Posted on 08/08/2023 6:33:16 PM PDT by entropy12
Americans are increasingly turning to their credit cards to cover everyday expenses, with debt surpassing $1 trillion for the first time at the end of June, according to a New York Federal Reserve report published Tuesday.
In the three-month period from April to June, total credit card debt surged to $1.03 trillion, an increase of $45 billion, or 4.6% from the previous quarter. It marks the highest level on record in Fed data dating back to 2003.
The rise in credit card usage and debt is particularly concerning because interest rates are astronomically high right now. The average credit card annual percentage rate, or APR, hit a new record of 20.33% last week, according to a Bankrate database that goes back to 1985. The previous record was 19% in July 1991.
(Excerpt) Read more at foxbusiness.com ...
A sign of recession.
You can thank the overeducated leftist suburbanites for this madness!
Tell me anyone here on this site who doesnt pay off their balance monthly or within a month or two...
My accounts been hacked! How did they know my bill is that far behind?
Good time for a Jubilee
Check the Freepathon.
Americans pay $120 billion in credit card interest and fees each year
No problem. Just make the “rich” pay off all this debt.
Honestly, as I watch the land of the free become the land of ‘be careful what you say’, and the land of opportunity become the land of ‘redistribution and reparations’, I become less and less tolerant of anyone who votes for Democrats. As far as I’m concerned, when they vote for Democrat politicians and policies they are voting for the destruction of my life. There’s very little difference between doing this vs poisoning or shooting me. I cannot, in good conscience, have any relationship with such people.
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People are raiding their 401k’s early more than ever before.
A sign that it’s their last or only resource.
Bad Signs
A new level of stupid.
I have two credit cards. The first has a $500 limit and I use that for my daily purchases. I pay that off every two weeks. The other one, I use for purchases that are too large that I need to still make, but I pay that down 10% every two weeks until it gets paid up. That works out to be about 4% interest when I have to do that.
Otherwise, I don’t carry balances.
1/30th of what Congress has racked up.
My family doesn’t use credit cards at all, a la Dave Ramsey.
There are simply to many stupid people in the world and this debt is more proof of that fact.
With one major DIFFERENCE. Congress can print money. Consumers can’t (legally anyways).
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The unsung benefits of Bidenomics.
We now have pResident who made a career in the Senate protecting the usurious credit card industry. Why is this surprising to anyone?
How long before some dim starts talking about the need for credit card debt forgiveness?
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