Lena Petrova: America’s $1.25 Trillion in Credit Card Debt Signals Economic Crisis

If you look at the headlines today, you might think the American economy is in a “Golden Age” of sorts. Official government reports point to a resilient labor market, a booming stock market, and steady consumer spending. On paper, the numbers suggest stability. However, for the millions of Americans sitting at their kitchen tables trying to balance a monthly budget, the “lived reality” tells a much different story. There is a widening chasm between macroeconomic data and the financial health of the average household. While the economy appears robust from 30,000 feet, a closer look reveals a foundation built on…