Posted on 04/11/2024 7:55:59 AM PDT by ChicagoConservative27
Delinquency rates among American credit card holders are at an all-time high, while at the same time a record number of “active accounts” have “a balance of over $2,000,” according to a Federal Reserve Bank of Philadelphia report.
We’re more than three years into the Biden presidency, so we all know where the blame lies.
More from Bloomberg:
Almost 3.5% of card balances were at least 30 days past due as of the end of December, the Philadelphia Fed said. That’s the highest figure in the data series going back to 2012, and up by about 30 basis points from the previous quarter. The share of debts that are 60 and 90 days late also climbed.
“Stress among cardholders was further underscored in payment behavior, as the share of accounts making minimum payments rose 34 basis points to a series high,” according to the report.
“About 10% of credit-card borrowers now have an account balance that exceeds $5,200, according to the Philadelphia Fed,” Bloomberg continues. “One-quarter of active accounts have a balance of over $2,000 for the first time.”
(Excerpt) Read more at breitbart.com ...
Another Bidem administration achievement! Did you hear that? Record highs! The economy is doing just great!
Are people treating their homes like ATM machines again? Home values have shot up and that cash is now just sitting there. That didn’t end so well last time (2007-08).
Next comes forgiveness of credit card debt.
The interest rate on my wife’s JCPenny’s card shot up to 34.99% recently. Now she doesn’t use it much and we always pay off what little balance is there, if any, as soon as it’s due, but geezz....34.99%?!? Wow.
I told her to cancel the card.
I visited Argentina once. The country used to be one of the richest countries in the world, it has huge natural and people resources. When president Peron started its popular development program, it got into unrestrained spending sprees on doubtful government projects, financed by massive printing of money.
As a result, Argentina lost not only the World very rich country statue, but it is now considered among world poor countries.
The Argentinians were led to believe that printing money does not harm the economy, but they learned the hard way, it does!
Bidenomics seems to me as US version of Peronism.
Usury is/was a crime. That is usury.
I put all household expenses (groceries, everyday supplies, food for 2 cats and 2 dogs) on a CC and Beau pays it off every month.
It was usually running about $800/month to run the household but since 2020 if it’s under $1,100.00/month it’s a good month!
We have no debt other than about $20K we still owe on some crop land that pays for itself in rent. Utilities are about $200/month...which have also increased about $50/month since 2020. No other expenses. We don’t use much gasoline - I drive to town once every week to 10 days for supplies and we combine all errands on that day, too.
It’s maddening! But, you know - Best. Economy. Ever. EVER! *SPIT*
I put my Discover in the gun safe. And only use Cash now. I know what having even 1 you can’t pay off at the end of the month does. Don’t take Cash, put your crap back on the shelf, I walk out.
Kroger ad has the highest ever prices I’ve seen in my 50 years of shopping there. I always have a prepper stash to fall back on. You learn that as a Military wife real quick. We are retired now and will see 76/83 in July/August.
Sure looks like it to me.
We use credit cards for the “convenience” aspect only. So we don’t need to carry wads of cash around. Everything gets paid off monthly. Our situation is different, I presume, than other folks that need to buy things on “layaway”.
This hurts folks who need to feed and clothe their kids, but live paycheck to paycheck. 35% interest on a card is just wrong, morally.
In the Biden bubble, everything is fine.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.