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Started By
Message
Credit Card debt in US is now One Trillion Dollars
Posted on 2/26/23 at 9:03 am
Posted on 2/26/23 at 9:03 am
ABC News
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quote:
U.S. consumer credit card debt has jumped to nearly $1 trillion, the Federal Reserve Bank of New York said on Thursday. Credit card balances increased more than $60 billion over the three months ending in December, lifting the total amount of U.S. credit card debt to an all-time high of $986 billion, the report found.
quote:
Overall, total household debt increased over the last three months of 2022, jumping 2.4% to nearly $17 trillion, the New York Fed found.
11
Posted on 2/26/23 at 9:04 am to ItNeverRains
Not me
Posted on 2/26/23 at 9:16 am to ItNeverRains
You sure? Just paid off the $100 on mine, mighta dipped back under a trilli
Posted on 2/26/23 at 9:19 am to ItNeverRains
That’s because we pay it off at the end of the month. We still have a few days left
Posted on 2/26/23 at 9:22 am to ItNeverRains
Per capita debt is the better way to look at this
Anyone got a chart of credit card debt per capita?
Anyone got a chart of credit card debt per capita?
Posted on 2/26/23 at 9:30 am to SlidellCajun
quote:
The average credit card user carried a balance of $5,805 over the last three months of 2022, research firm TransUnion found. The figure marked an 11% increase from the previous year.
Per credit card holder is pretty good indicator.
This post was edited on 2/26/23 at 9:34 am
Posted on 2/26/23 at 9:41 am to ItNeverRains
Pay it off in time and collect that free money/rewards. 
Posted on 2/26/23 at 9:47 am to ItNeverRains
Unfortunately, Personal Savings are only measured down to the quarterly level. I wouldn't be shocked to see it going down again after continued high energy and continued rising food prices (along with increasing CC rates).
When Q1 data comes out, if Personal Savings have gone back down significantly while CC debt continues its sharp increase, that could takes us down the path for CC rates to eventually become a major driver for the decrease in Savings.
Posted on 2/26/23 at 9:56 am to GeorgeTheGreek
quote:
Pay it off in time and collect that free money/rewards.
We are the exception, not the rule, when it comes to fiscal responsibility. I’m flying to CA & Bahamas this year on Southwest points without paying them .01 of interest.
But ultimately I will pay for others inability to manage debt for all the reasons those who carry debt cannot
This post was edited on 2/26/23 at 10:03 am
Posted on 2/26/23 at 10:05 am to ItNeverRains
Yep, credit card companies call us responsible ones "deadbeats". How about that?
Posted on 2/26/23 at 11:12 am to ItNeverRains
I wonder why none of these thread ever mention that credit card delinquencies are near all time lows and lower than pre-pandemic? Hmmmm.
Posted on 2/26/23 at 11:43 am to JohnnyKilroy
quote:
I wonder why none of these thread ever mention that credit card delinquencies are near all time lows and lower than pre-pandemic? Hmmmm.
Had nothing to do with policies enacted during pandemic right? Not increasing since pandemic was declared over quarter over quarter right? Trend going to continue in 2023 right?
Fox Business 2023 Credit Delinquencies.
Reuters - Delinquencies 2023
About 20 more available on a generic Google search from every major financial forecast out there. Maybe we should just print as much as we did and not make people pay their bills like during the pandemic so you can spike the football on a technicality.
This post was edited on 2/26/23 at 11:45 am
Posted on 2/26/23 at 12:52 pm to ItNeverRains
^^^ This appears to be what’s ahead of us. I am of the opinion Weaning off cheap credit and free gov cash will hurt.
Posted on 2/26/23 at 1:25 pm to JohnnyKilroy
quote:
I wonder why none of these thread ever mention that credit card delinquencies are near all time lows and lower than pre-pandemic? Hmmmm.
Because that would be the ultimate in cherry-picking data since those delinquencies are on sharp rise (the last time there was a rise this sharp was just prior to the sub-prime bubble popping).
Now add that sharp rise to the sharp increase in overall credit card debt as well as sustained high energy prices and still-increasing food prices and what does that tell you?
Posted on 2/26/23 at 1:28 pm to ynlvr
quote:
This appears to be what’s ahead of us. I am of the opinion Weaning off cheap credit and free gov cash will hurt.
My worry is that this administration will be able to push an increase in welfare benefits because of cries for help by the too-spendy populace (just look at how active Travel & Leisure continue to be). That will only make inflation stay stickier longer.
Posted on 2/26/23 at 1:52 pm to Bard
I was told that medicaid money can now be used for food or housing expenses.
If this is accurate that's not only dishonest (because the money is supposed to be for only medical expenses) but also very inflationary
If this is accurate that's not only dishonest (because the money is supposed to be for only medical expenses) but also very inflationary
Posted on 2/26/23 at 2:33 pm to Bard
quote:
Because that would be the ultimate in cherry-picking data
He says in a thread talking about the nominal increase in household debt.
Y'all realize household debt went DOWN last quarter in real terms, right?
ETA: Since EOY 2019, outstanding CC debt has gone up 6.4% in nominal terms. Inflation has gone up 16.4% in the same time period.
This post was edited on 2/26/23 at 2:52 pm
Posted on 2/26/23 at 3:16 pm to ItNeverRains
quote:
The average credit card user carried a balance of $5,805 over the last three months of 2022,
Mine is almost always 0 unless I am using a 0% interest promotion somewhere. I guess the baw I am dancing with has $12K in CC debt.
Posted on 2/26/23 at 3:50 pm to JohnnyKilroy
quote:
He says in a thread talking about the nominal increase in household debt.
Y'all realize household debt went DOWN last quarter in real terms, right?
No, it didn't. Real household debt went down the first and second quarters of 2022, but then went back up in both Q3 and Q4. (as cobbled together from LINK and LINK since the Fed puts the financial stability report out only bi-annually - May and November).
Unless the numbers change quite a bit between now and May's report, it's going to show an increase in real household debt of around 1%-2% in both Q3 and Q4. Furthermore, there's nothing right now which would cause this to change over at least Q1 2023.
This makes sense as increases in real wages have continued to be outpaced by inflation ( since May 2021).
So now I've shown you an increase in real household debt over the last two quarters of 2022, a sharp rise in credit card delinquencies and a sharp increase in overall credit card debt, all in an environment with sustained high energy prices, still-rising food prices and inflation continuing to outpace wage growth.
Again I ask, what does all that information tell you?
EDIT:
quote:
ETA: Since EOY 2019, outstanding CC debt has gone up 6.4% in nominal terms. Inflation has gone up 16.4% in the same time period.
Yet real wages have increased by only ~10%. LINK
This post was edited on 2/26/23 at 4:02 pm
Posted on 2/26/23 at 4:39 pm to Bard
quote:
No, it didn't.
I'm going by the information in the OP.
OP claims household debt went up by 2.4% in Q4 of 2022. Q4 2022 CPE price index (which includes food and energy) was +3.2%.
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