.

Investments are not a deposit or other obligation of, or guaranteed by, the bank, are not FDIC insured, not insured by any federal government agency, and are subject to investment risks, including possible loss of principal.

Previous
Chart of the Day: Florida Top 7 out of 20
Next
What's So Special About a Community Bank?

Subscribe to Our Blog

Sign up to receive email notifications of our blogs.