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
“As of December 2024, the average APR was 24.43%”
Imagine the compounding of debt at that rate! Ouch.
What are the negative effects or unintended consequences of capping credit card rates at 10%, even temporarily?
“Excellent reporting with the numbers. Socrates ( Armstrong’s computer) makes forecasts by “numbers” and worldwide capital movements.”
You left out “legendary” ...
That's just crazy.
Trump’s fault! (/S)
Martin Armstrong https://en.wikipedia.org/wiki/Martin_A._Armstrong claims he is a forecaster, and he sells forecasts. He claims that he has a Global Artificial Intelligence Computer that he uses to make his forecasts. He reports numerous success stories with falsified forecasting performance. He projects different types of crises and sells expensive reports and conferences. He claims that consumers of his products survive the projected crises financially. He also sells a computer based trading system Socrates as a service for trading purposes with fraudulent performance claims. It clearly contains buy and sell signals although he writes in his fine print that it is for educational purposes only. He offers buy and sell advice in his subscription based blog. He claims that he has been the largest institutional and government advisor for decades. However most if not all of his performance claims are falsified. For example, no government has ever asked him for advice - instead the US government locked him up in prison for 11 years, and his recent petition was denied: https://certpool.com/dockets/19-392. The details of his scam are exposed at https://armstrongecmscam.blogspot.com/ which is a blog site. However it is organized and structured to some extent so it is easy to read. Further information can be found at https://bitcointalk.org/index.php?topic=1082909.new which is more difficult to read but contains more information. Martin Armstrong is a master of publishing his content and getting interviews from various affiliated alt-finance sites such as zerohedge.com, financialsense.com, bnnbloomberg.ca, dailymotion.com, fxstreet.com, marketsanity.com, omny.fm, peakprosperity.com, financialsurvivalnetwork.com, usawatchdog.com and others. Most recently, an affiliate even created a Coronavirus scam by creating a petition where Martin Armstrong is advertised as a government advisor to solve the crisis. See “Bring in the expert Martin Armstrong to stop the destruction of the world economy” https://petitions.whitehouse.gov/petition/bring-expert-martin-armstrong-stop-destruction-world-economy. He also sells an electronic book trying to profit from the crisis: “Coronavirus and Next Great Depression”. I am suggesting that you read all pages of https://armstrongecmscam.blogspot.com/ That info I guess would be sufficient to create a court case against him. There is one overarching theme which is that he is barred from providing financial advice, and that his fine print on the product he sells states that it is for educational purposes only. However, he is continuously making public statements to the contrary selling his services as trading advice. There is proof of that on the quoted site. The other theme is that via the misrepresentation of the performance of his forecasting engine, he is misrepresenting the performance of his services in general because he claims that his services are driven by that engine. The misrepresentation has many manifestations, including the falsification of forecasting track records as documented on https://armstrongecmscam.blogspot.com/.
https://armstrongecmscam.blogspot.com/p/where-and-how-to-complain.html?m=1
“Rule of 72” so it doubles approximately every three years.
TG is in troll mode tonight...
“Socrates ( Armstrong’s computer) makes forecasts by “numbers” and worldwide capital movements.”
Then why did he go bankrupt several times and lose hundreds of millions of investors’ money?
The only way Armstrong has ever made any money is through scamming suckers.
Armstrong and Delta7 both say we will have a US civil war start this month ending in 2026 with four new countries.
But this time, he’s on the up and up.
Leave it to kiryandil to come to the defense of a shill for Armstrong. The man that spent eleven years in jail for running a ponzi scheme which resulted in investors losing hundreds of millions of dollars.
He lost all that money from bad trades so feel free to follow his advice.
Only $150 per month.
“TG is in troll mode tonight...”
Been living rent free in your head for 9 years.
In After The Trolling.
