Wash your mouth out with soap
Obama to forgive the student debt of permanently disabled people
- Thread starter RockX
- Start date
Wash your mouth out with soap
im not 100% sure at this point but I know that is where the next crash will be coming from. Every year credit card debt grows and less people have cards. Meaning people are dropping out of the market and those who stay are getting closer to dropping out. Credit cards used to be used for vacations and other incidentals now people are making so little money they need to use credit cards for living expenses. People are not able to afford the cost of living without credit cards. Eventually they will drop from the market and no one will be able to afford to buy the products companies sell.
Some debt relief may be in order or a moratorium on interest rates. Credit Card companies already make money whenever you use the card for purchases the interest is just a bonus.
Legion Troll
A fine upstanding poster
Household income has grown by 26% in the past 12 years, but the cost of living has gone up 29% in that time period. The largest expenses for consumers — like medical care, food and housing — have significantly outpaced income growth.
It would be easy to say consumers are spending irresponsibly, leaving the recession (and their budgets) in the dust. But it’s not quite that simple.
Only three of the major spending categories haven’t outpaced income growth: apparel, recreation and transportation. Apparel and recreation are relatively immaterial expenses; they don’t make up a large portion of the typical consumer budget.
The total cost of living has increased by 29% since 2003, whereas income has grown only 26% in that time. “While 3% doesn’t seem like a significant difference, this gap becomes much more significant for Americans that have acute or chronic health problems, or live in a city with a high cost of living, or are attending college. It makes perfect sense, then, that debt has increased during this time. The cost of living has simply outpaced income.
https://www.nerdwallet.com/blog/credit-card-data/average-credit-card-debt-household/
perfect thanks for making my point for me. We also have to consider that that we do have income inequeality as well so that 26% growth is mostly going to the top earners. Leaving the rest to contend with the 29% increase with the same wages.
At some point the lower and middle earners will lose access to credit and not be able to buy the things companies make.
Legion Troll
A fine upstanding poster
thanks for the chart
as we can see the cost of living expenses are the biggest portion and is what credit cards are being used on. Which is why a credit card crash will be devastating to the country.
Legion Troll
A fine upstanding poster
Wow nice tiny Trojan burn
Legion Troll
A fine upstanding poster
I do what I can.
Trumptards are all against any help for the disabled, unless they happen to be one.
Of course, since many Trumptards didn't finish college, this program wouldn't help them.