Americans are pulling money out of their 401(k) plans at an alarming rate

Channel 3000 News/CNN ^ | August 8, 2023 | CNN Staff

[Diana in Wisconsin]

Separately on Tuesday, the New York Fed reported that US households’ credit card debt surpassed the $1 trillion mark for the first time ever. The $45 billion increase in credit card debt helped to drive overall household debt levels to $17.06 trillion at the end of the second quarter.

[Diana in Wisconsin]

When Brandon’s Economic Ponzi Scheme finally collapses, it’s going to be spectacular!

*SPIT*

[dragnet2]

Build back better

[Ikeon]

I have an annuity and I need cash now! Call J.G. Wentworth ... 877-cash now !!!

did they miss the stats that the baby boomers are retiring and the MDA's are due? Minimum desperations?

[frank ballenger]

RE: withdrawals of money....

Remember Jeff Foxworthy’s quip:

On Mama’s birthday and Christmas list every year:
1) Ammo
2) Ammo
3) Ammo

[EvilCapitalist]

I don’t remember people having to do this 4 years ago.

[ConservativeInPA]

US households’ credit card debt surpassed the $1 trillion mark for the first time ever.

I texted both my daughters after reading about that earlier in the day. They say they payoff their credit cards monthly. I hope that’s the case. I don’t pay mine off monthly. I just use a debit card for everything. There’s a lot of people that are having their credit card interest rates jacked. You don’t want that happening with a big balance.

[Mark]

We need the wisdom of Sen. Fetterman.

[dartuser]

Credit card debt will be the new student loan to be forgiven.

[Diana in Wisconsin]

“I don’t remember people having to do this 4 years ago.”

What’s even MORE surprising is that it’s being reported - and by CNN no less! ;)

Let’s Go, Brandon! *SPIT*

[SpokeshaveReturns]

Cashed out the 401k and used it to pay off credit cards last year.

[Diana in Wisconsin]

I’m guessing medical expenses? That’s what sinks most of us. :(

[Gay State Conservative]

Bidenomics

[Diana in Wisconsin]

“Credit card debt will be the new student loan to be forgiven.”

I’d better go shopping, then! (J/K!)

[IYAS9YAS]

There’s a lot of people that are having their credit card interest rates jacked. You don’t want that happening with a big balance.

Generally, they can't Jack the rates on existing balances, only future purchases. At least that was the way it was with all the cards I had in the past where, due to stupidity, I carried balances.

[wally_bert]

That’s what got me.

Three rounds of hospitalization ranging from a few days to three weeks plus all the stuff insurance partly or didn’t cover and some emergency ambulance services almost sunk me.

I had essentially four major bills after final surgery,

Three are paid off.

Now the 4th and largest is now at least really doable with super tight budgeting.

[sauropod]

.

[justme4now]

They have to eat!🥴

[TexasFreeper2009]

Bidenomics !

[Trinity5]

4/10ths of one percent of the accounts made hardship withdrawals. OMG! Let me know when it gets to 1%.