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 ...
So when is Biden going to announce that he is “forgiving” all credit card debt?
I am being facetious of course. Obviously he will announce it before the 2024 election, the only question is whether he will wait until October.
I do not think that is what credit card kiting is:
“Credit card kiting is using one or more credit cards to obtain cash and purchasing power they do not have or the payment of credit card balances with the profit from the other card. It is distinct from check-kiting and, in almost all cases, illegal.”
There was no profit involved. The poster was not getting cash.
THAT is what will push even homeowners out of their houses.
Insurance of various types is our largest expense. (Thank you again, RINOs of Michigan.)
Mine gets paid off every month. Ain’t no debt there. Been paying it off for decades, just use the CC for convenience.
In addition to Insurance there is always Property Tax [a wealth tax] which to never seems to go down.
I believe near an all time low for savings as well.
Good times on the horizon...
(Good time for a Jubilee)
It will have to be
BidenDepression 2023-Spring, 2024
I haven't had a CC in 20 years. If I can't afford it, I don't buy it.
Unless you are offering to pay off their credit card balance, I doubt you will get many bites from your inquiry.
I had to raid what little I had way back in 2008.
Boy it’s been a fun ride since then. NOT.
I have an airline miles card. I use it frequently but would never carry a balance. The current interest rate is around 20%. If I were to get blindsided for a big expense, I would use my credit union card that still has a 10% interest rate.
Amen. That’s good stewardship.
That is what I do as well except I pay them off several times a month. I have multiple cards so I can maximize my statement credits. 5% for Amazon BOA cards give 3% for hom improvements and maintenance and another BOA card 3% for restaurants, 2% for groceries plus a citi bank card that gives 2% for everything. That all ads up and brings a small but needed stream of income.
Same with me. No trips to bank to withdraw cash.
You are managing finances very well. So sorry you are forced to keep working. I was lucky to retire at age 57 and now age 83. Luckily still doing fine financially. But MF Biden has stolen 20% from my retirement funds with inflation.
Majority of Americans are only $200 unforeseen expense away from financial bind.
My point is conservatives are generally more personally responsible overall, and therefore tend to be more in control of their finances.
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