Posted on 12/19/2024 4:12:40 AM PST by RomanSoldier19
It’s no surprise that Americans often rely heavily on credit cards to make ends meet. And with a recent period of rampant inflation, it’s equally unsurprising that credit card balances are on the rise.
In the third quarter of 2024, U.S. credit card balances rose by $24 billion, reaching the $1.17 trillion mark — the highest level recorded by the Fed in 20 years.
(Excerpt) Read more at aol.com ...
I think many people do what I do which is pay off a card in full at the end of the month. But when you do that it shows that you have debt constantly on credit reports.
I use my credit cards mostly when I travel or buy online. I haven’t paid a cent of interest in over 15 years. I’ve been retired for 8.
I suppose we’ll be seeing more of this.
(By the way, the wife is now an ex-wife.)
1.17 Trillion? Taxation with EVIL representation.
I rent to the low end of the market. These renters all have huge flat screen TV’s. They have music collections you’d expect at a major studio. They have cosets so full of clothing and shoes you can’t remove just a single garment. When they leave, they often leave behind items, some new, that represent hundreds or thousands of dollars. Their financial situation is a symptom, not the problem. If you talk about someone’s debt the debt is usually not the problem. The problem is why do they buy things they don’t need and often don’t use? Oh, and when they move out and I get the final bills, they’ve screwed the power company, the credit card company, the bank that underwrote their loans and the cable bill is usually over two hundred dollars per month.
Spend our way out of it like the congress. I’m waiting for hyper inflation so I can pay off my debts with a silver coin.
Rice and beans.
Beans and rice.
I put things on the card and pay the balance off when due. I never carry the balance over.
Which reminds me of that old Depression era joke:
We’ll be having steak and potatoes. If we had some steak. And some potatoes.
(Will we see such uncertain times again? The way Congress is borrowing and spending…maybe.)
I have been getting slammed with phone calls and mail for “get a loan now” the last 2 months.
I hate wasting people’s time, but am sick of the mail and calls.
So I call the number and am told I am “guaranteed” for a loan.
Except that’s not where it ends.
After I say “I want to borrow $1,000”, they slyly, cleverly direct the call into debt relief.
Which essentially means places like JG Wentworth, AmONE, etc. will craft a plan for you to “get out of debt”.
And part of that plan is to stop paying credit card bills, etc so that you supposedly have a better negotiating position with the credit card companies.
What they downplay is that credit card issuers sometimes play hardball and will take you to court, get a judgement and if necessary garnish wages.
I have contacted these firms (AmONE, JG Wentworth, etc.) three times in the last two weeks. They are just going crazy trying to sign people up for debt relief.
We have an investment club at work and always tell people to contact a consumer credit counseling service and never one of these firms.
Yeah I’m got a few grand every month that I pay in full but it’s always there.
I rent to the low end of the market. These renters all have huge flat screen TV’s. They have music collections you’d expect at a major studio. They have cosets so full of clothing and shoes you can’t remove just a single garment. When they leave, they often leave behind items, some new, that represent hundreds or thousands of dollars. Their financial situation is a symptom, not the problem. If you talk about someone’s debt the debt is usually not the problem. The problem is why do they buy things they don’t need and often don’t use? Oh, and when they move out and I get the final bills, they’ve screwed the power company, the credit card company, the bank that underwrote their loans and the cable bill is usually over two hundred dollars per month.
*********
That’s what I call poor people problems. As a divorce lawyer, I saw people’s finances. People had car payments of 600 or 700 dollars a month. I told them people don’t do this. They said but my wife needs a nice car. I said 400 max. Yes, cable bills of $200/ month. Nails, cigarettes, one client’s wife bought 900 dollars of essential oils and they had an American Express bill of 70,000 I had to negotiate down. She would only buy from high end stores even though he made below normal money. Pottery Barn. Nordstrom. These people watch the Kardashians and think they need to emulate that lifestyle. Ridiculous. Meanwhile I am buying my printer ink on eBay to save money.
On the other end of the spectrum, I did one divorce where the husband was so “thrifty” he was using a rope for a belt, wouldn’t allow the family to flush the toilet after each use, only after multiple uses, to save on the water bill, lights could only be on in one room of the residence at a time, just made the family miserable with his miserliness. He made above normal money.
People’s relationship with money is a funny thing.
not me. no credit cards. Paid off 6k once and not since. I am a procrastinator though. looked into a small emergency card a few years ago but can’t get myself to get another one.
WIll also add that several of these companies will also call from what are local numbers. But it’s just a re-direct. If you call the local number you almost always get a message that the number is Out Of Service.
That is sleazy and is a tactic to get people to answer local calls. That right there is a dead giveaway that the company is using deception to win your business.
And who invented that stupid credit score anyways?
“(By the way, the wife is now an ex-wife.)”
Did she vote for BiXiden et. al.?
If you see something that looks like a star
And it’s shooting up out of the ground
And your head is spinning from a loud guitar
And you just can’t escape from the sound
Don’t worry too much, it’ll happen to you
We were children once, playing with toys
And that thing that you’re hearing is only the sound of
The low spark of high-heeled boys
The percentage you’re paying is too high priced
While you’re living beyond all your means
And the man in the suit has just bought a new car
From the profit he’s made on your dreams
But today you just read that the man was shot dead
By a gun that didn’t make any noise
But it wasn’t the bullet that laid him to rest, was
The low spark of high-heeled boys
If you had just a minute to breathe
And they granted you one final wish
Would you ask for something like another chance
Or something sim’lar as this
Don’t worry too much It’ll happen to you
As sure as your sorrows are joys
And the thing that disturbs you is only the sound of
The low spark of high-heeled boys
The percentage you’re paying is too high priced
While you’re living beyond all your means
And the man in the suit has just bought a new car
From the profit he’s made on your dreams
But today you just read that the man was shot dead
By a gun that didn’t make any noise
But it wasn’t the bullet that laid him to rest, was
The low spark of high-heeled boys (high heeled boys)
If I gave you everything that I owned
And asked for nothing in return
Would you do the same for me as I would for you
Or take me for a ride
And strip me of everything, including my pride
But spirit is something that no one destroys
And the sound that I’m hearing is only the sound of
The low spark of high-heeled boys (heeled boys)
Biden and others are invested in the credit card program, why they are supporting inflation while telling us there is none
I pay off my cards twice a month. This hasn’t adversely affected my credit score.
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