People are living on credit cards and getting screwed

[T. A. Gardner]

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.

https://www.cnbc.com/2019/05/17/55-p...card-debt.html

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

https://www.msn.com/en-us/money/pers...91/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.

[Hawkeye10]

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.

[Walt]

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.

[Walt]

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 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.

[Stone]

We are about as close to debt free as anyone can be and will remain that way.

[cawacko]

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.

[Stone]

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.

Mixture of both. Best guess.....70/30 because THEY HAVE TO. Maybe a little less.

[Stone]

Picked up an 18 pack of eggs yesterday. Over 6 bucks. think it was like 6.39.

[Guno צְבִי]

Picked up an 18 pack of eggs yesterday. Over 6 bucks. think it was like 6.39.

I picked up 18 eggs today here for $3.49 , last week $4.50

[Stone]

I picked up 18 eggs today here for $3.49 , last week $4.50

I got ROBBED! Not much of a shopper though,.... grab and go.

[Guno צְבִי]

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-p...card-debt.html

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

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


https://www.msn.com/en-us/money/pers...91/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.

having to use credit cards to make ends meet

BS

[Doc Dutch]

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-p...card-debt.html

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

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


https://www.msn.com/en-us/money/pers...91/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.

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

Maybe they should have planned better, eh? LOL

[Celticguy]

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-p...card-debt.html

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

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


https://www.msn.com/en-us/money/pers...91/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.

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.

[Celticguy]

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.

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.

[Celticguy]

We are about as close to debt free as anyone can be and will remain that way.

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 : )