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
I am truly glad you live in another state.
Why do you exist?
I am so very sorry you are you.
I wish you deepest sympathies that you are TexasGator.
Dude, learn some social skills!
Maybe you might develop your very first friend.
You’ll remain defensive and prickly. And you ABSOLUTELY ONE HUNDRED PERCENT NEED TO BE RIGHT.
They want simple answers to complex systems to feel in control. It is either one or the other, they can’t see other possibilities.
But to be fair, complex answers give one a headache and leads to answers like GOD and we can’t have that.
Yeah, bro, I hear ya, but this guy claims to have been involved in complex systems all his life. That's not it. He's just really prickly, cannot accept anyone reaching out to him to try to offer better ideas on how to not alienate everyone on the forum, and then floods my feed with false-premise-based questions, misinterpretations (which I believe are on-purpose), and so on.
So I gave him a taste of his own medicine.
“Maybe you might develop your very first friend.”
People post personal attacks often due to a combination of factors including insecurity, frustration with an opposing viewpoint, a desire to deflect attention from their own shortcomings, a lack of constructive argument skills, or simply to try and gain power by belittling someone else, especially when done online where there may be less accountability; essentially, it can be a way to feel better about themselves by putting someone else down.
Key reasons for personal attacks:
Lack of effective argumentation:
When someone struggles to defend their position with facts or logic, they might resort to personal attacks to derail the conversation.
Emotional response:
Feeling angry, frustrated, or threatened by another person’s viewpoint can lead to impulsive personal attacks.
Low self-esteem:
Individuals with low self-esteem may use attacks to boost their own sense of power or feel superior to others.
Attention seeking:
In some cases, people may use personal attacks to gain attention or provoke a reaction from others.
Social pressure:
Online communities can sometimes normalize aggressive behavior, leading individuals to engage in personal attacks to fit in.
Misplaced blame:
Blaming others for personal issues can manifest as personal attacks.
Looks like I am living rent free in your head!
“Living rent free in their head” means that someone is constantly thinking about something from the internet, to the point where it occupies a significant space in their mind, even when they try not to think about it; essentially, it’s an idea or image that is constantly replaying in their head without them actively choosing to think about it.
Key points about this phrase:
Obsessive thinking:
It implies a persistent and often unwanted focus on a particular piece of internet content, like a meme, video, or even a person’s online persona.
No control:
The person may not be able to easily dismiss the thought from their mind, even if they try to.
Yet again, you proceed from a false premise.
Yet again, you proceed from a false premise.
Yet again, you proceed from a false premise.
Fits you to a tee!
“Obsessive thinking:
It implies a persistent and often unwanted focus on a particular piece of internet content, like a meme, video, or even a person’s online persona.”
LOL
You are just silly
ANY post I post to you, you can claim obsession.
Well, turnabout is fair play. You are obsessed with me! I live rent-free in your head!
If you post any response, ever, to anything I post.... you will have demonstrated that I am right!
“Well, turnabout is fair play. You are obsessed with me! I live rent-free in your head!”
Uh, you were the one that came uninvited to this thread with the stated intent of fixing me. I am not trolling your posts on other threads.
I am just responding to your fixations on this thread.
You on the other hand are obsessed with my persona. I could care less about yours.
You are obsessed with me! I live rent-free in your head!
“You are obsessed with me! I live rent-free in your head!”
Which one of us gets up at 7 AM and starts the day off thinking about me with about 20 posts beginning at 7:16?
You are obsessed with me! I live rent-free in your head! You simply cannot stop posting to me!
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