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

Skip to comments.

US Credit Card Defaults Reach 14-Year High
Armstrong Economics ^ | 3 Jan 25 | Martin Armstrong

Posted on 01/03/2025 4:56:15 PM PST by delta7

Credit card defaults in the US skyrocketed by 50% in the past year. Credit card defaults reached $46 billion in the first nine months of 2024, a level not seen since 2010. The cost of living has simply surpassed manageable levels for the majority of households.

CreditCardDefaults2024

Americans are feeling the impact of inflation and compounding interest. The New York Federal Reserve found that credit card debt hit a record high in September 2024 after surpassing $1.17 trillion during Q3. The Fed also reported that household debt reached a high of $17.94 trillion, with mortgages ($12.59 trillion), autos ($1.64 trillion), and student debt ($1.61 trillion) composing most of the debt. Household debt has been rising for the past ten consecutive years, but now, the debt is simply out of control.

As of December 2024, the average APR was 24.43%. Buy now, pay later methods have seen an uptick in recent years. Donald Trump has proposed capping interest at 10%, a level not seen since the early 90s. Consumer debt has never been higher and countless households have fallen into a snowball situation where they simply accumulate more debt in a failed attempt to pay off the old.

Banks are naturally against this cap. Those in disagreement believe banks will be reluctant to lend and tighten their requirements. To some extent, that may not be a negative. Living within your means has completely changed under Bidenomics and everyone is adjusting to the new cost of living. In the meantime, people need to catch up to get back on their feet before the debt vortex sucks them into a hole that becomes nearly impossible to climb out of.

CreditCardDebt.Chart_

Consumers have been forced to pay for basic necessities on credit due to the astounding rise in prices for basics like energy, food, and rent. “While working Americans catch up, we’re going to put a temporary cap on credit-card interest rates,” Trump said at the rally in New York. “We can’t let them make 25 and 30 percent.”

Now, Trump is proposing a temporary cap. We permit countless stimulus packages that never stimulate the economy and hand out funds recklessly to help those on hard times. Yet, no one has proposed temporarily capping credit card fees to give consumers time to pay off their debts. The banks are still profiting, albeit less.

Americans are drowning in debt and the White House can no longer ignore this heightening crisis. The banks may be against a cap, but absolutely no one will get paid if this debt is sent to collectors. Unfortunately, Trump’s tariff proposal will only steepen consumer costs if implemented. The Fed must stop lying to the public about inflation as essentials like shelter and food continue to rise.

Biden never addressed these issues and have allowed them to snowball into a full-on crisis. Once upon a time, a man could work a decent job, afford a home, family, and save for retirement comfortably. Now, dual-income households are working to barely stay afloat and drowning in debt for financing the essentials. It is time to focus on America and repair this nation to allow people to have a decent quality


TOPICS:
KEYWORDS: bideneconomy; bidenflation; bidenlegacy; bidenomics; cccards; choices; consumberdebt; consumer; consumerdebt; credit; debt; defaults; economy; specialarmstrongsock; tgmaximus; trollagator
Navigation: use the links below to view more comments.
first previous 1-20 ... 81-100101-120121-140 ... 161-165 next last
To: Lazamataz; delta7

“Armstrong has singled you out among the many millions of Americans as someone he wishes to torment, and I am paid to be your tormentor.”

Armstrong is still mad at the US for putting him in prison for 11 years hence the pro-Putin bias seen in his and Delta7’s posts.


101 posted on 01/04/2025 4:56:51 PM PST by TexasGator (1211i.11'1/'1/11111)
[ Post Reply | Private Reply | To 95 | View Replies]

To: TexasGator; delta7; MoneyBack; cgbg

Hey everyone. Serious stuff for this post, then I might leave the thread.

To TexasGator: We have a pretty long history. I’ve always viewed you as someone I wanted to put in a headlock and give a good noogie to. That’s because you’re pretty prickly, and, frankly, you seem to have an incredible drive to ‘be right all the time’. I’ve often remarked that you would be a REALLY GOOD Home Owner’s Association official. 😊 So, really, that was the motivation for me to participate in this thread. You were here and I like to give you a well-earned hard time. 😁

On a serious note, TexasGator, you could work on your interpersonal skills some. I note a lot of people become annoyed in dealing with you on the forum. You seem to have the right conservative motivations, but dude, learn some social skills!

To delta7: There’s a decent chance you are actually Armstrong, himself. This is due to someone pointing out that you and he make the same typographical errors.

To MoneyBack: You’re a recent addition to Free Republic, and you seem to have a focus on exposing Armstrong’s shenanigans. While you’ve done a pretty decent job of that, I have to wonder if you’ve been burned by him or if you were one of his former prosecutors. You seem to have little other focus, not even posting during Trump’s miraculous and God-blessed win.

Overall: Armstrong does seem to be very shady. I wouldn’t put any money in his hands, not after reading all this. Now, these days, not even a conviction can guarantee someone is criminal (We have Trump convicted 30+ times in New York, for example) but where there’s smoke there is often fire.