CFTC violations
In 1985 Armstrong was found to have violated Commodity Futures Trading Commission regulations by failing to register as a commodity trading advisor, failing to deliver required disclosure documents to clients, and failing to maintain proper records.[3] In 1987 one of Armstrong’s trading entities, Economic Consultants of Princeton Inc., was charged with failing to disclose a commission sharing agreement, and another of his entities, Princeton Economic Consultants Inc, was charged with misrepresenting hypothetical performance results and omitting a required disclaimer in advertisements.[3] The penalties levied banned Armstrong and his companies from trading for twelve months, revoked their registrations, imposed cease-and-desist orders, and levied civil penalties totalling fifty thousand dollars.[3]
Criminal conviction
In 1999, Japanese fraud investigators accused Armstrong of collecting money from Japanese investors, improperly commingling these funds with funds from other investors, and using the fresh money to cover losses he had incurred while trading.[13] United States prosecutors called it a three-billion-dollar Ponzi scheme.[14] Allegedly assisting Armstrong in his scheme was the Republic New York Corporation, which produced false account statements to reassure Armstrong’s investors. In 2001, the bank agreed to pay US$606 million as restitution for its part in the scandal.[14]
Armstrong was indicted in 1999 and ordered by Judge Richard Owen to turn over fifteen million dollars in gold bars and antiquities bought with the fund’s money; the list included bronze helmets and a bust of Julius Caesar.[15][16] Armstrong produced some of the items but claimed the others were not in his possession; this led to several contempt of court charges brought by the SEC and the CFTC, for which he served seven years in jail until he reached a plea bargain with federal prosecutors.[17][18][19] Under the terms of the agreement, Armstrong admitted to deceiving corporate investors and improperly commingling client funds—actions that according to prosecutors resulted in commodities losses of more than seven hundred million dollars—and was sentenced to five years in prison.[20][15]
He was released from federal custody on 2 September 2011 after serving a total of eleven years behind bars.[21][22
Wiki
Careful: this is a scam. Amazon, please remove this product.
If you order Martin Armstrong’s DVDs about the global sovereign debt crisis you get this product as a suggestion.
This has nothing to do with armstrongeconomics and is just a photocopy collection of random short stories which are out of copyright... just to thinly veil it as a product - could as well bind old newspaper and sell it. Worth probably <1USD in production (and produced on demand) and charged 15USD.. I will return it although the carrier costs will exceed 15USD - this must not be allowed.
This purchase damaged amazon’s reputation for me, although I can understand that it might be difficult to monitor millions of products. But this publisher deserves to be watched and banned if this is the only line of “commerce” they engage in.
AMAZON
Nothing to worry about, we won’t run out of money, they will just print more as we need it...
As a global investment manager, Martin Armstrong had little trouble selling himself to sophisticated clients overseas. On the strength of a stellar performance record, an impressive Web site and his claims of running one of the world’s largest economics advisory firms, he raised more than $3-billion from Japanese companies eager for American-style gains in their portfolios.
Now those companies are facing giant losses and probably ruing the day they heard of Armstrong’s investing techniques.I
According to a complaint unsealed Monday by Mary Jo White, the U.S. attorney for the Southern District of New York, Armstrong lied about returns he was generating in his customers’ accounts and illegally pooled their money, essentially using funds raised from new investors to pay off older customers.
The fraud appeared to be a desperate attempt to hide massive trading losses. Armstrong owes some $1-billion to investors, but prosecutors say only $46-million in assets remains in the accounts.
https://www.tampabay.com/archive/1999/09/15/securities-fraud-charges-reach-500-million-mark/
1”But this time, he’s on the up and up.”
LOL! The only way he knows that works is by scamming suckers.
I guess you also believe his prediction that the US will be in civil war starting this month!
I don’t see the problem here. You just pay off one credit card with another. The credit card companies are always sending me applications. You just got to have a system of who pays off when. You just keep rolling it up until they catch you and you go BK. As I said, it’s not a problem.
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