Household debt soars at fastest pace in 15 years as credit card use surges, Fed report says

[Crnr2Crnr]

not at our house but

https://www.cnbc.com/2022/11/15/household-debt-soars-at-fastest-pace-in-15-years-as-credit-card-use-surges-fed-report-says.html

 

[Mainecat]

Not here but those people pay for my rewards every month.

cc interest is 27% and some store cards over 30%…..WTF?

[steve from amherst]

3 minutes ago, Mainecat said:

Not here but those people pay for my rewards every month.

cc interest is 27% and some store cards over 30%…..WTF?

It's a stupidity tax.

[DriftBusta]

4 minutes ago, steve from amherst said:

It's a stupidity tax.

Had a young girl in the office yesterday, makes only 40k a year, has 17k in credit card debt, half at 19%, and the rest at 25.9%.  These fucking banks are criminal.  No way she should have gotten that much credit, and no way she should have to pay that much interest.  She'll never get out of debt with #s like that.

[steve from amherst]

1 minute ago, DriftBusta said:

Had a young girl in the office yesterday, makes only 40k a year, has 17k in credit card debt, half at 19%, and the rest at 25.9%.  These fucking banks are criminal.  No way she should have gotten that much credit, and no way she should have to pay that much interest.  She'll never get out of debt with #s like that.

It was a test. She flunked.

[steve from amherst]

2 minutes ago, DriftBusta said:

Had a young girl in the office yesterday, makes only 40k a year, has 17k in credit card debt, half at 19%, and the rest at 25.9%.  These fucking banks are criminal.  No way she should have gotten that much credit, and no way she should have to pay that much interest.  She'll never get out of debt with #s like that.

Let me guess, she has a bacholers degree.

[DriftBusta]

1 minute ago, steve from amherst said:

Let me guess, she has a bacholers degree.

I told her most of her problems would be solved if she had a better paying job.  Doesn't even have a car, works from home, Ubers anywhere she needs to go.  i don't get it.

[Mag6240]

Loan Forgiveness!! 

[steve from amherst]

1 minute ago, DriftBusta said:

I told her most of her problems would be solved if she had a better paying job.  Doesn't even have a car, works from home, Ubers anywhere she needs to go.  i don't get it.

Prolly also pays grub hub to bring here a coffee

[DriftBusta]

Just now, steve from amherst said:

Prolly also pays grub hub to bring here a coffee

And to put the end of the sentence into it, she's 39 years old and single.

[ViperGTS/Z1]

7 minutes ago, DriftBusta said:

Had a young girl in the office yesterday, makes only 40k a year, has 17k in credit card debt, half at 19%, and the rest at 25.9%.  These fucking banks are criminal.  No way she should have gotten that much credit, and no way she should have to pay that much interest.  She'll never get out of debt with #s like that.

That's a tuff nut to Crack even if she were making 3 times that much....she probably only pays the minimum also. Virtually all interest

[snoughnut]

14 minutes ago, DriftBusta said:

Had a young girl in the office yesterday, makes only 40k a year, has 17k in credit card debt, half at 19%, and the rest at 25.9%.  These fucking banks are criminal.  No way she should have gotten that much credit, and no way she should have to pay that much interest.  She'll never get out of debt with #s like that.

Individuals certainly need to do better at money management. The banking/lending industry needs to be brought to their knees, they make way too much money without hardly lifting a finger. You're 100% correct, they are criminal. My dad said this years ago......."the banking industry needs to get back in the business of helping people, not fucking them"..........2008 was the perfect example and then let's reward them and bail them out. It makes no sense at all. 

[Mainecat]

14 minutes ago, steve from amherst said:

Prolly also pays grub hub to bring here a coffee

Prolly spends 14 bucks each for multiple chocolatinis a few nights a week.

[snoughnut]

29 minutes ago, steve from amherst said:

It's a stupidity tax.

Yes it is but when the banking industry gets stupid like they did leading up to 2008, they get rewarded instead of punished. It's as if the banking industry can never lose no matter what they do.

[800renegaderider]

People are so dumb you can go to a credit union like mine and get a credit card with 11% not that’s a great rate but hell lot better than 25%. 
 

Clearly a lot of parents don’t know how to teach their kids about finances and money so teach the fucking kids in grade school about money and finance. It’s simple stuff that they should teach in school. They are supposed to get you ready for the real world well hello real world uses money and credit most of these kids don’t have a clue about money when they get into the real world then next thing you know waaawaaaa loan forgiveness.

