People are living on credit cards and getting screwed

Celticguy said:
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.
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I have cards that are stale too. Many are duplicates, so I can just up my credit line if they close one.

The consumer economy is struggling because of record corporate profits. Supply chain issues are easing somewhat, but retailers are raping consumers and blaming shortages.
 
Celticguy said:
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 : )
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It's been a little longer for me, but I worked my ass off to pay down debt for years.

It's a great feeling
 
Concart said:
I have a bunch of cards and I play the points game. I get anywhere from 2-5% cash back on everything I buy. Every bill I have is paid via credit card, and they are automatically paid off each month. I also have an Amex card because of the travel benefits. I haven't carried a balance in years. I just paid cash for a car, even though it probably would have been smarter to finance it, my wife abhors any debt so I gave in.

Too many people are house poor and have to rely on credit, and when things get rough, they can't keep up.

Biden is not responsible for the reckless spending of Trumptards.
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Same. Been doing it for decades. Sadly, auto dealerships only let you finance (via card) a few thousand dollars for a deposit.

I'm still working, so I put all of my business costs on cards and take the points.

Before Covid, I paid cash for groceries. Now I use cards because I didn't want anyone else's cash at the peak of the pandemic, and have kept up the habit.
 
Althea said:
People don't have to rely on credit cards to make ends meet. The people most affected by trump's inflation don't even have credit cards.

And I have thousands on my credit cards that would be considered 'a balance'. All balances are paid off every month with no interest accrued.

They still show up as 'balances'.

I believe (unless trump undid them) there are protections in place to keep CC companies from raising rates on existing balances. If rates go up, new purchases are subject to new rates. Again...unless trump did away with that too.
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I showed very clearly that's not the case for over half the US population. For them, they carry a running balance and likely will never pay their cards off. These are people that in a pinch with unexpected bills to pay are forced to do things like move balances to new cards to have room to pay the bills.
This isn't something Trump started or exacerbated. It's been going on for a while and when you get hit with inflation and wage stagnation as has happened since Biden took office, you can be absolutely fucked financially if you're in that position.
Credit card companies use a number of tricks to get these lower end people hooked, like no fee balance transfers, low introductory rates, etc. Once they get you on their card, you can't get off. If at some point down the road you end up unable to pay or bankrupt, they really don't give a shit because they've already milked you for a substantial profit. Hell, they make 3% of every card transaction right off the top from the vendor (who has prices set to cover that).
 
ExpressLane said:
Biden plans on running. But the donors won't back him so he is going to be off to the nursing home instead.
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Since the drubbing Republicans took on election day, and the fact that no POTUS had achieved that in his first mid term since Bush, I'd say that donors are going to be fine with Biden/trump 2.0.
 
Dutch Uncle said:
He says so but I'm betting he won't because Jill won't like it.

IMO, the only reason he says he will is to avoid being tagged a Lame-Duck. He wants to go out a winner. If the economy turns around (not that Presidents can wave a wand) and some good bills get signed, I think he'd even resign (medical reasons is a good excuse) so that Harris can run as an incumbent.

Do you think Trump is insane enough to run again?
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You keep saying that, but I don't see Biden resigning solely to make Harris an incumbent.

I don't see her getting the nomination if he doesn't run, though
 
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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That's your point?
 
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

This...does NOT, hurt business?

Okaaaay.
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You realize that it's an employees market right now?

You realize that if McDonalds raised the price of a soda $.05-$.10 it would more than pay for any min wage hike?
 
guno said:
I picked up 18 eggs today here for $3.49 , last week $4.50
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I only eat eggs if they come from cage free chickens.

But I'll only eat free caged chickens. They're in a cage - and they're free. You have go get them though and be careful, they've been sitting on a street corner all day, in a cage and they're mad as hell!
 
Dutch Uncle said:
^^^
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
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You can get weed on Medicare? Where's the Medicare weed shop? That's ok, I'll go to Google Maps :)
 
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.
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It sucks, but we should all know not to live on credit cards or cary balances.
 
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