Free Republic
Browse · Search
General/Chat
Topics · Post Article

Skip to comments.

Troubling signs emerge as credit card debt hits record high
Yahoo! Finance ^ | 02/16/23 | Gabriella Cruz-Martinez

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 ...


TOPICS: Business/Economy; Education; Local News
KEYWORDS: biden; creditcard; debt; economics; inflation
Navigation: use the links below to view more comments.
first 1-2021-24 next last
Was this what 'building back better' entailed?
1 posted on 02/16/2023 9:28:57 AM PST by millenial4freedom
[ Post Reply | Private Reply | View Replies]

To: millenial4freedom

The millennial Snowflake and Zero G’s party is about over.


2 posted on 02/16/2023 9:31:34 AM PST by FlingWingFlyer (Remember what FJB Brandon said, "...more than half of the women in my administration are women.")
[ Post Reply | Private Reply | To 1 | View Replies]

To: millenial4freedom

I’m certain this is the fault of the evil, predator credit card companies. People should not be forced to have responsibility.


3 posted on 02/16/2023 9:32:24 AM PST by Obadiah
[ Post Reply | Private Reply | To 1 | View Replies]

To: millenial4freedom

Was this what ‘building back better’ entailed?

***********

Borrow back bigger.


4 posted on 02/16/2023 9:32:41 AM PST by Starboard
[ Post Reply | Private Reply | To 1 | View Replies]

To: FlingWingFlyer

The millennial Snowflake and Zero G’s party is about over.

***********

The Dems need their votes so will bail them all out.


5 posted on 02/16/2023 9:34:16 AM PST by Starboard
[ Post Reply | Private Reply | To 2 | View Replies]

To: FlingWingFlyer

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.


6 posted on 02/16/2023 9:46:30 AM PST by SaxxonWoods (The only way to secure your own future is to create it yourself. 111 is the key.)
[ Post Reply | Private Reply | To 2 | View Replies]

To: millenial4freedom

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.


7 posted on 02/16/2023 9:49:48 AM PST by SamAdams76 (4,895,899 Truth | 87,656,930 Twitter)
[ Post Reply | Private Reply | To 1 | View Replies]

To: millenial4freedom

Wait until Jimmy Carter 2 hits the 15% interest rate in 2024


8 posted on 02/16/2023 9:55:42 AM PST by ncfool (TRUMP SHOULD BE THE KING MAKER IN 2024 AND NOT THE KING. -- Desantis 2024)
[ Post Reply | Private Reply | To 1 | View Replies]

To: SaxxonWoods

>> 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.)


9 posted on 02/16/2023 10:09:39 AM PST by Nervous Tick (Truth is not hate speech.)
[ Post Reply | Private Reply | To 6 | View Replies]

To: Starboard

“ 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.


10 posted on 02/16/2023 10:09:39 AM PST by stanne
[ Post Reply | Private Reply | To 4 | View Replies]

To: ncfool

Jimmy Carter!?

This guy makes Jimmy Carter look like Larry kudlow


11 posted on 02/16/2023 10:11:19 AM PST by stanne
[ Post Reply | Private Reply | To 8 | View Replies]

To: millenial4freedom

This is how Biden keeps his economy afloat. People spending money they don’t have… just like the government.


12 posted on 02/16/2023 10:25:43 AM PST by hinckley buzzard ( Resist the narrative.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: millenial4freedom
This is why Biden was pushing for lower late fees and penalties at the SOTU address.

He knows what's coming.

-PJ

13 posted on 02/16/2023 10:30:46 AM PST by Political Junkie Too ( * LAAP = Left-wing Activist Agitprop Press (formerly known as the MSM))
[ Post Reply | Private Reply | To 1 | View Replies]

To: hinckley buzzard

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.


14 posted on 02/16/2023 10:39:47 AM PST by BipolarBob (The rumor has not been confirmed until the FBI officially denies it.)
[ Post Reply | Private Reply | To 12 | View Replies]

To: Nervous Tick

“(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.


15 posted on 02/16/2023 10:41:59 AM PST by Boogieman
[ Post Reply | Private Reply | To 9 | View Replies]

To: BipolarBob

You may have a future as one of Biden’s Council of Economic Afvisors.


16 posted on 02/16/2023 10:50:49 AM PST by hinckley buzzard ( Resist the narrative.)
[ Post Reply | Private Reply | To 14 | View Replies]

To: Boogieman

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


17 posted on 02/16/2023 10:51:17 AM PST by Nervous Tick (Truth is not hate speech.)
[ Post Reply | Private Reply | To 15 | View Replies]

To: FlingWingFlyer

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.


18 posted on 02/16/2023 10:56:34 AM PST by Organic Panic (Democrats. Memories as short as Joe Biden's eyes)
[ Post Reply | Private Reply | To 2 | View Replies]

To: BipolarBob

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.
———————————
Bob, that’s a ponzi scheme! Ha!


19 posted on 02/16/2023 10:56:41 AM PST by V V Camp Enari 67-68 ( This clears up a lot of misconceptions.)
[ Post Reply | Private Reply | To 14 | View Replies]

To: V V Camp Enari 67-68; BipolarBob

>> Bob, that’s a ponzi scheme!

Hey if it’s good enough for Social Security, it’s good enough for Bob!


20 posted on 02/16/2023 11:03:54 AM PST by Nervous Tick (Truth is not hate speech.)
[ Post Reply | Private Reply | To 19 | View Replies]


Navigation: use the links below to view more comments.
first 1-2021-24 next last

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.

Free Republic
Browse · Search
General/Chat
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson