Posted on 05/06/2022 7:52:36 PM PDT by ChicagoConservative27
San Francisco (CNN Business)Americans are racking up debt at record rates.
Consumer debt levels for March 2022 climbed by $52.4 billion, an annual increase of 14%, seasonally adjusted, according to Federal Reserve data released Friday. Revolving credit, which includes credit cards, surged by 21.4%.
(Excerpt) Read more at cnn.com ...
DUH!
Swipin’ at the gas pump.
Swipin’ at the grocery.
Let’s go Brandonflation.
/s
Maybe he’s the smart one. He knows that inevitably those of us who are responsible will bail them out.
When you have a credit money monetary system, you need debt slaves to keep it going
When they gave me the bailout money I saved it knowing that inflation would eventually show up and of course it has.
> Maybe he’s the smart one. <
Maybe so. Rack up that credit card debt. But anything that your heart desires. Then declare bankruptcy. Wait seven years, then rinse and repeat.
As a side note, a friend of mine declared bankruptcy (his wife was nuts, and that contributed to the problem bigly). After my friend filed, he started getting all sorts of credit card offers in the mail. The issuers knew that he couldn’t file for bankruptcy again any time soon.
Weird, huh?
Massive Debt...
Shortages of Critical Items.
What's not to love about Nuevo Venezuela?
Whoa! And interest on that credit card debt is about to go crazy.
Yes. I suspect you are correct.
Economy is BOOMING!!!!
Indentured slavery
Yep. I used every dime of mine to pay off existing debt.
I use my Costco credit card to buy all my gas. When I was commuting 150 mi a day I would get $600 or so back every year from Costco for buying gas. And of course you pay off the credit card in full at the end of the month. i.e. I pay no interest. It makes it ridiculously convenient and they actually pay you to use it.
A lot of folks did - consumer balance sheet is actually in terrific shape. It’s not surprising some are starting to revert back to their poor spending ways.
I was thinking the same thing. Imagine a guy that just buys a ton of gold and silver, but uses credit cards for all of his purchases gets them up to 20 30 $40,000 and then just files for bankruptcy but he still has those pms.
I can’t imagine the rate on a credit card you get right after bankruptcy. You pay 35% if you miss a payment. After bankruptcy, CC rates must be 67% or more.
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