"Rising Debt: The Growing Credit Bubble in the US Economy"

Economist David Rosenberg warns that a "super-duper" credit bubble has formed in the US economy as consumers, dubbed "YOLO spenders," take on massive debt to fuel their spending, with household savings at a low 3.7% and consumer spending increasing by $208 billion last quarter, largely financed with debt. Despite consumer balance sheets appearing strong, rising credit card delinquency rates and other signs of financial strain indicate that the default cycle has already arrived, posing potential risks to the economy.