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re: Credit scores decrease for the first time in a decade; borrowers fall behind on payments

Posted on 3/6/24 at 12:26 pm to
Posted by Hogwall Jackson
Denver
Member since Feb 2013
5057 posts
Posted on 3/6/24 at 12:26 pm to
Seems like credit card debt is at an all time high, car payments & mortages at all time highs yet nothing has broken yet.

When will it all come crashing down? Just seems like everyone is going further and further into debt to live but everything is still moving forward.
Posted by The Pirate King
Pangu
Member since May 2014
57793 posts
Posted on 3/6/24 at 12:29 pm to
See anything interesting about this picture? Biden took office January 2021.

Posted by JohnnyKilroy
Cajun Navy Vice Admiral
Member since Oct 2012
35558 posts
Posted on 3/6/24 at 12:31 pm to
Your graph shows we had a then record level of CC debt in 2019.

Was the economy shite back then or not?
Posted by fareplay
Member since Nov 2012
4936 posts
Posted on 3/6/24 at 12:32 pm to
Inflation and debt are lagging indicators.
Posted by JohnnyKilroy
Cajun Navy Vice Admiral
Member since Oct 2012
35558 posts
Posted on 3/6/24 at 12:35 pm to
CC debt is also below Q4 2019 in real terms.



It's weird as hell that some posters bitch about inflation constantly, but then ignore it when it comes to things like this.
Posted by GreatLakesTiger24
One State Solution
Member since May 2012
55845 posts
Posted on 3/6/24 at 12:38 pm to
finally crossed into the 800s after being stuck at 780 for a few years (not that it really helps me in any way)
Posted by Relham10
Ridge
Member since Jan 2013
15789 posts
Posted on 3/6/24 at 12:38 pm to
quote:

this the thread where I brag about my 831 score?

Soccer board with the other gahays
Posted by fareplay
Member since Nov 2012
4936 posts
Posted on 3/6/24 at 12:45 pm to
Rather worry about dem or Republican politics while paying $20 for five guys
Posted by Pedro
Geaux Hawks
Member since Jul 2008
33717 posts
Posted on 3/6/24 at 12:48 pm to
Biden about to pass a law giving everyone a free 100 point bump.
Posted by notiger1997
Metairie
Member since May 2009
58268 posts
Posted on 3/6/24 at 12:50 pm to
quote:

Biden about to pass a law giving everyone a free 100 point bump.




Only if you fit into one of the key "special groups".
Posted by Warboo
Enterprise Alabama
Member since Sep 2018
2403 posts
Posted on 3/6/24 at 12:51 pm to
quote:

Your graph shows we had a then record level of CC debt in 2019.

Was the economy shite back then or not?




The economy was great back then. CC debt was high but the economy was kicking so people were able to make their CC payments. How is that working out for everyone under turnips economy? Ill hang up and listen.
Posted by The Baker
This is fine.
Member since Dec 2011
16185 posts
Posted on 3/6/24 at 12:51 pm to
quote:

CC debt is also below Q4 2019 in real terms. It's weird as hell that some posters bitch about inflation constantly, but then ignore it when it comes to things like this.


Yeah but wages haven’t changed much. People are in more debt.
Posted by LSUFanHouston
NOLA
Member since Jul 2009
37161 posts
Posted on 3/6/24 at 12:52 pm to
well late fees are supposedly so out of control that the feds need to step in and cut them.

So no surprise people are falling behind.

Great economy we live in...
Posted by Dairy Sanders
Member since Apr 2022
952 posts
Posted on 3/6/24 at 12:54 pm to
quote:

You’re not Stout.


I had the same reaction lol
Posted by PP7 for heisman
New Orleans
Member since Feb 2011
5445 posts
Posted on 3/6/24 at 12:55 pm to
quote:

I had over 800 until I missed one twenty dollar credit card billing cycle during a move and changing of banks, tanked it to 735 for basically two years.

You know you could have just called your credit card company and gotten that late payment removed, right? I've missed one payment in my life because I changed banks and forgot to switch to the new bank for autopay. Called the credit company and they removed my late payment and reset the counter back to zero.
Posted by JohnnyKilroy
Cajun Navy Vice Admiral
Member since Oct 2012
35558 posts
Posted on 3/6/24 at 12:57 pm to
quote:

Yeah but wages haven’t changed much. People are in more debt.


Wages have outpaced inflation the past 18+ months
Posted by Warboo
Enterprise Alabama
Member since Sep 2018
2403 posts
Posted on 3/6/24 at 12:59 pm to
quote:

Yeah but wages haven’t changed much. People are in more debt.


Wages have outpaced inflation the past 18+ months


Set the pipe down Johnny....people are laughing at you.
Posted by Jcorye1
Tom Brady = GoAT
Member since Dec 2007
71506 posts
Posted on 3/6/24 at 1:03 pm to
quote:

You know you could have just called your credit card company and gotten that late payment removed, right? I've missed one payment in my life because I changed banks and forgot to switch to the new bank for autopay. Called the credit company and they removed my late payment and reset the counter back to zero.


I did, and it was too late. It was with my credit union that I liked, but them not helping me out irked me after 13 years of banking, I moved all my money out the next day.
Posted by JohnnyKilroy
Cajun Navy Vice Admiral
Member since Oct 2012
35558 posts
Posted on 3/6/24 at 1:04 pm to
quote:

The economy was great back then


Then why did CC debt go up by about 30% to a new record high.

If the economy was great, shouldn’t that be going down?
Posted by Longhorn Actual
Member since Dec 2023
941 posts
Posted on 3/6/24 at 1:14 pm to
quote:

I have an 840 credit score and my wife has a 838.



I'm happy to give your wife the remaining 12.

Inches.
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