To what end?
I have two rental homes and a friend has 23. We’ve both noticed that renters no longer have bank accounts. They either pay cash or they get money orders.
They don’t have the $5,000 or so to leave in checking accounts so they can have them for “free.” For both of my rentals I had to adjust the pay date to when they got their paychecks. These people are literally living paycheck to paycheck.
Do they have credit cards? I don’t know. But my guess is yes. I wouldn’t be surprised if their credit is maxed-out too.
Incidentally, my friend, who has been in the game longer, says this cash-only trend is relatively recent in just the last several years. I’d guess that it coincides closely to when Obama took power.
I think that if people started to see how much they were spending instead of looking at a purchase as how much the monthly payment would be, it is a beginning of the end of indebtedness as a way of life.
It could even change their way of thinking about who they vote for and how the person in office impacts their way of life. If the administration continually raises taxes, it will no longer be “only” a few more cents on the dollar, but an onerous burden that really benefits no one.
I would like to see income tax holding done away with. If people had to write a check every quarter or every year, they would pay more attention to the issues and the politicians when it came time to vote.
Taken with a grain of salt, because Credit is always BAD, not only does it allow you to buy something you cannot afford, it pulls forward demand for goods and services. WHich means you must keep expanding credit to keep the ball rolling.
Learn to Live within your means, if you do not have the FULL amount necessary to pay for the product, DONT BUY IT.
Whatever. I use cash whenever possible anyway. Both inbound and outbound.
Perhaps the people could suggest taking away all the credit cards in government and go back to issuing checks for purchases, look at all the misuse, I mean, downright theft perpetrated by those holding those government gold cards! Every day, a new example of how government minions are looting our treasury, and we all know we’ve seen only the tip of that iceberg! Government has grown so leviathan it cannot account for every penny spent, how far would that fly in the private sector?
I was in grocery story yesterday and young couple with their 4 or 5 year old daughter in front of me in line. Seemed like a really nice family. Their bill was around $35 and they paid with a credit/debit card. The card was rejected and the guy took out a $3 package of cheese and swiped the card again and it took. Cashier told me she sees that all the time.
Sad state of affairs.
This is why the debt ratio has remained constant since the 1980s, he said
Why don’t they show the Debt Ratio up until 1971 before Credit Cards were Invented after Nixon Filed Bankruptcy on behalf of the US.??? Because we DIDN’T LIVE ON CREDIT THEN.
I think credit cards are loan sharks. That is why you should keep a 0 balance.