Economy US credit card debt hit a record high

[Blunderbuss]

My mom worked as a banker teller and my dad was very stingy (loved getting my one book from him for Christmas though!) So me and my four siblings all had the importance of financial stability taught to us before we went out on our own. I dont think I've asked for a cent from my parents after leaving for my 2nd year of university. If I make a large purchase (I bought an iMac the other day), I put it on my credit card but I make sure I have the funds to immediately pay off that credit card debt.

I will admit that sometimes i miss out on things that I want, but i always make sure i have enough for the things i need, god willing

 

[Unknown Pleasures]

I was in Uruguay not long ago and there stores offer large discounts if you use credit cards . I'm talking like 5 to 18% off. It blew my mind.

I think what it is is credit card use isn't very popular there, so banks are offering discounts in order to incentivize folks to get cards. Once a critical mass of people become habitual card users, the banks will take that perk away. Seems kind of shady in a way....

 

[Day Drinking]

Of course it's a record high, it's always a record high. That's how inflation works.

 

[Lubaolong]

I got friends with credit cards. The only thing I hear from it is credit card debt. But I’ll take your word for it.

You can get all kinds of benefits and cash back. I put everything on credit and pay it off right away. Just in the last 24 hours, I booked 9 nights at a nice hotel, $5600, 9% cash back = free $500 you wouldn't otherwise have. Also got 10% back on my Ubereats from yesterday.

 

[Unknown Pleasures]

Yeah, from a pure financials perspective you are losing by not using your credit card that has perks.

Basically, credit card companies get fees from merchants when transactions happen. Merchants basically cover this cost through their prices. By paying cash, you are getting the embedded cost from the product, without the reward from using your card.

Differnet cards have different perks, one of the more intriguing ones is stuff that gives you extra points in bars and restaurants. Definitely one that matches my life style along with a travel card I have that I do pay a big annual fee for but it comes with a lot of perks I use.

 

[SSgt Dickweed]

Trump pulling out every play he could so GOP can win the mid-terms.

Trump calls for one-year cap on credit card interest rates at 10%​

WASHINGTON, Jan 9 (Reuters) - U.S. President Donald Trump said on Friday he was calling for a one-year cap on credit card interest rates at 10% starting on January 20 but he did not provide details on how his plan will come to fruition or how he planned to make companies comply.
Trump also made the pledge during the campaign for the 2024 election that he won but analysts dismissed it at the time saying that such a step required congressional approval.

Lawmakers from both the Democratic and Republican Parties have raised concerns about high rates and have called for those to be addressed. Republicans currently hold a narrow majority in both the Senate and the House of Representatives.

There have been some legislative efforts in Congress to pursue such a proposal but they are yet to become law and in his post Trump did not offer explicit support to any specific bill.
Opposition lawmakers have criticized Trump, a Republican, for not having delivered on his campaign pledge.

"Effective January 20, 2026, I, as President of the United States, am calling for a one year cap on Credit Card Interest Rates of 10%," Trump wrote on Truth Social, without providing more details.
"Please be informed that we will no longer let the American Public be 'ripped off' by Credit Card Companies," Trump added.

https://www.reuters.com/sustainability/boards-policy-regulation/trump-calls-one-year-cap-credit-card-interest-rates-10-2026-01-10/

 

[SSgt Dickweed]

https://truthsocial.com/@realDonaldTrump/posts/115868132990949589

Please be informed that we will no longer let the American Public be “ripped off” by Credit Card Companies that are charging Interest Rates of 20 to 30%, and even more, which festered unimpeded during the Sleepy Joe Biden Administration. AFFORDABILITY! Effective January 20, 2026, I, as President of the United States, am calling for a one year cap on Credit Card Interest Rates of 10%. Coincidentally, the January 20th date will coincide with the one year anniversary of the historic and very successful Trump Administration. Thank you for your attention to this matter. MAKE AMERICA GREAT AGAIN! PRESIDENT DONALD J. TRUMP