Posted on 02/28/2023 6:29:37 PM PST by TigerClaws
BREAKING: A record 36% of U.S. adults now have more credit card debt than savings.
This is up from 27% in 2022 and 21% in 2021.
Credit card debt jumped $130 billion in 2022, the biggest increase in history, to $986 billion.
We are "fighting" inflation with credit card debt.
Credit card debt is up 15% over the last YEAR and 7% over the last QUARTER.
"High rates and inflation" are to blame, according to the New York Fed.
Worst part?
Rates are still rising and inflation just increased for the first time since October 2022.
How can this end well?
46% of credit cardholders carry debt from month to month, up from 39% last year.
The average interest rate on credit card debt is almost at 25%, a record high.
If we want to avoid a credit bubble, something needs to be done.
It may already be too late.
You’re a liar, jack. The economy is “strong as hell”!
BidenDepression 2023
World War III and the Great Reset and Population Reduction
Thanks, Democrats. Thanks a lot.
It’s the way he wants it. Loss of dollar’s purchasing power. Job situation. Shortages. Derailments. Americans coughing blood and animals dying. Power outages. Forced conversion to EVs. Mutilation of children. 110 billion to Ukraine. 85 billion in munitions given to the taliban.
Its to destabilize the civil order. That will provide a backdrop for the government to pretend they are solving the problem if we will just give up some of our liberties. A few months later we realize that we gave up ALL our liberties and that we are still hungry and shivering in the dark.
Defaults are rising steadily also, people more than two months behind on cc payments and installment loans—even on autos, which unlike credit card debt, can be repossessed. The consumer is acting just like the government— maintain spending levels by borrowing money and with no real plan to pay it back. Unlike the government however, the consumer can’t print money to bail himself out as he goes. So yes, there will inevitably be a day of reckoning, and it will be painful for many.
You’re supposed to say “You’re a lying dog-faced pony soldier.”
Just borrow money from California.
Banks may be reluctant to repo vehicles as underwater as many purchased during the “plague” are.
They’ve been strip mining governemnt (the Treasury’s, local, state borrowed money) from bottom to top for decades. I don’t care who you talk about. The Bush family, Clintons, Gore, Pelosi, the local city counsel, the state legislatures, dog catcher, etc.
It’s all gone. What’s left is smoke and mirrors. The only thing to do is sell off the national assets and that’s being done with our own money anyway.
Biden, Son and family were just cashing in on Ukraine along with the Obama’s. That kind of stuff is/was happening all over the spectrum and what we see now is the dead cat bouncing. Even Ted Cruz lives large in River Oaks Texas.
It’s bread and circuses. You are not invited to the show.
We can come here and read and talk and post and be as emotional as we like but it’s all over and that’s that.
The only thing that’s mildly amusing about the whole farce is the total idiot dangling from the strings being manipulated by the Chinese as they laugh their asses off.
I think the same. Society is over. Donezo.
That will get enough votes from the Rino’s for it to pass..... /s
Kind of hard not to think society is in an irreversible tailspin.
As much as I try to stay away from the (despairing) news, and media, any contact with the outside world just reinforces how close we are to total collapse.
The next step would be to take the taxes out of your 401k just like if you withdrew the money.
“The average interest rate on credit card debt is almost at 25%”
Taxpayers are paying hundreds of billions in welfare annually to people owing such debt.
The Congress has the power to make interest rates reasonable.
The economy isn’t crashing. Lots of people have lots of money.
My neighbor Johnny has all the roofing work his crew can handle. His aunt has been and is waiting for a chance to get her roof redone.
Another poster this morning:
next after reparations will be forgiving credit card debt.
Where does Biden come up with these vote bait ideas?
I want vouchers for free Cream of Rice, too. Notice how tiny the boxes are? That’s because capitalists gouge use for more profits./S
“Banks may be reluctant to repo vehicles as underwater as many purchased during the “plague” are.”
The banks should have balked on writing notes on vehicles with dealer mark ups over msrp. That would have stopped this in the bud.
I have no sympathy for the banks. They can repossess and get by 50% of their investment, Or, they refinance out to 15 years at a lower interest rate to reduce payments. Or, they can write it off and let the driver have the vehicle.
I do not think the last option is very likely
Remember back in the late 80s or early 90s when they made law that took away the C Card interest rate deduction?
Now, there is no leverage at all to prevent C Card companies to put high interest on what amounts to juice out on the streets.
housing pricing down 37% from its high..
Even Kamala Harris knows the economy is the strongest ever. She told us.
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