But even then, if the guy posts relevant information, it’s okay to take the information without shooting the messenger.

That’s my honest take on things in this thread.

Time for TexasGator to accuse me of trolling him again. 😁


102 posted on 01/05/2025 2:48:54 AM PST by Lazamataz (The BEST birthday present I ever got WAS DONALD TRUMP WINNING IN 2024!!!)
[ Post Reply | Private Reply | To 101 | View Replies]

To: Lazamataz
But even then, if the guy posts relevant information, it’s okay to take the information without shooting the messenger.
Cardinal mistake! Extremely foolish and naive! Inconsistent nonsense of the highest order!


I do not discuss the Clickbait of someone who is obviously a criminal disinformation agent who has zero credibility. Fore example, Armstrong has posted info gleaned from the satire magazine THE ONION as fact! He also falsely claimed that his Socrates program was running on the IBM Sequoia, once the World's Fastest Supercomputer installation owned by the US government.


Specifically,

All confidence tricksters rely on periodically divulging information that, only for the purpose of establishing trust, appears to align with reality.

Now given all that, how would you manage the "information" flow ow a professional trickster like Armstrong while he is hiding his identity?

Only the blind suckers ignore this minefield and support a criminal by rewarding him when they discuss his clickbait because he tells them what they want to hear.

103 posted on 01/05/2025 3:35:35 AM PST by MoneyBack
[ Post Reply | Private Reply | To 102 | View Replies]

To: MoneyBack

The trick is to tell the bad news about Armstrong.

Once.

One post.

Then move on....


104 posted on 01/05/2025 3:40:17 AM PST by cgbg (It is time to pull the Deep State out of the mass media--like ticks from a dog.)
[ Post Reply | Private Reply | To 103 | View Replies]

To: cgbg; Lazamataz; delta7
The trick is to tell the bad news about Armstrong.


Once.


One post.


Then move on
LOL that's a shill tactical move. But you can't fool us like this, sorry.


In this regard I have to defend TexasGator because what he does is the only thing that actually works.


And I know it works. Because I know like many others what has worked against Armstrong's bad behavior in the past. And we have the proof that it starts to work because we have seen Armstrong's reaction on his blog site. And we know that it only works if Armstrong is getting told that he can't win because these challenges are not going to go away.


And now you are basically saying that the best defense against machine gun fire is to throw a stone and walk away? OMG!
105 posted on 01/05/2025 4:01:18 AM PST by MoneyBack
[ Post Reply | Private Reply | To 104 | View Replies]

To: MoneyBack
"But even then, if the guy posts relevant information, it’s okay to take the information without shooting the messenger."

Cardinal mistake! Extremely foolish and naive! Inconsistent nonsense of the highest order!

Dude, you must think everyone besides you is a moron. I have the capacity to receive relevant/good information and still not get swept away into a scam.

106 posted on 01/05/2025 4:11:47 AM PST by Lazamataz (The BEST birthday present I ever got WAS DONALD TRUMP WINNING IN 2024!!!)
[ Post Reply | Private Reply | To 103 | View Replies]

To: MoneyBack
In this regard I have to defend TexasGator because what he does is the only thing that actually works.

I would deny that is so. Most (or at least a lot) of his posts on this thread are accusations of trolling. Not sure that does much to convince anyone.

OTOH, and oddly enough, it is your posts that have been most revealing per Armstrong.

Still curious why he's a pet project of yours, but okay.

107 posted on 01/05/2025 4:14:21 AM PST by Lazamataz (The BEST birthday present I ever got WAS DONALD TRUMP WINNING IN 2024!!!)
[ Post Reply | Private Reply | To 105 | View Replies]

Otay. Tapping out of this thread (unless TG and I get into a convo about his prickly forum behavior).

I just don’t care enough about this topic to continue.


108 posted on 01/05/2025 4:15:55 AM PST by Lazamataz (The BEST birthday present I ever got WAS DONALD TRUMP WINNING IN 2024!!!)
[ Post Reply | Private Reply | To 107 | View Replies]

To: MoneyBack

If I had to list the one hundred largest con artist dangers to Freeper’s financial security Armstrong might not even make that list.

Are there any Freepers that have been conned by Armstrong?

You are beating a very old and almost dead horse.


109 posted on 01/05/2025 4:53:46 AM PST by cgbg (It is time to pull the Deep State out of the mass media--like ticks from a dog.)
[ Post Reply | Private Reply | To 105 | View Replies]

To: TexasGator

Are you replying while drunk? You LITERALLY posted a picture of an inmate and said he was MY hero... (Post #57). I replied “My HERO?”... and now you are saying that I said he was your hero...

If you aren’t drunk then I am curious what substance has you posting insane circles around yourself.


