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Started By
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Americans’ credit card debt hits a record $1 trillion
Posted on 8/8/23 at 11:14 am
Posted on 8/8/23 at 11:14 am
Not linking the CNN article, but it's on the front page.
During the second quarter, credit card balances shot up by $45 billion, or nearly 4.6%, to land at $1.03 trillion, according to the New York Fed’s latest Quarterly Report on Household Debt and Credit.
Earlier Tuesday, Bank of America reported that more people were tapping their 401(k) accounts because of financial distress. The number of people who made a hardship withdrawal during the second quarter surged from the first three months of the year to 15,950, an increase of 36% from the second quarter of 2022.
Rising credit card debt and auto loan balances helped to drive overall household debt levels up to $17.06 trillion for the quarter, the report showed. Overall household debt has spiked $2.9 trillion since the end of 2019, before the pandemic.
Yeah, this is just fine.
During the second quarter, credit card balances shot up by $45 billion, or nearly 4.6%, to land at $1.03 trillion, according to the New York Fed’s latest Quarterly Report on Household Debt and Credit.
Earlier Tuesday, Bank of America reported that more people were tapping their 401(k) accounts because of financial distress. The number of people who made a hardship withdrawal during the second quarter surged from the first three months of the year to 15,950, an increase of 36% from the second quarter of 2022.
Rising credit card debt and auto loan balances helped to drive overall household debt levels up to $17.06 trillion for the quarter, the report showed. Overall household debt has spiked $2.9 trillion since the end of 2019, before the pandemic.
Yeah, this is just fine.
46
Posted on 8/8/23 at 11:16 am to BearCrocs
Too many people want to live above their means. Too many dumbasses taking car notes and mortgages for things they can’t afford, all so they can brag on social media and say, “hey look at this luxury car I just bought” or “look at me taking this super expensive trip I took to Europe that I can’t afford without using an American Express card!” All powered by narcissism and insecurity
This post was edited on 8/8/23 at 11:22 am
Posted on 8/8/23 at 11:16 am to BearCrocs
Ouch 
We are feeling the squeeze for sure. Stay at home mom is now job hunting. Groceries make me want to hang myself every week.
We are feeling the squeeze for sure. Stay at home mom is now job hunting. Groceries make me want to hang myself every week.
Posted on 8/8/23 at 11:16 am to BearCrocs
This is all a ticking time bomb
Posted on 8/8/23 at 11:18 am to BearCrocs
quote:This isn't a lot of people, given our country's size...regardless, this is a terrible thing to do.
The number of people who made a hardship withdrawal during the second quarter surged from the first three months of the year to 15,950,
What is likely interest rate on this credit card debt?
This post was edited on 8/8/23 at 11:27 am
Posted on 8/8/23 at 11:18 am to BearCrocs
Good lord. WTF do people buy? I get really mad sometimes that I don't have as much as others but shite like this makes me think everyone that looks rich is fricking up to the nose in debt.
Posted on 8/8/23 at 11:19 am to BearCrocs
Posted on 8/8/23 at 11:22 am to BearCrocs
This is what happens when you don’t educate your children on finances, don’t raise wages to keep up with insane inflation and create a society where everyone thinks they are entitled to a nice car and a house
Posted on 8/8/23 at 11:23 am to BearCrocs
quote:
Americans’ credit card debt hits a record $1 trillion by BearCrocs
GREATEST ECONOMY EVER!!!!!!
Eta
People are idiots
This post was edited on 8/8/23 at 11:25 am
Posted on 8/8/23 at 11:23 am to BearCrocs
Yeah but Braxxtyn REALLY needed that new bat for travel bawl
Posted on 8/8/23 at 11:25 am to BearCrocs
Like I said in another thread, wages don’t keep up with inflation and people can’t curb their appetite for consumption. Debt is the only thing that can expand. Inflation will not leave until creditors start tightening up. The US government lives the same way, how do you expect their dumb arse citizens to live any different?
Posted on 8/8/23 at 11:25 am to JasonDBlaha
quote:
Too many people want to live above their means. Too many dumbasses taking car notes and mortgages for things they can’t afford, all so they can brag on social media and say, “hey look at this luxury car I just bought” or “look at me taking this super expensive trip I took to Europe that I can’t afford without using an American Express card!” All powered by narcissism and insecurity
I certainly agree living above your means plays a significant role in that number, I just also believe that the god awful economic policies put forth by our federal government recently have put people into a financial bind.
Posted on 8/8/23 at 11:26 am to BearCrocs
Helicopter money has consequences.
Posted on 8/8/23 at 11:27 am to tigafan4life
quote:
Good lord. WTF do people buy? I get really mad sometimes that I don't have as much as others but shite like this makes me think everyone that looks rich is fricking up to the nose in debt.
Lots and lots of people owe lots and lots of money for sure.
Posted on 8/8/23 at 11:28 am to JiminyCricket
quote:
I certainly agree living above your means plays a significant role in that number, I just also believe that the god awful economic policies put forth by our federal government recently have put people into a financial bind.
We've been destroying the value of our currency for decades. Covid just accelerated this eventuality
Posted on 8/8/23 at 11:28 am to BigPerm30
quote:by not borrowing money to buy shite you can’t afford. It’s not that complicated
The US government lives the same way, how do you expect their dumb arse citizens to live any different?
if your bills are too high you have two choices
-change your lifestyle to lower those bills
-get a higher paying job
Both require sacrifices and hard work which most people are allergic to
Posted on 8/8/23 at 11:30 am to BearCrocs
Zeroed out both of my Cap One cards last week. Planning to zero out the Chase card next week.
Posted on 8/8/23 at 11:32 am to BearCrocs
Zero fault of the government or inflation.
100% fault of idiot, selfish, greedy consumers.
100% fault of idiot, selfish, greedy consumers.
Posted on 8/8/23 at 11:33 am to BabyTac
quote:
100% fault of idiot, selfish, greedy consumers.
I think people do not realize just how much they really can live without.
Posted on 8/8/23 at 11:34 am to BearCrocs
I don't know how people live with the looming bills I can't afford coming every month.
I think it's the person moreso than wages. No matter how much you pay these people, they will always essentially be broke
I think it's the person moreso than wages. No matter how much you pay these people, they will always essentially be broke
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