Consumer credit card debt in the US has skyrocketed to over $1 trillion, with Americans overspending by an astonishing $18,000 per year on non-essentials.

My thoughts on what is fueling this trend:

1. Mobile Revolution: The proliferation of mobile phones has granted us access to shopping anytime, anywhere, blurring the lines between necessity and impulse.

2. Fintech Innovation: Advances in fintech and payments have made it incredibly easy for consumers to make purchases, even if they lack the means to afford them.

3. Frictionless Checkout: Amazon's invention of frictionless checkout and the rise of "buy now, pay later" programs offer unprecedented convenience, but come at a hidden cost.

4. Dopamine Culture: We've become a society driven by instant gratification, prioritizing short-term satisfaction over long-term goals. Just study the chart below.

5. Subconscious Influence: We're shamelessly targeted and subconsciously manipulated into making unnecessary purchases.

I call this phenomenon the "invisible machine of consumerism"—a system that not only wreaks havoc on our wallets, but also contributes to environmental degradation, with millions of tons of waste ending up in landfills each year, undermining our natural resources.

And the more we consume, the more we feed the machine.

It's time for a rethink on today’s financial products that work to exploit consumers. The financial products of today are decades old and outdated.

We need modern, consumer-centric solutions to address the challenges posed by the current environment that we've created.

It's starts with each of us doing our part, but there's more tech can banking can do to make it right.

It's a problem I've become obsessed and is our mission at Luuna. (www.tryluuna.com)