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
“Before I post any article by anybody I will make sure to get your seal of approval first.”
Again, you are just trolling me.
Count the number of your posts on this thread.
It speaks for itself.
“You can save yourself a lot of time and effort by creating a “hate Armstrong” web page.
Then just link to it every time an Armstrong article is posted.”
‐-———
I have established beyond doubt, in an incontestable way that Martin Armstrong is running a scam with his Socrates system and various other products and services. Here is what you can do (and perhaps should do).
Depending on whom you want to address, here are the Martin Armstrong Inner Circle Details which includes company details, addresses, phone numbers etc..
https://armstrongecmscam.blogspot.com/p/where-and-how-to-complain.html?m=1
“Before I post any article by anybody I will make sure to get your seal of approval first.”
Grow up.
Count the number of your trolling posts on this thread.
It speaks for itself.
That court order (quoted from that document from his appeal) has the stated objective as follows:
Based on a consideration of the relevant factors, and all of the circumstances in this case,
we find that barring Armstrong from association with any investment adviser serves the public
interest and is remedial because, as discussed, it will protect the investing public from the
likelihood that Armstrong will commit future violations of the federal securities law.
https://armstrongecmscam.blogspot.com/p/where-and-how-to-complain.html?m=1
Armstrong’s last and strongest bastion seems to be The Free Republic where his user ID is delta7. Preferably, you challenge him when he posts verbatim copies of his blog pages and pats himself on the back. His articles can be found here: delta7 Articles posted in the Free Republic Forum.
Please note that he posts other articles as well to not be too obvious.”
https://armstrongecmscam.blogspot.com/p/where-and-how-to-complain.html?m=1
It’s a war.
Gubmint borrowing money like crazy to print money necessary to cover money it got no business spending.
The sheeple respond by using plastic to borrow money they will never be able to pay back which results in default.
But the gubmint hasn’t defaulted yet.
I say its about time the gubmint defaulted and Trump may be just the guy to do it.
Trump needs to default on the bonds held by the Red Chinese.
He can call it pay back for the destruction to our economy caused by the bio weapon known as the kung flu.
Keep trolling me. I love responding with facts:
‐————
“Conclusion
Martin Armstrong has created a perfect business model for selling broken products and services as proven on this site numerous times. He uses fraudulent misrepresentation of performance, devious tricks and an elaborate network of shills, echo chambers and affiliates to let his marketing messages reverberate through hyperspace, all generated from his one man business operating from his home. His business is clearly predatory.
If you still do not believe me that every word I wrote is true, see the proof in my Legal Disclaimer”
https://armstrongecmscam.blogspot.com/p/armstrongeconomics-scam-business-model.html#Affiliates
I am still counting the number of your posts in this thread.
Lol.
For continued use, credit lines will have to shrink and the minimum credit score will have to increase. Issuers might require a prepaid balance as well. Minorities will be the hardest hit (tm)
Keep trolling me. I love responding with facts:
SEC:
Based on a consideration of the relevant factors, and all of the circumstances in this case,
we find that barring Armstrong from association with any investment adviser serves the public
interest and is remedial because, as discussed, it will protect the investing public from the
likelihood that Armstrong will commit future violations of the federal securities laws.
An appropriate order will issue.21
By the Commission (Chairman SHAPIRO and Commissioners WALTER, PAREDES,
and AGUILAR); Commissioner CASEY not participating.
Elizabeth M. Murphy
Armstrong predicts 2017 “Great” depression:
My hero? Not sure where you get that. I simply replied with known facts regarding current actual interest rates on credit cards. Not sure how that makes whoever that is my “hero”...
Who dresses him, Socrates?
“My hero? Not sure where you get that. I simply replied with known facts regarding current actual interest rates on credit cards. Not sure how that makes whoever that is my “hero”...”
LOL! Go back and read your report attacking me!
Congrats! You are also “legendary”!
Armstrong’s last and strongest bastion seems to be The Free Republic where his user ID is delta7. Preferably, you challenge him when he posts verbatim copies of his blog pages and pats himself on the back. His articles can be found here: delta7 Articles posted in the Free Republic Forum.
Please note that he posts other articles as well to not be too obvious.”
https://armstrongecmscam.blogspot.com/p/where-and-how-to-complain.html?m=1
I used to have credit cards with great interest rates at 6 or 7 or 8 percent. Then the federal government (CFPB) got involved for my “protection” and ruined it all.
“Who dresses him, Socrates?”
I think he dresses himself but the feds supplied the outfits. “
How do you possibly have the time to respond to all these posts, TG?
Me? I pop on from time to time, with occasional stretches when I sit down and freep, but those are rare lately.
I don’t understand how you can afford the time to devote to this topic?
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