Why Americans Owe $1.26 Trillion on Credit Cards

Unemployment is low and people are working, but Americans now carry about $1.26 trillion in credit card debt. So what's really going on?

On this episode of Life With Mikey, Mikey Taylor and Michael Michalov look at the numbers behind America's credit card problem. They ask whether it's a money problem or a social one. They cover the rise of the "fake rich" economy, where people spend to look successful online. They also talk about older Americans on fixed incomes who are getting squeezed by rising costs, and why both groups end up in the same place.

We believe wealth can be built quietly. That means spending less than you make, building margin, and thinking like an owner over the long term. This conversation is about how to do that, whatever stage of life you're in.

In this episode:• Why credit card debt is near record highs even with steady jobs• What 90+ day delinquencies tell us about the household squeeze• The "fake rich" economy and the pressure to look wealthy online• What a 22% interest rate really costs you each year• The "K-shaped" squeeze hitting young and old at the same time• Why the wealthiest person in the room is often the hardest to spot

Chapters:00:00 – $1.26 trillion in credit card debt01:58 – People aren't paying their bills03:06 – Jobs are up, so what's wrong?04:28 – Are we headed for a recession?06:50 – Gen Z and the "fake rich" economy10:16 – What 22% interest really costs you12:16 – Older Americans on fixed incomes14:10 – The K-shaped squeeze15:22 – The quiet millionaire18:02 – How to build margin21:37 – Can you save your way to wealth?23:02 – What are you experiencing?