 

[Anler]

If you have alot of debt just move to Ukraine and become a Nazi. The world has lots of money for you. 

[snoughnut]

24 minutes ago, steve from amherst said:

Let me guess, she has a bacholers degree.

Now think about all those highly over educated bankers that weren't smart enough to see what would happen leading up to 2008. Some of the most dangerous people are those who are highly intelligent people who have no morals and that includes our govt. These stupid bubble economies need to stop. People wonder why banking is so regulated because if it weren't it would be a greedy vulture bloodbath.

[DriftBusta]

19 minutes ago, snoughnut said:

Individuals certainly need to do better at money management. The banking/lending industry needs to be brought to their knees, they make way too much money without hardly lifting a finger. You're 100% correct, they are criminal. My dad said this years ago......."the banking industry needs to get back in the business of helping people, not fucking them"..........2008 was the perfect example and then let's reward them and bail them out. It makes no sense at all. 

I don't know about out your way, but other than a few credit unions, there are no more local small town banks.  They all got gobbled up and merged with the megabanks, to the detriment of the locals.  M+T just took over a big bank here in CT, and the $$ has been flowing out of there by the millions by people who are sick of their bullshit.

[snoughnut]

7 minutes ago, 800renegaderider said:

People are so dumb you can go to a credit union like mine and get a credit card with 11% not that’s a great rate but hell lot better than 25%. 
 

Clearly a lot of parents don’t know how to teach their kids about finances and money so teach the fucking kids in grade school about money and finance. It’s simple stuff that they should teach in school. They are supposed to get you ready for the real world well hello real world uses money and credit most of these kids don’t have a clue about money when they get into the real world then next thing you know waaawaaaa loan forgiveness.

 

I agree with everything you just said but flip the coin. When these intelligent people in the banking industry fuck up like they did leading up to 2008 and they get rewarded with a bail out, it's criminal.

"We can fuck you but we can't allow ourselves to be fucked".

[DriftBusta]

1 minute ago, snoughnut said:

I agree with everything you just said but flip the coin. When these intelligent people in the banking industry fuck up like they did leading up to 2008 and they get rewarded with a bail out, it's criminal.

"We can fuck you but we can't allow ourselves to be fucked".

I am told that banks and the insurance companies have much stronger balance sheets and reserve requirements now, so we don't ever have a repeat of 2008.  Just the same, lets just watch to see what happens with this FTX shit show.  The D party has their fingerprints all over it.  I smell another bailout.

[Snake]

2 credit cards.

1 has a $1,000 limit, and is used for online purchases and the like, so if it is hacked the limit is low with small exposure. As a matter of fact, wife was on the phone this morning, some asshole in Nevada was trying to buy off it. Card is gonzo, new one on the way. Paid off every month. No CC debt.

Other card has a $10k limit. Stays in the safe and gets used only when necessary, when I ordered 2 generators.... pay for a trip, etc. Paid off every month. No CC debt.

[steve from amherst]

19 minutes ago, snoughnut said:

Yes it is but when the banking industry gets stupid like they did leading up to 2008, they get rewarded instead of punished. It's as if the banking industry can never lose no matter what they do.

And that is a problem neither side wants to tackle.

[Snake]

4 minutes ago, snoughnut said:

I agree with everything you just said but flip the coin. When these intelligent people in the banking industry fuck up like they did leading up to 2008 and they get rewarded with a bail out, it's criminal.

"We can fuck you but we can't allow ourselves to be fucked".

This is the reason I did not vote for the republican in the election.

But I'm a hack.

[steve from amherst]

16 minutes ago, 800renegaderider said:

People are so dumb you can go to a credit union like mine and get a credit card with 11% not that’s a great rate but hell lot better than 25%. 
 

Clearly a lot of parents don’t know how to teach their kids about finances and money so teach the fucking kids in grade school about money and finance. It’s simple stuff that they should teach in school. They are supposed to get you ready for the real world well hello real world uses money and credit most of these kids don’t have a clue about money when they get into the real world then next thing you know waaawaaaa loan forgiveness.

 

I went to a voke hs. How to start your own buss was a required class. Personal financial managment wasnt even offered.

[steve from amherst]

6 minutes ago, DriftBusta said:

I don't know about out your way, but other than a few credit unions, there are no more local small town banks.  They all got gobbled up and merged with the megabanks, to the detriment of the locals.  M+T just took over a big bank here in CT, and the $$ has been flowing out of there by the millions by people who are sick of their bullshit.

I still use a small local bank for all my banking