People are living on credit cards and getting screwed

T. A. Gardner

T. A. Gardner

Serial Thread Killer
Right now, people are living more and more on credit cards. 55% of Americans are carrying a balance on their credit cards.

U.S. households added $26 billion in credit card debt, the biggest increase among debt categories tracked, in the last quarter of 2018. In fact, 55% of U.S. adults who have credit cards report also having debt, according to a new survey of approximately 2,200 U.S. adults that CNBC Make It performed in conjunction with Morning Consult.

Over the past year, 22% of respondents say the average balance they carried was between $100 and $500, while about one in 10 people say they had a balance over $5,000, the survey found.
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https://www.cnbc.com/2019/05/17/55-percent-of-americans-have-credit-card-debt.html

The average debt owed right now is between $2,500 and $6,000.
https://www.creditkarma.com/insights/i/average-credit-card-debt

Interest rates are now the highest they've been in almost three decades.

Credit card APRs have soared to 19.04—the highest they’ve been since 1991
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https://www.msn.com/en-us/money/per...e-highest-they-ve-been-since-1991/ar-AA13XTI2

Americans are increasingly being fucked by having to use credit cards to make ends meet, and you don't see Joke doing a goddamned thing about it, even as he is a major cause.
 
The global economic order will collapse into a sea of debt, as I have been warning for about a decade. There is zero chance of escape.
 
If you payoff your entire balance, every month, you usually get between 1% and 5% of whatever you spend back, and get a better return policy on what you buy. Basically, the non-credit card users are being charged extra, so people who pay off their balance can get a discount.
 
Hawkeye10 said:
The global economic order will collapse into a sea of debt, as I have been warning for about a decade. There is zero chance of escape.
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If that were true, it would be a good idea to run up as much debt as possible. If there is a collapse, there is no need to repay the debt.

But we all know that is not true.
 
We are about as close to debt free as anyone can be and will remain that way.
 
What the article doesn't say is are people going into the debt because they can't survive without it? Or is it people trying to live beyond their means?

People can have a good job and earn more money but it doesn't necessarily mean they are going to be anymore financially responsible and better off on the whole. Many people simply spend more when they make more.
 
cawacko said:
What the article doesn't say is are people going into the debt because they can't survive without it? Or is it people trying to live beyond their means?

People can have a good job and earn more money but it doesn't necessarily mean they are going to be anymore financially responsible and better off on the whole. Many people simply spend more when they make more.
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Mixture of both. Best guess.....70/30 because THEY HAVE TO. Maybe a little less.
 
Picked up an 18 pack of eggs yesterday. Over 6 bucks. think it was like 6.39. :whoa:
 
T. A. Gardner said:
Right now, people are living more and more on credit cards. 55% of Americans are carrying a balance on their credit cards.


https://www.cnbc.com/2019/05/17/55-percent-of-americans-have-credit-card-debt.html

The average debt owed right now is between $2,500 and $6,000.
https://www.creditkarma.com/insights/i/average-credit-card-debt

Interest rates are now the highest they've been in almost three decades.


https://www.msn.com/en-us/money/per...e-highest-they-ve-been-since-1991/ar-AA13XTI2Americans are increasingly being fucked by having to use credit cards to make ends meet, and you don't see Joke doing a goddamned thing about it, even as he is a major cause.
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having to use credit cards to make ends meet
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BS
 
T. A. Gardner said:
Right now, people are living more and more on credit cards. 55% of Americans are carrying a balance on their credit cards.


https://www.cnbc.com/2019/05/17/55-percent-of-americans-have-credit-card-debt.html

The average debt owed right now is between $2,500 and $6,000.
https://www.creditkarma.com/insights/i/average-credit-card-debt

Interest rates are now the highest they've been in almost three decades.


https://www.msn.com/en-us/money/per...e-highest-they-ve-been-since-1991/ar-AA13XTI2

Americans are increasingly being fucked by having to use credit cards to make ends meet, and you don't see Joke doing a goddamned thing about it, even as he is a major cause.
Click to expand...

