Almost $13 trillion of the $17.5 trillion US household debt statistic is housing debt. See: mortgages, which are stable, fixed payments, but new ones are more expensive now than they were last year or the year before. The article doesn’t mention this and makes it sound like it’s all credit cards. The Federal Reserve press releases sound like this too. Almost feels like they’re trying to gin up doubt and panic
100% agree but curious on your speculation as to why.
To stop or slow down wage growth. If people are fearful of their economic positions, they’re more likely to stay in lower paying jobs, less likely to take risks like unionizing, and more likely to cope with shitty work environments. Large businesses are playing this game too, where you see layoffs happening all over the place while many of those same businesses record record profits. This keeps their workforces in fear for their livelihoods and makes them easier to keep in line.
Bank bail outs in 3, 2…
Removed by mod
And you’re probably less of a person than a corporation is
Meanwhile my credit card co raised my credit limit by $3k out of the blue the other day…
On some cards I have well over $50K limits. But really only use 1-2% of these limits. I can’t imagine people trying to carry balances on credit cards.
Probably when the CC industry busts my limits will probably get reduced :(
Some people don’t “carry balances” on credit cards, they “carry their lives on credit cards.” Corporations making a killing and people out here getting killed. Being poor is expensive.
They want you to spend more on things you can’t afford and hopefully pay more interest.
American consumers are just learning from what they’ve seen their government do for decades. Put everything in the big credit card.
