Sound familiar?
Welcome to the Know the Difference Minute for Wednesday, March 6th. 
When you borrow money, you’re expected to pay it back. If you don’t, you’re a credit risk. 
Credit scores for American consumers are down for the first time in a decade. Don’t be surprised. Balances have increased by $50 billion in the last year. 
In fact, total credit card debt is over $1.1 trillion. Consumers are spending down savings and using credit to make ends meet. Made worse by average credit card interest at 24%. 
That is a slippery slope. 
Back to the ‘sound familiar’ part. Our government has joined the American consumer on that slippery slope. Total US debt is over $34 trillion. It increases by $1 trillion every 100 days.  By Summerfest, we’ll be over $36 trillion.  
I’ve seen this described as a ‘Fiscal Time Bomb’. Time to pay attention. 
I’m Dave Spano from Annex Wealth Management.  That is your Know the Difference Minute.