Posted on 08/08/2023 8:01:07 PM PDT by RomanSoldier19
U.S. consumer credit card debt has reached a record-high $1.03 trillion, according to the New York Federal Reserve’s latest quarterly household debt report released Tuesday. In the second quarter of 2023 alone, credit card balances grew by more than 4 percent, a possible sign that consumers are relying on their cards more than ever to get through a period of relatively high inflation.
But even though credit cards can be helpful tools for building financial security, carrying a balance month to month can quickly become overwhelming and lead to expensive debt and a tarnished credit score. Here are three methods to help you tame those ballooning credit card bills and make being debt-free possible.
(Excerpt) Read more at cnbc.com ...
LOL Now they are giving advice about getting out of debt? It too late for that ie people cannot get out of massive debt fast enough to solve the nation’s money issues.
Unfortunately for some people, the high repayment rates are “baked into” their budget, and difficult to deal with.
Wait for Xiden to give you some of my money.
i am counting on joe to forgive all the cc debt
“Whatever you earn — spend less.” Ben Franklin, Poor Richard’s Almanac.
Just took a third of my largest cc balance and moved to an 18 month
no interest account. That’ll save me a third of the monthly interest I was
being charged.
I’ll do it again as soon as I pay that off.
What percentage of Americans have the discipline and know-how to use and manage credit?
My guess 5-8%
There are a lot of people who are using credit cards to feed themselves and their families.
Sure lots of people buy lots of stuff they don’t need with their credit cards,l but when Bidenomics doubles and triples grocery bills (and fuel bills) in a couple years and you have to use credit cards for mere sustenance there are only so many cuts you can make to get out of debt.
It is going to be really bad when millions of people max out their cards on groceries and can’t even make the minimum payments.
“It is going to be really bad when millions of people max out their cards on groceries and can’t even make the minimum payments.”
Now that’s why we have fedgov - to pay off credit card debts!
Do what those in government do, keep spending...
The tourist industry hasn’t been affected by credit card debt here. The weekend rentals are always full. That’s about $2k for the housing, the same for boat and water toy rentals and throw in another $2k for the extras like clothes food and sight seeing. Doing a staycation could have paid down a credit card debt.
A few tips on stretching food and the food budget:
1) Replace water for milk or other liquids if it will still give you the result you want.
2) Don’t pour the liquid off canned goods down the drain. That’s “free” veg or meat stock. Continually pour it into a large freezer container (a recycled used margarine tub or whatever) to use in a soup, casserole or even gravy. Yes, corn liquid or whatever can be subbed for milk or water in gravy. Yes, it will taste a little different but is still good. Pea liquid may be a bit strong if more than one can is in a freezer container so give it it’s own container and use it for liquid in split pea soup for which you also saved a ham bone. Beet juice can be used as the liquid in cakes or other baked goods or used in bortsch soup.
3) Boil bones, even chicken bones your family has chewed on if you don’t mind. Save the liquid off the boiled bones for meat stock to use in soup or gravy.
4) Same with saving liquid off canned fruits. Either pour it into tea or cheapo koolaid. Or heat it to make a topping for ice cream or top a wee bit of homemade pie or cookie dough for dessert.
5) Do a search for using egg shells for human calcium supplements. Of course, toss them in the compost or merely out in the yard for fertilizer.
6) One good sized potato costs pennies and is about the same weight as a bag of potato chips. The obvious savings is to make your own chips.
7) Save every little spoon of leftovers to use at the end of the week - soup, casserole, stuff into homemade dough for empanadas/quiche/dumplings/Asian wraps or top a homemade pizza dough.
11) Homemade yogurt costs pennies and a batch can be “chained” about 4 times as starter. One small 5 oz. store bought plain yogurt “with live cultures” is the starter for several first batches (freeze in ice cube tray and use each cube as 1 starter) and then use whatever type milk you wish. Use a glass quart jar (or whatever size) and place it in the oven (no lid) to incubate so no special equipment. Turn the oven on the lowest setting for 1 minute just to get it warm and turn it off before putting the jar in. Maybe needs another minute of warming after 4 hours in and you’ll have yogurt in 6-8 hours or overnight. If it doesn’t set up, incubate another hour or call it the drinking type so nothing is lost. Sub it for sour cream or milk in cooking or drain it in a colander to make cream cheese that is good enough to bake a cheese cake.
12) Don’t eat out. There are countless restaurant/fast food recipes online. Six Schlotzsky original sandwiches from scratch at home for the price of ONE going through the drive thru. Who can afford over $60 for six at the drive thru???Same with most all eating out pricing.
13) Don’t buy prepared foods and snacks. Learn to cook from scratch and teach the kids to cook so they can help out working parents. Keep most cooking time to 30 minutes so it isn’t stressful. Just do what you can to cut down on costs. Think about everything before it goes in the garbage. Good luck!
Do what those in government do, keep spending.
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Can’t, government owns all the top quality printing presses. They don’t like any competition in that endeavor either.
A repairman broke down to us complaining his wife spend all their money on clothes, cosmetics and candles. Have a heart to heart and make her stop! No one needs any of that.
Cosmetics that fill the whole bathroom is ridiculous. You don’t need a whole other room filled with a hundred pairs of oh so cute shoes you’ll never wear. No, you don’t need fancy candles. Learn to mend clothing so it can still be worn. Sewing on a button and stitching up a seam isn’t rocket science. Cut the family’s hair instead of paying a salon. It is just hair and will grow back if you don’t like it. Tell your spouse if they don’t cut it right, you’ll go out in public and they’ll be embarrassed enough to do a good job.
Stop going out to the movies and out to eat and definitely stop going to bars. Cut out the booze, the cigs and the drugs. It’ll keep you (the general public you all) out of jail, improve your health and put you in better standing with the in-laws and your boss so you don’t get fired.
If you read the link, it actually isn't advice on getting out of debt. It is advice on getting into more debt.
The only real way to get out of debt is to stop charging and pay your cards off. It can be a long, not very much fun, slog. But it can be done.
Stupidity, lack of discipline, and instant gratification are the culprits to credit card debt. If ya can’t pay the entire balance every month… cut up the card.
Already been doing that for a while now. Another year or so to go before there will be any relief....Only going to get worse.
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