Economy US credit card debt hit a record high

Cherry Brigand

Cherry Brigand

Silver Belt
@Silver
Joined
Sep 9, 2009
Messages
10,783
Reaction score
25,583
Sauce.

Americans are relying on credit cards more than ever. But as prices remain stubbornly high, they're also having trouble making payments on time.

In the last quarter of 2022, credit card balances increased by $61 billion to $986 billion, a record high according to the New York Federal Reserve Bank's Quarterly Report on Household Debt released on Thursday. The previous high for credit card balances was set before the pandemic at $927 billion.
Click to expand...

We pay off our credit card balances monthly, but it has been getting more difficult. We are getting hammered by inflation on food and energy especially. 2023 is gonna be a rollercoaster and I'm hoping to be above a zero balance in my bank account by the end of it. That will be a success for me.
 
Edmond_Dantes said:
Like many Americans, back in my younger days I inundated myself in colossal CC debt.

had no idea what APRs were, or the magnitude of late payments, interest, debt to income ratio and how it impacts your credit score.

this should also be taught in schools.
Click to expand...
It should be taught at home, because that's where you actually learn these things, and not in 45 mins of teaching for one year.

Teachers often say really important, profound shit that we can't fully grasp as teenagers, half asleep in a classroom we don't want to be in.
 
Credit-card debt hit a new high in 2019, fell a lot because of the recession, and started rising again in Q1 2021. Just topped the 2022 level. Previous peak was before the GFC, then it cratered, then it started climbing again as we recovered. That should tell you a bit about what it means.
 
I think lack of education on the subject of credit leads to a lot of this. People living beyond their means and not having structure or budgets. The rates are crazy too. No way that interest rates should be above 20%. I really don't know of a solution other than more education in high school and college on the subject of credit management and budgeting. I feel like this is only going get worse if nothing is addressed.
 
Edmond_Dantes said:
shit, sorry to hear that. my condolences.
Click to expand...

Appreciated. Wasn't super closer with him, but had no ill will. He worked hard his whole life and wasn't a dead beat after divorce. We had been estranged over the past 5 or 6 years, he was an alcoholic and I didn't even know it was as bad as it was.
 
brackis1 said:
Sounds like you're a slave to right wing conspiracy theories when presented with basic concepts of math.
Click to expand...
i'm not right wing and this is not a conspiracy theory interest based financial system is a new form of slavery.
 
Rational Poster said:
Appreciated. Wasn't super closer with him, but had no ill will. He worked hard his whole life and wasn't a dead beat after divorce. We had been estranged over the past 5 or 6 years, he was an alcoholic and I didn't even know it was as bad as it was.
Click to expand...

I think we all have stories like this.

My father too was an alcoholic, often angry when he drank. however, he was still a solid father in many regards. after I went off to college I would learn later he drank more, didn't know until much later how bad his drinking got.

anyway, dont want to derail.

RIP to your father.
 
You must log in or register to reply here.

Latest posts

Forum statistics

Threads
1,280,652
Messages
58,308,001
Members
175,999
Latest member
joshvegas

Share this page

Back
Top