Posted on 03/06/2024 2:29:17 PM PST by 4Liberty
Consumers have been increasingly relying on credit cards to make ends meet, and it may be finally catching up with them.
The national average credit score, which has steadily increased over the last decade, fell to 717 from a high of 718 in the beginning of 2023, according to a report from FICO, developer of one of the scores most widely used by lenders. FICO scores range between 300 and 850...
“It’s a notable milestone,” said Ethan Dornhelm, FICO’s vice president of scores and predictive analytics. “This is the first time in well over a decade that the score went down.”
(Excerpt) Read more at cnbc.com ...
It is fairly rare when I get an automatic credit card increase. I have a couple of rewards card with a money center bank. They pester me every time I login for my income, which I decline to give them. I have a CC with my CU. They have an idea of my spending and bill paying habits and never ask me for my income when I login.
“Eff credit...Debt is slavery...Better to do without.”
My mortgage is about 3%. My car is 1%.
Meanwhile my stocks are returning over 15% per year.
Car payments? lol..Enjoy your debt!☺
Well, as Robert Kiyosaki explained: “When Nixon took us off the gold standard, debt became money.”
Today’s rich are those who know how to use debt to buy income-producing assets. That’s the new system. Try to save your way to wealth and inflation will eat you alive - they can print it much faster than you can save it. Every multi-millionaire today has millions in debt, but knows how to that debt to generate more wealth.
Dave Ramsay’s advice to avoid debt at all costs is good for consumer spending addicts and little people who want to remain little.
Comically, my stay-at-home wife had a FICO score 10 points higher than me the last time we borrowed money.
“Car payments? lol..Enjoy your debt!☺”
In 5 years I have paid 5% on my car debt which ha finance my ETN stock which has gone from 70 to 296.
To make it easy for you to understand I paid $2500 in interest and made $111,000 on my stock.
It should be zero, seven years after paying off the mortgage.
My credit score is usually around 815 and fluctuates. I only have 2 credit cards - VISA that I pay off the balance monthly and CareCredit that I pay off a certain amount monthly with no interest. My bills are paid in full monthly and the house and car have been paid off. I learned early on to save, save, save when I was living in LA and had to take out a loan. I was scared to death and economic insecurity was always in the back of my mind.
Prayers! I hope everyone is well. When a family member develops a serious condition like cancer or heart bypasses you just accept the daily bread and be thankful you aren’t chained to a quarter million in debt.
You’re so wealthy you have car payments...
lol...
I can’t imagine falling below 800 nor paying interest in today’s economy
I recently checked our credit score for kicks. It’s “indeterminate”, so technically we don’t have a credit score.
We paid off all debt including the house. Debt is slavery indeed!
“Eff credit...Debt is slavery...Better to do without.”
Trump has borrowed billions.
If I win the lotto, I’ll start buying everything on credit, so I can be wealthy like you!
You bet...It’s why they go after all the young folk with credit cards. Hook them while they’re young and stupid!
Yep...ours dropped from 850 to 849.
But I thought Bidenomics brought America a soaring economy and great prosperity. /S
A defiant Lyndon B. Johnson on a national TV address in 1967 when people were complaining about “a tax on your tax” to fund the Vietnam War and at that same time rapid inflation:
(shaking his finger at the camera)
“You never had it so good.”
I average between 780 and 800 - they actually change it by my credit card usage month by month even though I have my credit card bill on autopay for the whole amount.
If I wasn’t vocal against Biden, for Guns, for Trump, for the Constitution, etc., I’d probably be at 850.
I’m dying. The sooner the better
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