People are living on credit cards and getting screwed

Poor Richard Saunders said:
There is a difference between average balance and revolving debt. My average credit card balance for the last few months has probably been about $5000 (doing house updates) but I haven't paid a penny in interest because I pay it off every month.
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Anecdote isn't evidence.

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Concart said:
No reason to pay the debt. And the US can EASILY service the debt, they've been able to borrow at basically 0% for a number of years. The Trumptards are cranky, and they are lashing out. This thread is just incredibly lame. No one holds a gun to someones head and makes them borrow. But the reality is that the party that wants to help working people is the DEMOCRATS. So whining about not being able to make ends meet while you are voting for Republicans is laughable.
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All of that is common sense to anyone who has ever run a business. Obviously, the alt right posters have never run a business.
 
T. A. Gardner said:
Anecdote isn't evidence.

5bd9cea983fb4a44921d8698a4dccfc4.jpg
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I guess you missed my point. Your post doesn't tell us how many of those with large balances pay off their debt monthly. Since it doesn't, we can't use it as evidence that most people do or don't pay off their debt. We only know that 10% have a monthly balance that is large.
 
Poor Richard Saunders said:
I guess you missed my point. Your post doesn't tell us how many of those with large balances pay off their debt monthly. Since it doesn't, we can't use it as evidence that most people do or don't pay off their debt. We only know that 10% have a monthly balance that is large.
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No problem, I can add that:

Poll: 56% of balance-carrying cardholders have had debt for at least a year
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https://www.creditcards.com/credit-...an,in debt, which could mean it’s even longer.

Poll: 60% who have credit card debt have owed their creditors for at least 12 months
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https://www.creditcards.com/statistics/credit-card-debt-poll/

Let's just call it 2 out of 3 for simple sake of argument. That is, the vast majority of people with credit card debt are carrying it long-term.
 
ExpressLane said:
11% of all government spending is used just servicing the debt. Imagine if 11% of everything you made went to just paying interest. Not a good family finance model.
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That is not uncommon. Paying 11% of your income on a mortgage is fairly normal.

Besides, interest is 4.27% of the 2021 budget, not 11%.

Random fact, Musk will be spending over 50% of Twitter's income on interest... Might be why he has lost a hundred billion.
 
Theywillneverlearn! said:
Wages go up, cost of goods go up.
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That would be bad right now... BUT, before we were trying to get out of a deflationary trap. We wanted some inflation, and still Republicans were blocking raising minimum wage.

Republicans oversimplify everything. There is always the same solutions to different problems. They treat draught and flood the exact same.
 
Concart said:
Did you have a point? It would make your post so much more interesting if you did. Just sayin'
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Yes. I have a point. I know about economics. I know about investing. I know about actually know about hiring people. You???? You could not find your ass with two hands. Welfare collecting democrat douchebag. What Democrats in this country call "minorities' are 1000% better than your white, welfare collecting ass. You pathetic piece of democrat shit.
 
Theywillneverlearn! said:
Yes. I have a point. I know about economics. I know about investing. I know about actually know about hiring people. You???? You could not find your ass with two hands. Welfare collecting democrat douchebag. What Democrats in this country call "minorities' are 1000% better than your white, welfare collecting ass. You pathetic piece of democrat shit.
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So, no Christmas card?
 
Concart said:
'People can't pay their bills'

Dems: Let's raise the minimum wage.

Republicans: FUCK NO!!!! YOU WILL KILL BUSINESS.

LOL. Such hypocrisy is beyond the pale.
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So forcibly raising the minimum wage?
Which increases worker inefficiency?
And causes prices to rise as employers pay for the higher wages?
With no increase in the quality of the goods/services they sell/provide?
Plus, even the CBO admits that doing so, increases unemployment?
https://www.cbo.gov/publication/55681

This...does NOT, hurt business?

Okaaaay.
 
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Walt said:
That is not uncommon. Paying 11% of your income on a mortgage is fairly normal.

Besides, interest is 4.27% of the 2021 budget, not 11%.

Random fact, Musk will be spending over 50% of Twitter's income on interest... Might be why he has lost a hundred billion.
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:rolleyes:

1) how can Musk lose $92 billion on a company he only just paid $44 billion for?
2) most of his loses are due to Tesla stock falling from over $400 about a year ago.
To under $200 today.

https://ca.finance.yahoo.com/quote/TSLA
https://nz.news.yahoo.com/elon-musk-lost-around-92-090212767.html
 
McRocket said:
So forcibly raising the minimum wage?
Which increases worker inefficiency?
And causes prices to rise as employers pay for the higher wages?
With no increase in the quality of the goods/services they sell/provide?
Plus, even the CBO admits that doing so, increases unemployment?
https://www.cbo.gov/publication/55681

Does NOT, hurt business?

SUUUUURE it doesn't.
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So the lower the wage is, the more effective the workers are?

Sometimes I need a break from this place because it hurts my head.
 
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