Posted on 02/07/2024 2:57:24 PM PST by SeekAndFind
* Collectively, Americans owe $1.13 trillion on their credit cards, according to a new report from the Federal Reserve Bank of New York.
* Higher prices have largely caused consumers to spend down their savings and lean on credit cards to make ends meet.
* Now, young adults, who are also burdened by high levels of student loan debt, are increasingly falling behind on the payments, the New York Fed found.
Americans now owe a collective $1.13 trillion on their credit cards, according to a new report on household debt from the Federal Reserve Bank of New York. This is an all-time high.
Credit card balances increased by $50 billion, or roughly 5%, in the fourth quarter of 2023, the New York Fed found. Credit card delinquency rates also jumped — particularly among younger millennials, or borrowers between the ages of 30 and 39, who are burdened by high levels of student loan debt.
"This signals increased financial stress, especially among younger and lower-income households," said Wilbert van der Klaauw, economic research advisor at the New York Fed.
(Excerpt) Read more at msn.com ...
Credit card interest rates have also increased dramatically in the last 2-3 years. If you pay at least your “statement balance” every month, it doesn’t matter. If you don’t ... you’re getting hosed.
Since Biden is doing the college tuition debt forgiveness thing ( ignoring the Supreme Court), is he going to start another program to “forgive” credit card debt?
FAKE NEWS!!! I’ve been told many times by the demos and their bobble head how great our economy is, and Americans are to blame for just not giving credit where it’s due!
As for me, I’m waiting for July 4th so I can save another 17 cents.
This begs the question…
Since Biden is doing the college tuition debt forgiveness thing ( ignoring the Supreme Court), is he going to start another program to “forgive” credit card debt?
big indicator of a strong economy
Cancel the debt and have the government reimburse the banks and credit card companies, because they're too big to fail.
Then the suddenly debt free consumers can charge up their new credit cards, and further drive up inflation.
I pay my credit cards off in full every month. But if financial collapse seems near I intend to max those suckers out buying gold & silver.
Probably ... and once again, the frugal and financially responsible citizens will get bent over a barrel and buggered.
Financially.
Live for today. Not many tommorows left.
Well that’s their problem. As for me, I’m going all in on opening new lines of credit...
Usury was a crime at some point.
The juice on CC debt is higher than a 70’s street corner Italian.
it’s ok, banks have found a way around that: they’re offering “time payments” on Debit Card purchases now.
interesting.
If I did it I would be in jail, but if a Bankster does it (and remembers to skim off some for the DNC), they get to have a private jet and multiple homes without worring about their back taxes.
“...I pay my credit cards off in full every month. But if financial collapse seems near I intend to max those suckers out buying gold & silver. “
___________________________________
Why wait? Today is just as good a day as tomorrow.
But..but…December retails sales hit a record! Remember? The economy is crushing it!
Mines been the same for the last 15 years, Amex, paid off monthly in full.
In a financial collapse gold and silver will be worthless. You should be buying 9mm parabeĺum and .357 magnum They’ll be worth something.
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