^^^
From the same person who bitched about people living on Social Security yesterday then claimed they could get marijuana on Medicare. :rofl2:

Maybe they should have planned better, eh? LOL
 
T. A. Gardner said:
Right now, people are living more and more on credit cards. 55% of Americans are carrying a balance on their credit cards.


https://www.cnbc.com/2019/05/17/55-percent-of-americans-have-credit-card-debt.html

The average debt owed right now is between $2,500 and $6,000.
https://www.creditkarma.com/insights/i/average-credit-card-debt

Interest rates are now the highest they've been in almost three decades.


https://www.msn.com/en-us/money/per...e-highest-they-ve-been-since-1991/ar-AA13XTI2

Americans are increasingly being fucked by having to use credit cards to make ends meet, and you don't see Joke doing a goddamned thing about it, even as he is a major cause.
Click to expand...

Add to that credit is drying up (bad news for banks) so they are already finding it harder to obtain credit or losing their cards by banks closing little used accounts (I had several lines and cards that I have not carried balances on closed by the banks) and pretty soon they wont have this option. The consumer economy it looking at hard times.
 
cawacko said:
What the article doesn't say is are people going into the debt because they can't survive without it? Or is it people trying to live beyond their means?

People can have a good job and earn more money but it doesn't necessarily mean they are going to be anymore financially responsible and better off on the whole. Many people simply spend more when they make more.
Click to expand...

The corporate class like the consumer economy and are burying themselves in debt to try and maintain it. That sushi is just so damn tasty ! But for those of more humble means, yeah, just trying to get by.
 
Stone said:
We are about as close to debt free as anyone can be and will remain that way.
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I went debt free in 2020 and its great retiring that way. I really have no reason to borrow anymore being retired and a widower. Even spoiling my granddaughter : )
 
Walt said:
If that were true, it would be a good idea to run up as much debt as possible. If there is a collapse, there is no need to repay the debt.

But we all know that is not true.
Click to expand...
The US cannot and will not pay for its debt. This is happening in our lifetime.
 
goat said:
The US cannot and will not pay for its debt. This is happening in our lifetime.
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The problem happens if the USA cannot service its debt. Everything points to servicing the debt as not being a problem.

Besides, the USA can pay its entire debt. The debt is owed in US Dollars that can be created by the government. The government can pay the entire debt off by issuing money. It would cause high inflation, but if it were an emergency like you claim, it could, and would be done.
 
T. A. Gardner said:
Right now, people are living more and more on credit cards. 55% of Americans are carrying a balance on their credit cards.


https://www.cnbc.com/2019/05/17/55-percent-of-americans-have-credit-card-debt.html

The average debt owed right now is between $2,500 and $6,000.
https://www.creditkarma.com/insights/i/average-credit-card-debt

Interest rates are now the highest they've been in almost three decades.


https://www.msn.com/en-us/money/per...e-highest-they-ve-been-since-1991/ar-AA13XTI2

Americans are increasingly being fucked by having to use credit cards to make ends meet, and you don't see Joke doing a goddamned thing about it, even as he is a major cause.
Click to expand...

The people have voted! Don't look back dude- Look forward!

The cheerleading for Donny Boy and his goon squad candidates is over!

Stop crying over spilled milk and sour grapes.
 
T. A. Gardner said:
Right now, people are living more and more on credit cards. 55% of Americans are carrying a balance on their credit cards.


https://www.cnbc.com/2019/05/17/55-percent-of-americans-have-credit-card-debt.html

The average debt owed right now is between $2,500 and $6,000.
https://www.creditkarma.com/insights/i/average-credit-card-debt

Interest rates are now the highest they've been in almost three decades.


https://www.msn.com/en-us/money/per...e-highest-they-ve-been-since-1991/ar-AA13XTI2

Americans are increasingly being fucked by having to use credit cards to make ends meet, and you don't see Joke doing a goddamned thing about it, even as he is a major cause.
Click to expand...

This is a symptom. It is an indicating factor of the economy is stalling. Yes...Biden is a major factor, but the problem is systemic, simply because the U.S. is using fiat money.
Every nation using fiat money is seeing the same problem, largely for the same reasons...government interference with domestic economies.

It seems the lessons of fascism and communism have been forgotten, and the world will have to go through the same pain again.
 
Hawkeye10 said:
The global economic order will collapse into a sea of debt, as I have been warning for about a decade. There is zero chance of escape.
Click to expand...

By 'global economic order', I assume you mean fiat currencies, used by most every nation in the world.

International trade is, of course, affected by this.

This is the stuff world wars are made of.
 
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