I highly doubt it. Most folks who let themselves get into that situation will see the money as a windfall and blow it accordingly. Bet most of them just make the minimum payment on their cards and upgrade their big-screen TV.
Posted on 02/22/2021 1:17:28 AM PST by RomanSoldier19
Never mind just credit card debt - the high grocery prices from last spring are still here, so if you were fortunate enough to keep working you’ll have a hard time paying your INCOME TAXES.
I have had a credit card for 19 years. I got it with a secured account because I had never borrowed money or bought things on time payments so had no credit score. Now it is a high limit card and I have I have never made much money but I am in pretty good shape and owe nothing to anyone.
1, 3, 4, 5 and 6 are irrelevant to the argument that credit card debt is so staggering that the government needs to borrow money to give to people to pay it off. And the amount of debt in #2 has been reduced during the pandemic. In fact, many in the government have complained that people have paid down debt or saved their stimulus payments (like I did) rather than spend it to stimulate the economy and want to adjust the payments to focus on lower income people more likely to just spend it.
SloJoe said the checks are in the mail.
Q: Do you smoke after sex?
A: I don’t know, I never looked!
Of course we need stimulus money— have you seen the prices of ammunition lately?
One reason for the slow velocity of money is that the folks with high credit card debt use at least some of the stimulus funds to help pay down that debt with its high interest rates.
They are a large number of folks—probably over half of the recipients of the payments.
This has kept inflation from exploding—and is one reason why the “hyperinflation is coming soon” folks have been wrong.
The economy is deeply broken—and the economists “models” are lost trying to analyze the numbers these days.
“Although Americans’ card debt has dipped during the pandemic!”
So we actually owe less on credit cards than before Covid!
Yet, now, we need Gov. help with lesser debt?
Anyway, I do not see $6,000 debt as “staggering”!
Hearts and gizzards are ok by me! I use the livers for bait! Catfish love em!
I highly doubt it. Most folks who let themselves get into that situation will see the money as a windfall and blow it accordingly. Bet most of them just make the minimum payment on their cards and upgrade their big-screen TV.
Another cost-saving measure was to get a large frozen turkey (anytime of year) and roast it on a Saturday. On Sunday, we'd carve up the rest for sandwiches and put the rest in a big pot to make chicken soup with potatoes, carrots and celery. This would last us the rest of the week with only some rice and pasta (also cheap) needed along the way.
In fact, a lot of those foods became our "comfort foods" for life. Even though we are pretty well off, we still like to cook up a big batch of chili or a large turkey.
We lived very frugally for many years. Single income, four kids, homeschooled etc.
I do use credit cards very frequently but we always pay them off at the end of the month. I think in 34 years we’ve only carried a balance for two months. One was when we had to buy a refrigerator.
We’re now at a point where we don’t really have to live frugally but guess what. We do. I rarely buy clothes but when I do, it’s almost always on clearance.
The kids have followed out lead. They are all out on their own. A couple borrowed some money from us for education and are paying it back. Beyond that, zero debt for any of them.
If you make all your purchases and pay your bills with cash back credit cards, then pay the card off every month, you'll actually be ahead.
We funnel all our expenses through a rewards credit card, and pay off those card expenses the same day they're made.
But you have to be very wise and intentional about it. Sadly, most people are not and have little financial literacy.
Trump was right 6 months ago.
Not Investing, but it’s better than fanduel for gambling.
If my card limit were $4 Trillion, I’d use the card to purchase Visa and Mastercard, then write myself off as a loss.
The governing system is broken and throwing money to the people isn’t going to fix it......Remove and prosecute the leadership at the top, who use tax payers revenue for bartering to line their own pockets.
Thanks for that reality check. We really can’t trust our fed gov to tell us anything truthfully, can we?
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.