110 posted on 01/05/2025 7:22:24 PM PST by TheBattman (Democrats-Progressives-Marxists-Socialists-Satanists: redundant labels.)
[ Post Reply | Private Reply | To 76 | View Replies]

To: Lazamataz

“Overall: Armstrong does seem to be very shady.”

Seems? The guy lost hundreds of millions of investors’ money and spent 11 years in prison, lost his securities and banned from giving financial advice. He dirt preying on FReepers here.

“But even then, if the guy posts relevant information, it’s okay to take the information without shooting the messenger.”

ROTFLMAO! He trolls certain audiences with his BS just to draw traffic and $$. Anyone giving aid or comfort to him here is guilty.

“Now, these days, not even a conviction can guarantee someone is criminal “

He pleaded guilty.

“We have Trump ...”

Not even close. Armstrong was not convicted on trumped up charges based on political motivations.

There were no victims in the Trump case. Armstrong has many victims and a paper trail of his lies and deceptions.

He is a liar and a scammer.

As to his prowess he went bankrupt twice using his own money. Using his investors’ money he lost $700,000,000.


111 posted on 01/05/2025 7:32:51 PM PST by TexasGator (1211i.11'1/'1/11111)
[ Post Reply | Private Reply | To 102 | View Replies]

To: TheBattman

I guess I will have to repost your attack on me ....

‐-—————
To: delta7
TG is in troll mode tonight...
9 posted on 1/3/2025, 8:08:07 PM by kiryandil
‐————————————
To: kiryandil
In full-afterburner mode...
42 posted on 01/03/2025 8:17:36 PM PST by TheBattman
‐-————————————

https://freerepublic.com/focus/chat/4288002/replies?c=9


112 posted on 01/05/2025 7:39:26 PM PST by TexasGator (1211i.11'1/'1/11111)
[ Post Reply | Private Reply | To 110 | View Replies]

To: Lazamataz

“On a serious note, TexasGator, you could work on your interpersonal skills some. I note a lot of people become annoyed in dealing with you on the forum”

I mostly post facts. The people you refer to are upset with facts and try to shut me up.

I notice that you don’t criticize their sick personal attacks.

I suggest you need to reflect on that issue instead of attacking me.


113 posted on 01/05/2025 7:48:39 PM PST by TexasGator (1211i.11'1/'1/11111)
[ Post Reply | Private Reply | To 102 | View Replies]

To: TheBattman

“and now you are saying that I said he was your hero...”

Huh?

If you aren’t drunk then I am curious what substance has you posting insane circles around yourse


114 posted on 01/05/2025 7:51:49 PM PST by TexasGator (1211i.11'1/'1/11111)
[ Post Reply | Private Reply | To 110 | View Replies]

To: Lazamataz

“Yabut not on one thread where I’m trying to bag on some external source.

Yer obsessed.”

Dude, learn some social skills!


115 posted on 01/05/2025 8:12:11 PM PST by TexasGator (1211i.11'1/'1/11111)
[ Post Reply | Private Reply | To 86 | View Replies]

To: Lazamataz

“Ha! Three responses to one post. Touchy touchy, “

Dude, learn some social skills!


116 posted on 01/05/2025 8:14:17 PM PST by TexasGator (1211i.11'1/'1/11111)
[ Post Reply | Private Reply | To 87 | View Replies]

To: Lazamataz

“Dude, you must think everyone besides you is a moron.”

Dude, learn some social skills!


117 posted on 01/05/2025 8:16:40 PM PST by TexasGator (1211i.11'1/'1/11111)
[ Post Reply | Private Reply | To 106 | View Replies]

To: Lazamataz


Time for TexasGator to accuse me of trolling him again”

I noticed that you pinged cbgb but made no mention of his trolling tactis.

Dude, learn some social skills!


118 posted on 01/05/2025 8:23:24 PM PST by TexasGator (1211i.11'1/'1/11111)
[ Post Reply | Private Reply | To 102 | View Replies]

To: Lazamataz; MoneyBack

“I would deny that is so. Most (or at least a lot) of his posts on this thread are accusations of trolling. Not sure that does much to convince anyone.”

Please be truthful.

“OTOH, and oddly enough, it is your posts that have been most revealing per Armstrong.”

Shame on you for your Alinsky tactic.


119 posted on 01/05/2025 8:49:39 PM PST by TexasGator (1211i.11'1/'1/11111)
[ Post Reply | Private Reply | To 107 | View Replies]

To: Lazamataz

“Most (or at least a lot) of his posts on this thread are accusations of trolling. Not sure that does much to convince anyone.”

Cbgb has been trolling me for years. Dare you to back up your false claim with numbers.

Already you yourself have admitted to trolling me on this thread so apparently my few accusations are in fact true.


120 posted on 01/05/2025 8:53:58 PM PST by TexasGator (1211i.11'1/'1/11111)
[ Post Reply | Private Reply | To 107 | View Replies]


Navigation: use the links below to view more comments.
first previous 1-20 ... 81-100101-120121-140 ... 161-165 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