Americans now owe $1.13 trillion in credit card debt
Gee, I guess slamming the brakes on the working man with high interest rates (thank the central bank!) screwed all the working class. And most of us still haven’t had a fucking chance to recover after Covid and war have fucked our finances, and honestly, it’s not like we’re all getting raises.
That’s exactly it. The Federal Reserve is like “this is the only tool we have to control inflation”, meanwhile the fuckheads at our Congress and Senate are like “40% of inflation is solely attributable to corporate profits, but our donors don’t like talking about that sooo”.
Inflation gets reigned in by fucking over the people least able to cope with job loss, insurance cost spikes, etc.
The judicial and legislative branches can get dry fucked by cactus and balsa wood for all I care, almost all of them.
let’s goooo
it’s a gamble, sure, but i’m waiting until climate change gets bad enough that their server farms get destroyed and our debts with it
The first rule of Project Mayhem is you do not ask questions, sir.
Per card? Or total across multiple cards?
I had a $6,000 bill on one card, paid in full last month, but it was one of those one year 0% interest checks that I had used to pay off a large electrical project.
The rest of my cards have negligible debt. I try to pay off everything every pay day, but I recognize not everyone can do that.
I assume it’s total outstanding debt divided by credit card holder. Kids, never carry a balance on your CC. Do not accept 20% as a reasonable loan. Spend against your budget, save up for big purchases and pay your CC bill in full!
Those are rookie numbers.
The concept of credit card sound stupid . Here barely any use them . We use debit card .
There are a couple benefits to a credit card as long as you are paying them off and not using them when you don’t actually have the money to pay them off.
- It can improve your credit score which is important if you ever plan on buying a house, so you can get a loan.
-There usually aren’t any fees for using the card like most debit cards have (at least where I live).
- many credit cards offer a reward system which you can use to get free stuff, or sometimes just cash back. I have a dividends and get a percentage back on every purchase up to a maximum.
So as long as you pay them off monthly, using a CC instead of debit can actually save you money and be a good thing. It’s when you can’t pay them off, and instead just meet the minimum payments that they become a problem since they have crazy interest rates.
It’s often the other way around in yurop. Debit cards are free or cheap, credit cards aren’t. Credit card scores aren’t a thing. They mainly look at job status, income, savings, family money when considering giving a loan for house purchase. There are credit scores and blacklists, but it’s more a background bank and government thing, not a game in your banking app.
Anyone know how they calculate it? Average of all credit card holders? All US households? Average of all those behind on payments?
