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.
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”.
Who writes thes absurd headlines?
Yah THINK!!!????
If Congress wants to help, they could certainly limit the amount of interest people are paying. I get that the individual is responsible for their own debts, but when cards go from 8% with good credit to 25% just because they can (variable), that’s a recipe for disaster for the country as a whole.
Best thing is not to carry CC debt, but credit card companies are pushing people to default with those kinds of interest rates.
The amount of people I know personally who, in their words, are using credit cards “to get by” is mind blowing.
Joke all you want, but we are on the edge of a depression and socialist revolution. And the GOP is dancing all the way to the hangman.
Want to end this? Bring back usury laws. Make student loans dischargeable in bankruptcy. Make Air BNB and such places meet the same requirements as hotels.
Yes, there will be pain, but it may stop what is coming.
If true, this could be a potential problem.