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Sumela

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Sumela said: Household Debt Tops $17.5 Trillion
And Americans Are Feeling The Strain
You’ve got to give credit to Visa, Mastercard, Discover and Amex.
They’ve managed to build one heck of a booming economy.
Despite surging price inflation, “resilient” American consumers have managed to keep spending money, driving “strong” economic growth – thanks to their credit cards.
 But there's a problem. Americans are having an increasingly hard time keeping up with the bills.Household debt rose by another $212 billion in the fourth quarter of 2023, surging to a record $17.5 trillion, according to the latest data from the New York Fed.
Crony Capitalism for the elites....debt slavery for the cattle.

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Fuelman

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Fuelman said:
Sumela » 12 Feb 2024, 12:18 pm » wrote: Household Debt Tops $17.5 Trillion
And Americans Are Feeling The Strain
You’ve got to give credit to Visa, Mastercard, Discover and Amex.
They’ve managed to build one heck of a booming economy.
Despite surging price inflation, “resilient” American consumers have managed to keep spending money, driving “strong” economic growth – thanks to their credit cards.
 But there's a problem. Americans are having an increasingly hard time keeping up with the bills.Household debt rose by another $212 billion in the fourth quarter of 2023, surging to a record $17.5 trillion, according to the latest data from the New York Fed.
Crony Capitalism for the elites....debt slavery for the cattle.
Have been receiving "new terms" mailings from the credit card companies, some of those cards are over 30% now!

It's a good time to be retired and not dealing with the rat race. You know that financial stress has spilled over into the work environment.
 

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Sumela

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Sumela said:
Fuelman » 12 Feb 2024, 5:10 pm » wrote: Have been receiving "new terms" mailings from the credit card companies, some of those cards are over 30% now!

It's a good time to be retired and not dealing with the rat race. You know that financial stress has spilled over into the work environment.
I found some websites that indicate the AVERAGE US citizen
credit card debt is around $7,000.  Thats insane.
 

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Fuelman

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Fuelman said:
Sumela » 12 Feb 2024, 5:44 pm » wrote: I found some websites that indicate the AVERAGE US citizen
credit card debt is around $7,000.  Thats insane.
The numbers are much higher for higher income households.

https://www.investmentnews.com/industry ... ebt-247701

A new anonymized analysis of self-reported financial data of Planswell users found that those with incomes above $75,000 saw a far larger increase in average credit card debt than those earning less, mostly likely due to the differing level of credit availability. 

For the sub-$75K group there was a 6% increase year-over-year in average credit card debt, while three higher income bands ($75,000-100,000; $100K-150K; and above $150K) saw increases between 12% and 16%. 

“The percentage of credit card debt relative to income is a striking indicator of the challenges individuals face in managing their financial obligations,” said Eric Arnold, CEO of Planswell. “These worrying trends call for a comprehensive approach to address both the root causes and consequences of mounting credit card debt for all Americans.

” Regardless of income, the analysis reveals an overall 16% increase in credit card balances. 

“The surge in average credit card balances further exacerbates the financial burden on individuals and families,” expressed Arnold. “This heightened reliance on credit may indicate a coping mechanism for immediate financial needs, but it also poses risks to long-term financial health.”


Nothing like making payments all year long and ending up deeper in the hole!
 
 

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Sumela

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Sumela said:
Fuelman » 12 Feb 2024, 6:08 pm » wrote: The numbers are much higher for higher income households.

https://www.investmentnews.com/industry ... ebt-247701

A new anonymized analysis of self-reported financial data of Planswell users found that those with incomes above $75,000 saw a far larger increase in average credit card debt than those earning less, mostly likely due to the differing level of credit availability. 

For the sub-$75K group there was a 6% increase year-over-year in average credit card debt, while three higher income bands ($75,000-100,000; $100K-150K; and above $150K) saw increases between 12% and 16%. 

