Unfortunately for some people, the high repayment rates are “baked into” their budget, and difficult to deal with.
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.
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.
Years ago it was a chapter 7 BK. Now those individuals will be doing a chapter 13.
It’s there for a reason, if the policies of our government spur uncontrolled inflation, making everything more expensive, what choice do many have that were just fine before this catastrophe? I wouldn’t feel bad for the credit card companies, they also reap the rewards of default. They write off all those losses.
Well I guess you have it summed up pretty well.
Here’s what I see. I see a government out of control, taxing the crap out of us while prices on everything go through the roof. The home I bought and could easily afford just 3 years ago is still affordable payment wise, taxes went up again by about 1400 dollars. F’ing crooks, then the gas prices, then food etc. For most it’s not any fault of their own.
Dave Ramsey rules to follow. Pay your housing and food first. Credit cards can wait if you can’t afford to make the payment
> The solution is to STOP SPENDING SO MUCH...
You must be a fascist or something! 🙄