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Started By
Message
re: Credit Card debt reaches $1.14 Trillion
Posted on 8/9/24 at 7:02 pm to Tangineck
Posted on 8/9/24 at 7:02 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.
This right here. I’ll admit I was one of the degenerates who got caught in the trap. Made some really dumb decisions and ended up carrying interest and fees that were unfathomable. Almost cost me my marriage and family. A year and a half ago we slashed everything. Anything we didn’t need to live, we got rid of. Then, miraculously, we learned we were happier without the things we thought we needed. I paid off the last of my CC debt last week. Probably the greatest feeling of my life. I cried when I made the payment and did it all without bankruptcy or consolidation loans. Never again will I fall into that trap.
The problem is, many people really lack the ability to self govern to do what we did and escape. And I mean that seriously. Escape is the right word because it’s a prison and avalanche of depression that comes with that debt. I wish I could somehow pay it forward and show people the way out, but the fact is it takes really hard decisions and support.
2
Posted on 8/9/24 at 9:19 pm to 9Fiddy
Congratulations man. 
Posted on 8/9/24 at 9:32 pm to RebelExpress38
I have zero credit card debt
Posted on 8/10/24 at 12:16 pm to 9Fiddy
9Fiddy
Congrats man, working debt off like that tends to stick with you forever. A lot of us also learned the hard way.
Congrats man, working debt off like that tends to stick with you forever. A lot of us also learned the hard way.
Posted on 8/11/24 at 2:15 am to RebelExpress38
My credit usage stays below 10% of my available credit. Mainly use credit cards like a bank card to get points and cash back. You can make your credit make money for you if you do it right
Posted on 8/11/24 at 2:52 am to RebelExpress38
I put everything on mine, and pay the balance twice a month. Been doing so since you could get cash back and haven’t paid a cent of interest.
While I know some businesses have a surcharge advertised for CC use that gets added if you use it, I’d expect almost every business just prices it into their costs to account for it.
While I know some businesses have a surcharge advertised for CC use that gets added if you use it, I’d expect almost every business just prices it into their costs to account for it.
This post was edited on 8/11/24 at 2:53 am
Posted on 8/11/24 at 4:49 am to llfshoals
It takes discipline and restraint which most people do not have
And keeping up with the joneses of buying shite you don’t need in order to show off to other people is how people get into a hell of a mess
And keeping up with the joneses of buying shite you don’t need in order to show off to other people is how people get into a hell of a mess
Posted on 8/11/24 at 9:27 am to RebelExpress38
Good news on the credit stress front.
According to PitchBook and Apollo Chief Economist Torsten Slok, defaults are down from 4% to 5% in July 2020 to 1% to 2% recently. This was seconded by Steven Ricchiuto, chief economist at Mizuho Securities USA, who wrote in a client note that the inverted yield curve (short-term yields higher than longer-term ones) has not caused issues that have "been overblown by the doom and gloom crowd who dominate the tabloid financial press." He said in an interview with Barron's that the Sahm rule, which monitors unemployment upticks for signs of recession, has offered "useful but not definitive" signals of economic contraction. Even Claudia Sahm, creator of the rule, says the US is not in a recession, but thinks it's time for the Fed to cut rates to avoid one.
According to PitchBook and Apollo Chief Economist Torsten Slok, defaults are down from 4% to 5% in July 2020 to 1% to 2% recently. This was seconded by Steven Ricchiuto, chief economist at Mizuho Securities USA, who wrote in a client note that the inverted yield curve (short-term yields higher than longer-term ones) has not caused issues that have "been overblown by the doom and gloom crowd who dominate the tabloid financial press." He said in an interview with Barron's that the Sahm rule, which monitors unemployment upticks for signs of recession, has offered "useful but not definitive" signals of economic contraction. Even Claudia Sahm, creator of the rule, says the US is not in a recession, but thinks it's time for the Fed to cut rates to avoid one.
Posted on 8/11/24 at 9:44 am to RoyalWe
quote:
wrote in a client note that the inverted yield curve (short-term yields higher than longer-term ones) has not caused issues that have "been overblown by the doom and gloom crowd who dominate the tabloid financial press."
Recessions generally don't begin until 6-12 months after the yield curve uninverts. While the curve is closer to uninverting than it has been since it inverted just over two years ago, yields are still inverted so he's jumping the gun a bit on this point.
Posted on 8/11/24 at 11:06 am to Bard
Labor metrics haven't convinced me to be worried, especially with rate cuts on the horizon.
Posted on 8/11/24 at 12:33 pm to RebelExpress38
Me and my wife probably put 20-25k/mo on credit cards. But we pay it off every month too, so I’m not sure if people like us are lumped into that number.
This post was edited on 8/11/24 at 12:40 pm
Posted on 8/11/24 at 4:52 pm to RebelExpress38
I got $5k but no interest so its gonna sit there for another year
Posted on 8/11/24 at 5:35 pm to llfshoals
quote:
I put everything on mine, and pay the balance twice a month.
Is there a reason why you pay the balance twice a month instead of just auto-pay at the due date?
Posted on 8/12/24 at 5:11 am to RoyalWe
quote:
Labor metrics haven't convinced me to be worried, especially with rate cuts on the horizon.
70% of the last rise in UE was cutting temp positions. In that light, the increase isn't nearly the signal for a rate cut it was initially reported to be. That said, the big number is going to be inflation. If it comes in at or above 3% again, a September cut is off the table.
Posted on 8/12/24 at 6:46 am to Bard
Bard, I usually review BLS's "The Employment Situation" when I'm interested in labor statistics. I might dive into FRED or the JOLTS report every now and then. I'm curious if the information is right in front to my face and I just don't see it or if I'm interpreting things differently from you. All to say, where did you get the information on UE re: temp positions? I am not an economist, but I play one on TD. Thanks.
Posted on 8/12/24 at 7:03 am to RoyalWe
quote:
I am not an economist, but I play one on TD.
Posted on 8/12/24 at 7:41 am to RoyalWe
quote:
All to say, where did you get the information on UE re: temp positions?
Loading Twitter/X Embed...
If tweet fails to load, click here. The quick takeaways I get from this are that the UE report wasn't as strong as the Fed was expecting (making the upcoming CPI read even more important when considering the possibility of a September cut) and that Cali's economic issues are starting to snowball (a recession on the horizon coming in at the same time they are facing budget a massive budget shortfall) and will likely be a massive clusterfrick as the state tries to fight its liberal/progressive political tendencies to spend fricktons of money on "solutions" to poverty (homelessness and drug addiction, primarily) which end up being little more than payoffs for friends and allies.
The old view was that Cali's economy was a few years ahead of that of the rest of the country. That's likely changed a bit with so much out-migration from the state, but to what extent is what we'll see over the next 12-24 months.
Posted on 8/12/24 at 8:51 am to RebelExpress38
Not me ole boy.
Posted on 8/12/24 at 9:01 am to Bard
Thank you, sir.
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