Posted on 01/11/2024 10:29:45 AM PST by davikkm
Amidst growing concerns, the United States is witnessing an alarming surge in credit card debt, with 56 million Americans grappling with credit card balances for over a year. The Federal Reserve Bank of New York’s quarterly report reveals an unprecedented milestone, as total card balances reach a staggering $1.08 trillion, reflecting a 40% surge in the last two years.
(Excerpt) Read more at citizenwatchreport.com ...
Just gonna treat it like the govt does.
I am not a financial guru, but I saw this one coming for a long time. Americans feel they “deserve” things, and instant gratification of their consumer ways is what they “deserve”.
I’m afraid a good number of Americans are going to get exactly what they deserve.
God money, I’ll do anything for you
God money, just tell me what you want me to
God money, nail me up against the wall
God money, don’t want everything he wants it all
No, you can’t take it
No, you can’t take it
No, you can’t take that away from me
No, you can’t take it
No, you can’t take it
No, you can’t take that away from me
Head like a hole
Black as your soul
I’d rather die than give you control
Head like a hole
Black as your soul
I’d rather die than give you control
Bow down before the one you serve
You’re going to get what you deserve
Bow down before the one you serve
You’re going to get what you deserve
I saw all this coming the day Barry the Muslim was installed. We prepared for this and have been debt free for over 10 years
Maybe Brandon can forgive their debt.
Folks often forget that government is a role model for many people—even if it is unstated and subconscious.
When government spends recklessly it is not surprising that a large segment of the population follows their lead.
This is how the economists’ favorite hobby horse, “consumer spending”, has held up in the face of worsening economic weather.
“Dere’s too much consoooomin’ goin’ on out dere!”
... and yet consumer bankruptcy filings are at their lowest level in four decades. Figure that one out.
Is that because they have such high credit limits?
. and yet consumer bankruptcy filings are at their lowest level in four decades. Figure that one out.
1) The courts are overloaded
2) Not all debt settlement goes through the courts.
I can pay off one credit card with another and in the meantime fill out requests for more credit cards. It’s called a revolving credit strategy. Everybody gets paid but I have a bad feeling someday somebody’s going to take in the shorts.
This is what accounts for Bidens “booming” economy second half of last year. Unsustainable. Setting the stage for a avalanche of defaults. Get the popcorn …. Folks are about to feel the pain. All the talk from the media about “soft landing” never seem to take into account the fact consumer debt is at all time highs and have been for awhile
Generally, a consumer's slide into insolvency occurs in several stages. First, the card holder reaches a point where they cannot pay their monthly expenses make the minimum payments on the credit cards from their wages. Next, they begin using their credit cards to purchase necessities, like food, clothing, medical care, and use their wages to make the minimum payments on their cards. Their debt increases as they are adding more debt to their cards and, eventually, they reach a point where their wages can no longer cover even the minimum payments. The solution is often then to get more credit cards and take cash advances to make the minimum payment of the older cards. Ironically, this is sometimes easy, since they are current on many accounts, they have better credit than ever. Finally, the whole debt pyramid collapses, either from the clerical burden of sending out so many payments or the psychological stress of owing such a staggering amount of consumer debt.
This takes intellect and discipline to pull off- things most of these deadbeats do not have. Most will just keep running away from the late notices until they cant.
Id watch out for an election time bailout thanks to “predatory” lending
It would be an interesting comparison...how many of the credit card debtors also have outstanding student loan debt?
Why not, the Fed gov do the same damn thing.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.