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
“How do you possibly have the time to respond to all these posts, TG?”
Ask cgbg why he is wasting his time trolling me with so many on this thread.
“I don’t understand how you can afford the time to devote to this topic?”
If I save just one FReeper or lurker from sending money to this scamming felon it is worth my time.
How do you possibly have the time to respond to all these posts, TG?Good question.
How does Delta7 have the time to write hundreds of Armstrong shill posts?
“Me? I pop on from time to time, with occasional stretches when I sit down and freep, but those are rare lately.”
Says the dude with 17 posts already today.
I wonder what overstep it would take for him to get that outfit again?
Yabut not on one thread where I’m trying to bag on some external source.
Yer obsessed.
Ha! Three responses to one post. Touchy touchy, hit a nerve.
Why are you defending this convicted felon?.
Is Armstrong paying you, also?
“Ha! Three responses to one post. Touchy touchy, hit a nerve”
Grow up. Trolling is so childish.
“How do you possibly have the time to respond to all these posts, TG?”
How do you have the time to troll me?
“I don’t understand how you can afford the time to devote to this topic?”
Statements end with a period, not a question mark.
I don’t understand how you can afford the time to troll me.
“He really should devote some of that time to posting articles, criticism is all I see from him.”
Stop pimping for that scamming convicted felon and you won’t see anymore.
“How does Delta7 have the time to write hundreds of Armstrong shill posts?”
Maybe the pay is good?
You are funny.
Yes.
Armstrong is paying me handsomely to troll you.
And his plans of causing you great mental distress are succeeding. See how many posts you are posting to me.
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.
BTW, did you know paranoia is a middle symptom of dementia? How old are you again?
11I don’t understand how you can afford the time to troll me.
And his plans of causing you great mental distress are succeeding.LOL. Looks more like Armstrong is the one getting stressed out (which is good).
“I can see why you are regarded as the world’s highest-paid advisor and have offices worldwide.”
Typical scammer tactic. He uses a fake post to say he is a paid advisor knowing that he cannot himself say that.
He is barred from giving financial advice.
Wow! Too stressed out to even write his one minute blog.
As always, Armstrong is on the front edge of breaking news.
That video was put on YouTube 3 years ago.
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