House of Cards?: Is nation's addiction to credit card debt sustainable?

The New York Federal Reserve has some sobering news for Americans drunk on debt.

According to a recent report, Texans managed to accumulate $67.3 billion-that's "billion" with a B-in credit card debt as of the end of 2017.

California leads the nation, with $106.8 billion. That glamorous West Coast lifestyle comes at a steep price.

Florida follows Texas with $59.2 billion. New York is next with $58.1 billion.

Arkansas didn't make the Top 10 in total debt, but there is some bad news for the Natural State as well. Arkansas ranks No. 5 in the nation in credit card 90-day-or-more delinquency rates. Texas follows at No. 6. California, top state in overall credit card debt, is just a tad behind at No. 7.

The New York Federal Reserve says American households owe about $13.21 trillion. That's not just credit cards, but includes mortgages, car notes, student loans and other debts. But we owe a collective $1 trillion or more just on the plastic and a couple of trillion more in other unsecured debt. Those are staggering numbers on their own.

The question is whether it's sustainable-meaning we can continue to scrape by scraping by-or whether it will all come crashing down on us, much like the housing crash 10 years ago when millions of Americans-including some right here in Texarkana-lost their homes, jobs and retirement savings.

We don't know the answer. We do, however, see red flags. Debt keeps rising, and incomes for many remain stagnant. That means a whole lot of us are living way beyond our means.

There is always a reckoning down the road. How long that road may be is anyone's guess. But in our view, the wisest course for anyone is to get their financial house in order. A strong foundation could get you past a future storm.

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