Posted on 12/05/2023 1:57:52 PM PST by davikkm
fredblog.stlouisfed.org/2023/12/three-measures-of-us-credit-card-debt/#:~:text=In%202023%2C%20outstanding%20credit%20card,for%20consumer%20spending%20going%20forward.
From a disposable income standpoint the Fed data agrees that the consumer is better able to service their debt now than they ever have. That peaked during the stimmie checks but that gap has closed from -25% to -5% in the past 2 years. Which is not a promising trend.
Adjusting for inflation the debt is equal to pre Covid but 20% higher than post GFC.
(Excerpt) Read more at citizenwatchreport.com ...
That’s why the Democrats will win, they will promise to forgive Credit Card debt, just as with Student Loan debt.
The one thing unique about credit card debt is that it’s dischargeable in bankruptcy because it’s unsecured.
My wife as a bankruptcy attorney for many years, you can only file chapter 7 personal bankruptcy once every 7 years, immediately after filing bankruptcy and getting their debts wiped out, the credit card companies would flood people with new credit card applications, knowing they could not file bankruptcy again for 7 years, sounds crazy but it happens.
> That’s why the Democrats will win, they will promise to forgive Credit Card debt… <
That wouldn’t be all that hard to do. Just send every indebted American a series of checks. Or make it a tax credit. All the debtor had to do is prove what he owes. Of course, fraud will then explode. Who cares about that?
Ah, but there will be one problem. The Democrats will have to come up with a catchy and benign-sounding name for the program. “The 2024 Fairness in Credit Act”, that might work.
Same with students getting CC in college..run up THOUSANDS in CC bills..
Stop buying crap on Amazon ya dummies.
As well as REPOS and home defaults
Just like student loans, they are incurring the debt but have not intention of paying it. The curse of the “entitled”.
NOW you tell me...
Haha. I’m really just lashing out at my wife.
Amazon products are fine .
…..
Amazon is very useful to many of us; and if a person can’t get out to shop easily, it’s a godsend. We order lots of household things from Amazon and other places.
(And Amazon isn’t just Chinese crap. A lot of American small businesses sell there.)
What people need to do is just shop wisely and pay everything off quickly.
So I guess you think my purchase of a $10,000 Swiss Army knife was a bad idea.
Not kidding about the price. It is (or was) 10 grand on Amazon.
GFC ? Global Financial Crisis?
does it have an option for an air compressor?
Agree with that. They take a lot of heat, some of it justified, but Amazon is a godsend for people in small towns and rural areas who need goods they cannot find locally.
GFC ? Global Financial Crisis?
Who writes thes absurd headlines?
Nobody hires proofreaders or really functional editors, on the Internet.
No matter how good a writer you think you are, you NEED those.
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