Economy US credit card debt hit a record high

[Yehudim]

i'm not right wing and this is not a conspiracy theory interest based financial system is a new form of slavery.

Taking out a loan is just like being forced to harvest cotton

 

[ShadowRun]

I thought the inflation act and Biden’s booming economy would solved a lot of this ..

 

[brackis1]

i'm not right wing and this is not a conspiracy theory interest based financial system is a new form of slavery.

The rothschild conspiracy is a right wing antisemite "banking" conspiracy.
Learning how to use the shift key is a good first step to not being a slave lmao.

 

[nihilistxn85]

Taking out a loan is just like being forced to harvest cotton

Go research Federal Reserve System.
international banking cartel owns everything you work for them they own you.

 

[Yehudim]

Go research Federal Reserve System.
international banking cartel owns everything you work for them they own you.

Look up my username, you think I‘m not already familiar with that?

 

[UFCUCF]

Massive consumer borrowing props up the system and is good for everyone -- except the poor folks paying interest on their debt.

 

[jimjamjammer]

Household debt up overall too, biggest qtr increase in 20years.
While it won't tell us anything we don't know - since it is two months delayed and we already get monthly updates from the Fed via the G.19 statement - this morning the NY Fed published its quarterly Household Debt and Credit report, which showed that total household debt in the fourth quarter of 2022 rose by 2.4% or $394 billion, the largest nominal quarterly increase in twenty years, to a record $16.90 trillion. Balances now stand $2.75 trillion higher than at the end of 2019, before the pandemic recession.
https://www.zerohedge.com/markets/c...d-169-trillion-young-borrowers-struggle-repay

 

[Topguntrophey]

This is by design

 

[panamaican]

I wish I had a rich dad

If you had a rich dad, you wouldn't be putting a bunch of stuff on your credit card to begin with. You'd be putting it on his, lol.

 

[method115]

I didn't think I had to, but he wasn't. I'm just not an idiot. I figured out America's built in capitalism scams before most of you.

I didn't figure it out until 19. Opened a bank account and BOA offered me a CC and I said sure. Maxed it out quickly and never paid it off. Eventually it fell of my credit report and that was that. I was to poor for BOA to ever come after me for it. Basically BOA gave me a free $3000.

 

[Scheme]

If you had a rich dad, you wouldn't be putting a bunch of stuff on your credit card to begin with. You'd be putting it on his, lol.

I'd think you'd use your own to build up your credit score

 

[Rational Poster]

I didn't figure it out until 19. Opened a bank account and BOA offered me a CC and I said sure. Maxed it out quickly and never paid it off. Eventually it fell of my credit report and that was that. I was to poor for BOA to ever come after me for it. Basically BOA gave me a free $3000.

I never took a car loan, student loan, etc. I just saved up cash, put it on my card, and then paid it off.

My CC got a little out of control in like 2008-2009, not because the GFC, but because I was a NEET for a bit and traveled to Canada and stuff on credit. But when I got a job I paid it off the first year. Was in Vancouver partying when Obama was elected.

I have a mortgage now, but it's a killer low rate 20 year mortgage since my credit score is over 800.

 

[panamaican]

I'd think you'd use your own to build up your credit score

Why? You can build your credit score up with plenty of other things. A mortgage, for example.

I'm not knocking the CC thing, my comment was more tongue in cheek.

But, as someone who has walked this path, when I had a credit card, my name was on it but my parents paid the bill. My wife is the same, the only credit card she had for years, her parents paid the bill. Once kids get past that stage, their credit should already be pretty solid. They're working, buy a house and a car and you build credit by paying them off. Get a credit card for the bonuses, not for credit.

Obviously, I'm not saying that everyone can or should do that. Just one set of experiences available to those whose parents can afford to handle the additional expenses for their kids without burdening themselves.

 

[PG29 red0 Jr]

Credit cards are great. I refuse to have a debit card.

"Their money, vs my money"

 

[A Very Serious Cat]

It's not surprising given the amount of financial illiteracy I've encountered from otherwise intelligent people

 

[method115]

I never took a car loan, student loan, etc. I just saved up cash, put it on my card, and then paid it off.

My CC got a little out of control in like 2008-2009, not because the GFC, but because I was a NEET for a bit and traveled to Canada and stuff on credit. But when I got a job I paid it off the first year. Was in Vancouver partying when Obama was elected.

I have a mortgage now, but it's a killer low rate 20 year mortgage since my credit score is over 800.

Very nice. I didn't get my credit together until long after that. Fucked it up really bad into the mid 500's. Had to get like a $300 walmart CC to get it back up and an express CC as well. Basically anybody who would give me one. Eventually got it to mid 700's.

 

[NickNick]

From pretty much the point I had money and a credit card I always viewed them as essentially debit cards. I only ever carry a balance on a CC if I have an 0% APR introductory rate otherwise they are paid in full every month. It's crazy that some people (especially those that can afford paying them off) view them in a completely different way and get smacked with interest rates. I get that for a chunk they have no other choice but to use a CC to get by some for some, it's just stupidity.

 

[Swiftie]

If you're smart, you can make money off your credit cards. The key is paying off your balance in full every month. I use my credit cards for all my purchases to get cash back, airline miles and other perks.

 

[evansusmc2]

I refuse to own a credit card. Never have never will.

 

[Scheme]

I didn't figure it out until 19. Opened a bank account and BOA offered me a CC and I said sure. Maxed it out quickly and never paid it off. Eventually it fell of my credit report and that was that. I was to poor for BOA to ever come after me for it. Basically BOA gave me a free $3000.

Free for you, but the effects of your actions expanded to the entire population are why credit card interest rates are so high. Because they bake in the loss of stories like yours into the rate.