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


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1 minute ago, DriftBusta said:

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.

I don't trust banking lobbyists and politicians, they're always trying to buck regulation so they can feed their own greed. The Great Depression was caused by banking issues. We may not see a 2008 scenario any time soon but to say it will never be repeated at some point? I'm going with no. Every recession/ depression is always caused by white collar fuckery.

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1 minute ago, snoughnut said:

I don't trust banking lobbyists and politicians, they're always trying to buck regulation so they can feed their own greed. The Great Depression was caused by banking issues. We may not see a 2008 scenario any time soon but to say it will never be repeated at some point? I'm going with no. Every recession/ depression is always caused by white collar fuckery.

At least the S&L scandal some went to prison. 08, walk away with money.

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9 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".

That should have never happened the bail out. On the flip side I’m glad it did or I would have never gotten a smoking deal on my first house in 09 😂.

 

4 minutes ago, steve from amherst said:

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

I don’t remember them teaching us a damn thing about finances in school but to be fair I didn’t pay much attention in school either 🤷‍♂️.

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3 hours ago, Crnr2Crnr said:

Not our house either. 

You wouldn't believe how much of a hassle dealers make buying a car in cash.  Who's your lender?  What's your credit score?  We will take $800 off if you finance with us and make 6 payments.  Don't you value your cash? 

I mailed the check a week and a half ago and they still haven't deposited it.  I'm fully expecting a hard sell on financing when I go back to pick it up this week once the accessories get here.

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3 minutes ago, ActionfigureJoe said:

I have 3 CC and a debit card. I think the overall limit is $70k. Banks just keep raising the limits without any request from me. It’s odd for sure. 

it's tied to your credit score

I have a joint card my wife and I utilize and had to request they lower the limit in the event of fraud or stolen information.  Lady at the credit union said we shouldn't lower the amount in the event we planned to get a loan to which I replied can you see our accounts on your screen there?  yes, she said.  does it look like we're concerned about getting a loan for anything? 

she dropped the card limit from $20k to $5k and that was the end of it. 

 

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1 minute ago, Crnr2Crnr said:

it's tied to your credit score

I have a joint card my wife and I utilize and had to request they lower the limit in the event of fraud or stolen information.  Lady at the credit union said we shouldn't lower the amount in the event we planned to get a loan to which I replied can you see our accounts on your screen there?  yes, she said.  does it look like we're concerned about getting a loan for anything? 

she dropped the card limit from $20k to $5k and that was the end of it. 

 

I just keep it as is. Only one of the CC is active. I purchase everything with it for the points. 

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1 hour ago, Crnr2Crnr said:

would you be interested in 427 month or lifetime financing?

Interesting proposition you raise.  What's the payment difference if I add in the rustproofing and extended warranty?

Things are a little tight for me right now after I get done paying my washer/dryer, refrigerator, couch, carpet, boat, roof, motorcycle, house, heloc, and student loan payments.  Hardly enough left at the end of the month to buy Taylor Swift tickets.

39 minutes ago, Crnr2Crnr said:

Lady at the credit union said we shouldn't lower the amount in the event we planned to get a loan to which I replied can you see our accounts on your screen there?  yes, she said.  does it look like we're concerned about getting a loan for anything? 

she dropped the card limit from $20k to $5k and that was the end of it. 

People live up to their eyeballs in debt with no margin.  Their only emergency fund is that line of credit they think they are so smart having.

I just want them to increase my ATM limit so I can pull out a couple grand in cash whenever I want.

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credit card debts risky so people need to pay for that risk so it's always going to have a high rate.  That said no way someone making 40k should be allowed to go 50% of income in debt.  IMO banks should require proof of income for all loans as outside of mortggaes they basically trust the number provided so people lie to get credit cards and car loans etc.   Manging credit is a skill most are unfortuantely not taught and creates lielong issues.  but hey we make them take art and music classes instead do they are "well rounded"  

Small banks are for me inconvenient,  even the CU is where thebank i use has ATM's and branches all over my normal course.  But i don't have nay lons or cards with them as they are not a value to me.  I pay for everything i spend on cards for rewards so I have 2 cars i use 99% of the time then a couple specific ones for certain things.  Jet blues pissed me off so i stopped using them mostly unless booking travel and stick with Amex and my Amazon card.  My spring vacation will be paid for with AMex points.  But i have not carried a balance since the month i graduated college.  

Edited by Angry ginger
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14 minutes ago, Angry ginger said:

credit card debts risky so people need to pay for that risk so it's always going to have a high rate.  That said no way someone making 40k should be allowed to go 50% of income in debt.  IMO banks should require proof of income for all loans as outside of mortggaes they basically trust the number provided so people lie to get credit cards and car loans etc.   Manging credit is a skill most are unfortuantely not taught and creates lielong issues.  but hey we make them take art and music classes instead do they are "well rounded"  

Small banks are for me inconvenient,  even the CU is where thebank i use has ATM's and branches all over my normal course.  But i don't have nay lons or cards with them as they are not a value to me.  I pay for everything i spend on cards for rewards so I have 2 cars i use 99% of the time then a couple specific ones for certain things.  Jet blues pissed me off so i stopped using them mostly unless booking travel and stick with Amex and my Amazon card.  My spring vacation will be paid for with AMex points.  But i have not carried a balance since the month i graduated college.  

How's the mortgage business?

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