(PatriotHQ) YIKES! US credit card debt balloons up by 18.5+% to $930.+ billion, but somehow no one is talking about this balloon! No one is talking about this secret balloon, wonder why?
Credit reporting czar TransUnion says Americans' total credit card debt hit a new high of $930.6 billion in the fourth quarter, up 18.5% from the same time last year. Michele Raneri, vice president of U.S. research and consulting at TransUnion, says:
“…. inflation is making people put everyday expenses on their credit cards or turn to subprime and personal loans.”
"Whether people are buying a new car or eggs at the grocery store, high inflation and interest rate hikes by the Federal Reserve continue to affect them in big and small ways," Raneri says.
But wait! The America people are being told the economy is roaring, inflation is down, and jobs are up! Why then would people use the credit cards and load up with debt? Yet, Americans have an average credit card balance of $5,805, and most of them charge nearly 20% interest.
Paul Siegried, SVP and credit card business leader at TransUnion, says Generation Z is the most likely to use credit cards. In the past year, the number of credit cards they have increased by 19%, and the amount they owe has grown by 64%.
Good times gone? In the fourth quarter of 2022, 2.26% of credit card holders were behind on their payments, which is up from 1,48% a year earlier.
Now 332 million people who live in the United States have 518.4 million credit cards between them, looks like a debt balloon is growing!
At a 20% interest rate, Bankrate says a person with a $5,805 credit card balance who only pays the minimum and doesn't buy anything else would pay an extra $8,213 in interest over 17 years before their balance is paid off. So, in essence, Americans are slowly going broke. They are in a ‘squeeze play” between living expenses and their income, so something has to give!
What is ‘giving’ are the credit card companies. To put it bluntly Americans are becoming a slave generation, not for glory or living beyond their means but simply by living!
But don’t be surprised, a hungry people will do anything for a crust of bread and the politicians are already licking their lips waiting for the right moment to rush to the aid of starving Americans!
The cost? Just a small piece of your freedom of a large piece of bread!
Replies
Yep, and it appears that it worked to get Obama elected and we're still suffering from the effects of his 8 years in office. Unfortunately, there was only a little tepid backlash from an electorate which was sold a pig-in-a-poke with the promise of free healthcare, education, housing, etc., while the so-called "conservatives" just went along to get along, especially the career politicians who became even more wealthy in the process. But the bill is coming due for all this "free stuff", and it is not going to be pretty or even likely to be paid by those who received the free goods.
I think you're confusing Conservatives with Republicans. I don't know what the Republican Party is, but it's NOT Conservative! More like half liberal and half suck-up. I'm a conservativ that don't like either party.
Nope, no confusion at all here, as a number of our elected Republicans are nearly as bad as the socialist Democrats. But we have to always remember that EVERY election is a choice between "the lesser of two evils" since all human beings are capable of doing the wrong thing, no matter how "good" they may be. So far the Republicans seem to be the wiser choice most of the time but we desperately need term limits to get rid of the professional/grifter politicians and replace them with servant leaders who understand that We the People ARE the government in our self-governing republic under the Constitution.
So very true
Yes, the squeeze is on. Bk America so the people must accept the OWG or starve!
This is all a plan, a part of a plan to take down the middle class, make everyone poor and dependent so the upper class can play kings!