“The percentage of credit card debt relative to income is a striking indicator of the challenges individuals face in managing their financial obligations,” said Eric Arnold, CEO of Planswell. “These worrying trends call for a comprehensive approach to address both the root causes and consequences of mounting credit card debt for all Americans.

” Regardless of income, the analysis reveals an overall 16% increase in credit card balances. 

“The surge in average credit card balances further exacerbates the financial burden on individuals and families,” expressed Arnold. “This heightened reliance on credit may indicate a coping mechanism for immediate financial needs, but it also poses risks to long-term financial health.”

Nothing like making payments all year long and ending up deeper in the hole!
Holy ****.  I recall Biden was the credit card cos point man in Congress in the 80s when they

widened the ability of more people to obtain CCs.  I may be wrong.
 

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Majik

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Majik said:
Sumela » 12 Feb 2024, 12:18 pm » wrote: Household Debt Tops $17.5 Trillion
And Americans Are Feeling The Strain
You’ve got to give credit to Visa, Mastercard, Discover and Amex.
They’ve managed to build one heck of a booming economy.
Despite surging price inflation, “resilient” American consumers have managed to keep spending money, driving “strong” economic growth – thanks to their credit cards.
 But there's a problem. Americans are having an increasingly hard time keeping up with the bills.Household debt rose by another $212 billion in the fourth quarter of 2023, surging to a record $17.5 trillion, according to the latest data from the New York Fed.
Crony Capitalism for the elites....debt slavery for the cattle.
@R. Suave  
LMAO.....



 

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Redheaded Stranger

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CYNICAL OLD CUSS
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Redheaded Stranger said:
Sumela » 12 Feb 2024, 6:12 pm » wrote: Holy ****.  I recall Biden was the credit card cos point man in Congress in the 80s when they

widened the ability of more people to obtain CCs.  I may be wrong.
We haven't had credit cards for the better part of two decades now.

I personally stopped borrowing money around 2001, with nothing but positive results.
 
 

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Sumela

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Sumela said:
RedheadedStranger » 12 Feb 2024, 6:16 pm » wrote: We haven't had credit cards for the better part of two decades now.

I personally stopped borrowing money around 2001, with nothing but positive results.
Word. I have one for emergencies.  When we used them regularly it was just out of
convenience.  Never had more than $1,000 on a card.  Only paying that minimum
is a dirty trick folks play on themselves - or were conditioned to do so.
 

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Fuelman

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Fuelman said:
Sumela » 12 Feb 2024, 6:12 pm » wrote: Holy ****.  I recall Biden was the credit card cos point man in Congress in the 80s when they

widened the ability of more people to obtain CCs.  I may be wrong.
That plastic gives people a false sense of wealth to their own detriment.

The wife and I played the game and probably have $150k in open credit cards. They can be a useful tools if used wisely and have the income. 

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righteous

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righteous said:
Sumela » 12 Feb 2024, 12:18 pm » wrote: Household Debt Tops $17.5 Trillion
And Americans Are Feeling The Strain
You’ve got to give credit to Visa, Mastercard, Discover and Amex.
They’ve managed to build one heck of a booming economy.
Despite surging price inflation, “resilient” American consumers have managed to keep spending money, driving “strong” economic growth – thanks to their credit cards.
 But there's a problem. Americans are having an increasingly hard time keeping up with the bills.Household debt rose by another $212 billion in the fourth quarter of 2023, surging to a record $17.5 trillion, according to the latest data from the New York Fed.
Crony Capitalism for the elites....debt slavery for the cattle.
GOOD POST BRO
AMERICANS JUST FOLLOWING THE GLOBALIST PLAN FOR ECONOMIC MELTDOWN JUST AS THE D.C. SWAMP PRINTS AND SPENDS AGAIN AND AGAIN. THE DEBT STARTS AT THE TOP AND FILTERS DOWN TO THE SOON TO BE PEONS OF AMERICA.
 

