Posted on 10/18/2024 8:34:45 AM PDT by ChicagoConservative27
A whopping 37 percent of credit card holders have either maxed out or come close to it since inflation gripped the nation under the policies of the Biden-Harris administration, a Bankrate/YouGov survey found Thursday.
Credit card debt rose significantly due to rising costs,which soared about 20 percent on average across the board.
“Inflation does not care if you are rich or poor. Everyone can feel its wrath,” Bankrate analyst Sarah Foster stated. “With limited options to absorb those higher costs, many low-income Americans have had no choice but to take on debt to afford costlier essentials — at a time when credit card rates are near record highs.”
(Excerpt) Read more at breitbart.com ...
You know it.
But they keep spending. smh
But wait! That’s not all! There’s more!
“American consumers are increasingly underwater on their car loans”
I’ve never understood people with credit card debt.
One of many life lessons my parents taught me was if you can’t afford it DO WITHOUT.
We have one card, used for emergencies only.
If the balance gets above $500 we don’t use it until it gets paid down.
I had two cards greatly reduce spending limits under Biden/Harris.
I have several cards and I put thousands on them each month but I have always paid them back to zero. Never been hit with a single interest payment or late fee.
Credit cards are a tool to me, but I don’t use them to go into debt and purchase anything that I cannot afford.
Apparently a lot of people don’t look at them the way I do.
I hope so. 🤔😊👍. And mortgage forgiveness too.
Or mass write offs.
There is no money. For credit cards, houses, cars, SS payments, military industrial complex, anything.
This is a good thing right? I mean, come on people are spending money they don’t have and are enjoying life, just like Congress.
I've never understood why this was used as some kind of barometer of the economy. Since time immortal, a new car's value drops bigly the moment you drive it away. That makes all car loans "underwater" for at least the first couple of years (until the loan balance is paid down).
Why not, when they’ll just make those of us, who wisely saved pay for it.
The idiots I know just get another card when they max out.
I can see issues with having to paying monthly bills with a credit card.
I have zero sympathy for someone who pays 80K or more for a vehicle knowing that they can’t afford it when they could have bought a Corrola or CX3 for20 to 25k.
I used to do that, but during the present administration I have gone more radical; each morning I check my credit card app and pay the balance, turning the card into a de facto debit card, plus the card rewards. That way I know I'm not overspending.
Americans are at a record high in personal debt due to the conditions caused by the current admin.
The opposite of wisdom. Tight times mean tight budgeting.
I “max out” one of my cards pretty regularly. I have a low maximum amount on my card, and some months I get close to the limit. I pay it off every month, but I’m included in these stats.
Usually if you “max out” they will automatically raise your limit.
Car loans are the number one cause of credit card delinquencies and bankruptcy.
I used to tell people who wanted a new car to take the amount of their new car payment and insurance and put it in a savings account for 6 months, if they had no issue with that take the money from the savings account use it as a down payment and buy the car.
if they it was impossible to put that money in a savings account every month, well they still have some extra money saved.
I hated having a car payment (I don’t but I did once)
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