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Started By
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re: U.S. credit card debt stands at a record of nearly $1 trillion
Posted on 5/15/23 at 11:50 am to RLDSC FAN
Posted on 5/15/23 at 11:50 am to RLDSC FAN
quote:
The average balance rose to $5,733 over that same period, TransUnion found.
I suspect the graph for credit card debt is highly bimodal.
A lot of people who just run a monthly float of $1-2k of basic expenses because nobody uses cash or checks anymore and it's never been easier to pay the balance each month so might as well collect rewards and points; and
A lot of people who just run up huge balances over $50k buying a bunch of shite they can't afford with no intention of ever paying any of it back.
The proverbial Dave Ramsey caller who got caught in between jobs and is now working like heck to tackle that high interest $7k bill is probably an exception, not the rule.
1
Posted on 5/15/23 at 11:51 am to RLDSC FAN
I've always wondered how this data is collected/reported.
E.g. how much of this debt is just reported balances, which are subsequently paid off monthly vs how much of this debt is carried monthly. Obviously someone charging 5k a month and then paying it off after the statement is different than someone who's carrying a 5k balance every month and collecting interest.
Certainly with the increase use od credit cards in general(vs cash and even debit cards), you'd expect the reported debt to go up over time as the majority of transactions are via a credit card. I'm more interested in knowing how much of this debt is carried on a month to month basis, as I expect that it would still be quite substantial.
E.g. how much of this debt is just reported balances, which are subsequently paid off monthly vs how much of this debt is carried monthly. Obviously someone charging 5k a month and then paying it off after the statement is different than someone who's carrying a 5k balance every month and collecting interest.
Certainly with the increase use od credit cards in general(vs cash and even debit cards), you'd expect the reported debt to go up over time as the majority of transactions are via a credit card. I'm more interested in knowing how much of this debt is carried on a month to month basis, as I expect that it would still be quite substantial.
Posted on 5/15/23 at 11:51 am to castorinho
quote:
What about savings?
Democrats can't forgive savings baw. They will take it though.
Posted on 5/15/23 at 11:51 am to RLDSC FAN
United States is in debt to China for twice that amount.
Posted on 5/15/23 at 11:52 am to BowDownToLSU
quote:Lol. Credit cards are great. Free money if you're responsible
Haven’t had one in over a decade
Posted on 5/15/23 at 11:52 am to Boss
I mean, you don't expect people to buy those Rolexs with cash do you...
Posted on 5/15/23 at 11:53 am to BowDownToLSU
quote:
Haven’t had one in over a decade. Just say no
Weird.
Posted on 5/15/23 at 11:53 am to Puffoluffagus
quote:
I've always wondered how this data is collected/reported.
I'm pretty sure savings are way up too. But not sure if it's at the same rate
Posted on 5/15/23 at 11:54 am to Puffoluffagus
Dont worry guys, im sure the banks will just sell each other the unpaid credit card debts for pennies on the dollar and then just ask the government to bail them out when they cant collect on em.
Posted on 5/15/23 at 11:55 am to RLDSC FAN
I was there twice and it took me multiple years to get out. shite is rough.
Posted on 5/15/23 at 11:56 am to RLDSC FAN
quote:
U.S. credit card debt stands at a record of nearly $1 trillion
My wife and kids right now
Posted on 5/15/23 at 11:59 am to BowDownToLSU
quote:
Haven’t had one in over a decade. Just say no
Just seems irresponsible
Posted on 5/15/23 at 12:01 pm to RLDSC FAN
Then how are all these people affording these house prices. Something isn’t adding up. Stock market sucks, credit card debt record highs, 500k spec homes flying off the market. All the signs are there but the economy keeps going
Posted on 5/15/23 at 12:01 pm to RLDSC FAN
Hell let’s just have the federal gooberment forgive credit card debt along with student loans.
Posted on 5/15/23 at 12:02 pm to Deactived
quote:
Just seems irresponsible
Do you even SkyClub, bro?
Posted on 5/15/23 at 12:03 pm to Jcorye1
quote:
I was there twice and it took me multiple years to get out. shite is rough.
At one point I had near $40K in credit card debt. It took 5 years to get it down. But now I’m at $1500 and will never get that deep in credit debt again.
Posted on 5/15/23 at 12:03 pm to RLDSC FAN
I don't see the big problem. Our government is in more debt than that with no accountability at all.
Posted on 5/15/23 at 12:04 pm to Boss
quote:
The article also states that the average car note is 700 dollars. That is insane.
I am guilty
Loans make the economy boom and eventually crash I guess
Posted on 5/15/23 at 12:04 pm to RLDSC FAN
quote:
Collectively, Americans owe nearly $1 trillion on credit cards.
I owe $0.
Well, I owe ~$1800 right now, but I pay it off at the end of every month.
Posted on 5/15/23 at 12:07 pm to RLDSC FAN
I've got almost $15,000 on mine right now and it's only half way through the month. Thanks for reminding me, I need to call and get an increase. I'll pay it off at the end of the month so it wont matter.
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