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righteous

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righteous said:
Sumela » 12 Feb 2024, 6:12 pm » wrote: Holy ****.  I recall Biden was the credit card cos point man in Congress in the 80s when they

widened the ability of more people to obtain CCs.  I may be wrong.
I THINK THEY WERE PUSHING TRAVEL WITH CREDIT CARDS. THE PRIME LENDING RATE WAS 15 PERCENT AND FED CHAIR VOLCKER WAS TRYING TO STOP INFLATION. I REMEMBER CREDIT CARD RATES AT 17 PERCENT.
ONE THING TO REMEMBER, AT THE TIME, INTEREST ON CREDIT CARDS WAS REPORTABLE ON INCOME TAX FILING. THATS LONG GONE.
 

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Fuelman

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Fuelman said:
Fuelman » 12 Feb 2024, 7:02 pm » wrote: That plastic gives people a false sense of wealth to their own detriment.

The wife and I played the game and probably have $150k in open credit cards. They can be a useful tools if used wisely and have the income.
:rofl:   :rofl:  Too bad your dumb *** had to go through the school of hard knocks before you learned that little bit of wisdom!
 

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Sumela

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Sumela said:
Fuelman » 12 Feb 2024, 10:28 pm » wrote: Image   Image  Too bad your dumb *** had to go through the school of hard knocks before you learned that little bit of wisdom!
Posting to yourself?  

GLORIOUS! :clap:  
 

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Fuelman

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Fuelman said:
Sumela » 12 Feb 2024, 10:38 pm » wrote: Posting to yourself?  

GLORIOUS! Image
Just eating a slice of humble pie. You can do a lot of damage on the credit cards with a high household income.

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Vegas

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Giant Slayer
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Vegas said:
Sumela » 12 Feb 2024, 12:18 pm » wrote: Household Debt Tops $17.5 Trillion
And Americans Are Feeling The Strain
You’ve got to give credit to Visa, Mastercard, Discover and Amex.
They’ve managed to build one heck of a booming economy.
Despite surging price inflation, “resilient” American consumers have managed to keep spending money, driving “strong” economic growth – thanks to their credit cards.
 But there's a problem. Americans are having an increasingly hard time keeping up with the bills.Household debt rose by another $212 billion in the fourth quarter of 2023, surging to a record $17.5 trillion, according to the latest data from the New York Fed.
Crony Capitalism for the elites....debt slavery for the cattle.

We go by the old principle: "if you can't afford it, then don't buy it." 

We live in a rental home. Our cars are used, but in great condition. In fact, one of them will hit 300k miles soon. No credit cars. 

Banks hate us.  :D  
 

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walkingstick

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walkingstick said: why oh why do people go in bad debt? i understand, if you can make three times on your money, or more, on safe debt. but to buy consumer items with debt is insanity. pay cash for cars, food, tv sets and all stuff. or be a slave.

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31st Arrival

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31st Arrival said: Economics has always been an intellectual tool used ancestrally forward since dawn of civilization not inception of this species. Understand the separation by generation gaps took to achieve what it does globally here today.

Key to understanding economics is Intellectual time management of people adapting as displaced for the ancestral time each specifically exists forward here now..

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Sumela

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Sumela said:
Vegas » 13 Feb 2024, 10:18 am » wrote: We go by the old principle: "if you can't afford it, then don't buy it." 

We live in a rental home. Our cars are used, but in great condition. In fact, one of them will hit 300k miles soon. No credit cars. 

Banks hate us.  Image
Dam bro - that takes lots of discipline.  Well done.

Yes sir, they do.  They are vampires - we are the host.  NeoLiberalism.
 

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Sumela

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Sumela said:
Fuelman » 13 Feb 2024, 10:14 am » wrote: Just eating a slice of humble pie. You can do a lot of damage on the credit cards with a high household income.
Never had a CC problem. 
BUT, had one really stupid investment, which is too embarrassing to discuss here. :ninja:  
 

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31st Arrival

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31st Arrival said: oops edit didn't go as planned.
Last edited by 31st Arrival on 13 Feb 2024, 11:06 am, edited 1 time in total.