re: Americans’ credit card debt hits a record $1 trillion

Sure, so what percentage is on him? The guy I responded to said it was 100% his fault. That’s absurd.

Household debt in this country has gone down twice in the last 20 years. Once was the Great Recession and once was when the government literally paid people 3 big checks during a pandemic and those people paid down debt.

Using tomorrow’s dollars today is the American way, especially in economic expansions.
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Not Biden 100%

People got lazy and didn’t pay the cards cause they thought the system would crash. Or we all die

$1T seems like a fictional number just because of how much that is.

With 300M people in the US, that's $3,333 per person.

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A lot of cards are doing 0% for x months (no idea if there is a contract required to get that though). After that it's something like 15%+.

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This happened to me. We always had debt but it was manageable. Then life events happened and next thing you know I am being sued by my former employer, my wife incurs a ton of medical expenses two years in a row, our family grows forcing us to get a bigger car, health issues with a child which was an expensive fix, and some irresponsible everyday purchases along the way. During this timeframe of several years, I played the game of applying for a 0% intro rate card, and then transferring the balance 12 to 21 months later to a new card with a 0% rate. I would pay down the balances and then transfer it to get a cheap rate.

Well then next thing you know is my company gives a 25% pay cut across the board. Now we are fighting for our life to keep our jobs. Did that for over four years. Fortunately I was never laid off but many people I worked with were not so lucky.

Then my luck ran out, my credit score gradually lowered over time, and then the new introductory 0% cards denied me for new credit, and I am getting hit with a 22% rate. I had to go to a loan shark who got me a 15% rate but charged me a $1500 premium in order for me to get the money. Desperate and handcuffed, I agreed. The spiraling debt caused me to go into depression. I finally I admitted to myself that I totally messed up in life, and an angel appeared and blessed my family with a new business that is now an overwhelming success. I paid everything off in full, and did not have to declare bankruptcy. Now I have no debt besides car notes and a mortgage, and all of my financial accounts increase in value each month. I now have enough savings to live without any income for at least three years, and it keeps growing each month.

Thank the Lord. I appreciate that he gave me a second chance.

Snowballing debt is a horrible feeling. You feel helpless, incompetent, have regret, and anxiety out the wazzoo. It changes your personality, affects relationships, affects you at work, and leads to depression.

Living within your means with less stuff than others gives you a much better feeling of self worth and purpose. Don’t be jealous of the next guy. You don’t know his financial situation (good or bad).

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have prepaid my rent by five months

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Huh. Why would you do that?
Maybe this is why you have to drive a Corolla

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All powered by narcissism and insecurity

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And by an almost zero percent interest rate for 2 decades that taught an entire generation that saving money was stupid.

You can’t keep interest rates down that low for that long without a consequence.

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But to buy an “affordable” truck would be $20k for one with 200k miles…oh and about 10% interest.

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How many people out there with trucks truly need a truck?