Posted on 02/16/2023 9:28:57 AM PST by millenial4freedom
As credit card debt hit an all-time high — just shy of $1 trillion — in the final three months of 2022, delinquencies among borrowers accelerated.
Balances grew $61 billion in the fourth quarter from the previous one to $986 billion, the Federal Reserve Bank of New York found. That marked the largest quarterly increase and the highest total since the series began in 1999.
At the same time, the rate at which credit card holders missed payments and became more than 90 days behind was higher than before the pandemic, especially among younger borrowers, a potentially worrying sign when the student loan pause lifts later this year.
(Excerpt) Read more at finance.yahoo.com ...
The millennial Snowflake and Zero G’s party is about over.
I’m certain this is the fault of the evil, predator credit card companies. People should not be forced to have responsibility.
Was this what ‘building back better’ entailed?
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Borrow back bigger.
The millennial Snowflake and Zero G’s party is about over.
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The Dems need their votes so will bail them all out.
The millennials are doing better than most age groups. They are buying houses right and left. That’s why the housing market is unlikely to crash for a while. There are millions of them and they don’t want houses, they NEED houses, which is a very different thing from wanting.
The “student loan pause” was a very unwise thing to do. All it does is extend the time to “pay the piper” so to speak. Also, it gives the beneficiaries the false sense that their income has increased. So they spend up to their level of income, as most people do, so now when loan payments resume, they are going to find themselves short.
Wait until Jimmy Carter 2 hits the 15% interest rate in 2024
>> There are millions of [millenials] and they don’t want houses, they NEED houses
...need basements for those adult kiddos to live in, eh? (Or maybe that’s Gen Xers.)
“ Was this what ‘building back better’ entailed?”
Lotta people duped into believing better meant for America. Why would they think that? The guy is a foreign agent.
Jimmy Carter!?
This guy makes Jimmy Carter look like Larry kudlow
This is how Biden keeps his economy afloat. People spending money they don’t have… just like the government.
He knows what's coming.
-PJ
I’m not worried. I just pay off one credit card with another. I keep filling out credit card applications to get more credit cards. Everybody gets paid, everybody’s happy.
“(Or maybe that’s Gen Xers.)”
Most Gen Xers are in their late 40s/early 50s now and haven’t been living at home for decades.
You may have a future as one of Biden’s Council of Economic Afvisors.
I meant that maybe Gen-Xers (and not millennials) are the parents of the basement dwelling kids.
Then again, it may be boomer parents and millenial kids...
Exhibit A: Hunter Biden
I wonder how many “smart” college grads planned on Biden’s magical money to pay off their student loans and went crazy with the credit cards.
I’m not worried. I just pay off one credit card with another. I keep filling out credit card applications to get more credit cards. Everybody gets paid, everybody’s happy.
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Bob, that’s a ponzi scheme! Ha!
>> Bob, that’s a ponzi scheme!
Hey if it’s good enough for Social Security, it’s good enough for Bob!
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