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Started By
Message
Credit Card debt reaches $1.14 Trillion
Posted on 8/8/24 at 4:16 pm
Posted on 8/8/24 at 4:16 pm
20
Posted on 8/8/24 at 4:44 pm to RebelExpress38
.14 is on me guys. sorry.
Posted on 8/8/24 at 4:51 pm to RebelExpress38
And anything which is carried over is getting hit with 20%+ interest.
Posted on 8/8/24 at 4:53 pm to RebelExpress38
All that stimulus raised people's standards of living and then doubled down with crazy inflation to follow up while people were struggling to readjust their spending habits.
Posted on 8/8/24 at 4:55 pm to RebelExpress38
Does that include full balance payers? I can’t even imagine carrying credit card debt at the rates they are charging.
Posted on 8/8/24 at 4:55 pm to RebelExpress38
Not really important without knowing the delinquency rate.
Posted on 8/8/24 at 4:56 pm to RebelExpress38
While not great, it does appear that we haven't topped a record when adjusted for inflation. Very very close, though.
Posted on 8/8/24 at 5:19 pm to RebelExpress38
I have zero credit card debt and will never have it. I will live in a tent before that happens
Posted on 8/8/24 at 5:45 pm to Beessnax
Zero here
Posted on 8/8/24 at 5:52 pm to Beessnax
quote:that would be me too. I grew up financially literate so it completely blew my mind when I find out friends of mine live off of credit card debt. Don’t know how it was brought up but one of the couples we know told my wife they have over $30k of credit card debt and they already have 2 kids. That was at least a couple years ago now too. Makes me sad for them yet they have all the material things I have and live comfortably. You never know the people that are in debt but it’s more than you know. We’re young millennials though so imagine they’ll learn eventually or just never be able to retire.
I have zero credit card debt and will never have it. I will live in a tent before that happens
Ignorance is bliss because I stress over money enough as it is. I think I would literally die from stress if I lived like that
Posted on 8/8/24 at 6:10 pm to LSURussian
Don't agree. Valid concern, but this debt number is concerning all on its own. Delinquency rates are rising, but the amount of debt is affecting disposable income regardless of delinquency rates. Consumer spending is a huge piece of GDP and people will start spending less soon. Unless they remain bat-shite crazy with their spending.
Posted on 8/8/24 at 6:26 pm to KWL85
Zero debt here. I can get kicked out of a bank for not wearing a shirt or shoes and suffer nothing.
Posted on 8/8/24 at 6:27 pm to Tangineck
quote:
All that stimulus raised people's standards of living and then doubled down with crazy inflation to follow up while people were struggling to readjust their spending habits.
Right...other than the chart completely obliterating the first half of your statement...
Posted on 8/8/24 at 6:47 pm to RebelExpress38
Not me
Posted on 8/8/24 at 6:53 pm to RebelExpress38
Mine is about $350.00
Posted on 8/8/24 at 9:33 pm to RebelExpress38
Cannot fathom carrying credit card debt.
Posted on 8/8/24 at 11:22 pm to KWL85
quote:
Consumer spending is a huge piece of GDP and people will start spending less soon.
I made a point to begin noticing, roughly 5 months ago, to look at people’s carts in the grocery. Nobody is buying a whole lot at once anymore.
Anecdotal, but maybe a sign as well.
Posted on 8/8/24 at 11:33 pm to BamaCoaster
I have noticed the same. There will be many used Yukons and Tahoes soon.
Travel ball coaches will be out of jobs.
Travel ball coaches will be out of jobs.
Posted on 8/8/24 at 11:41 pm to RebelExpress38
Collection agencies have to be through the roof.
Posted on 8/9/24 at 5:31 am to Who_Dat_Tiger
quote:
I grew up financially literate
I did not, which is the major problem here. Why isn’t this a bigger focus in school (rhetorical question because I think I know why)
I had to learn everything on my own, which set me back at least a decade on financial wealth.
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