Note that term is a Millennial/Gen X/Gen Y loser term. Life has a way of circling back on your choices and decisions. You may think you are only living once, but you are only living for the moment.

Actions have consequences and so do bad credit decisions….read on.

A growing percentage of Americans are becoming reckless with their spending, fueling what one economist calls a “super duper” credit bubble.

In a note to clients, economist David Rosenberg of Rosenberg Research warned that Americans are taking on too much debt to buy things they really don’t need. He calls these people “YOLO spenders,” which refers to the catchphrase, “You only live once.”

“There is no acknowledgment today that, yet again, we have a super-duper credit bubble on our hands,” Rosenberg wrote. “It isn’t just about fiscal recklessness at the government level; the dilemma is that the consumer commands a dominant 70% share of the economy.”

That credit bubble has created the illusion of a strong economy, but it’s really a ticking time bomb that’s about to go off.

For starters, more Americans are falling behind on their credit card payments. According to Rosenberg, one in every 12 credit card holders is in this predicament.

The last time delinquency was this high was in 2011, when unemployment was 9%. The national unemployment rate currently stands at 3.7%, among the lowest in history.

“As far as consumer credit is concerned, the default cycle isn’t merely looming. It’s arrived,” he warned.

Read more, and weep

The payday is due

YOLO’ing has costs, especially for those who haven’t benefited from the post-Covid asset inflation.