I’ve been reliably told that the economy is great and everyone is making a ton of money
Credit card delinquencies are rising. Here’s what to do if you’re at risk
Seriously overdue credit card debt is at the highest level in more than a decade, and people 35 and under are struggling more than other age groups to pay their bills.
The share of credit card debt that’s severely delinquent, defined as being more than 90 days overdue, rose to 10.7% during the first quarter of 2024, according to the Federal Reserve Bank of New York. A year ago, just 8.2% of credit card debt was severely delinquent.
Who was VP the last time this happened?
The average annual interest rate on a new credit card is 24.71%, according to LendingTree, the highest since the company began tracking in 2019. That’s in part because the Federal Reserve has raised its key interest rate rate to a 23-year high to combat the highest inflation in four decades, which peaked at 9.1% in June 2022.
Simultaneously, pandemic-era aid such as stimulus payments, the child tax credit, increased unemployment benefits, and a moratorium on student loan payments has ended. Wage gains haven’t all kept up with inflation, which hits lower-income consumers harder, and rent increases have eaten into savings some consumers may have built up during the early years of the pandemic.
Silvio Tavares, CEO of VantageScore, a credit score modeling and analytics company, said that delinquencies have now exceeded their pre-pandemic levels, and that renters are especially vulnerable to falling behind.
And all this debt and the late payments will effect people’s credit score, making it harder to get a loan and get an apartment.
Credit cards only make up about 6.5% of consumer debt, according to a Bank of America Global Research report, but the increase in delinquencies appears to be outpacing income growth.
Pretty much everything is outpacing income growth. Weirdly, the word “Biden” is not mentioned once. Can you imagine if this happened while Trump was president?
We’re being told that inflation has been beaten, but the ‘volatile food and fuel’ numbers are kept out of that, and food and fuiel are the things people have to buy several times a month; it’s not a surprise that, when having to choose between buying food for the supper table tonight, or paying that Visa bill which comes once a month, a lot of people choose food!
Now there are reports that Joe Biden wants medical debt removed from credit ratings!
At a certain point, people are going to look at the dummkopf from Delaware ‘cancelling’ student loan debt, and all of the other economic stupidity coming from this maladministration, and think that they don’t need to pay their debts, either.
and
Well, of course! Homeowners have the luxury of having mostly stable mortgage payments, which go down as a percentage of their income as time passes; rents go up with inflation and other factors. Younger people are, generally speaking, not as advanced in their careers, and are more likely to be single, spending money to go out and look for love in all the wrong places, eat at restaurants rather than at home, and basically take every bad economic decision out there.
Costco, WalMart, Amazon, Target, Aldi and major grocery stores are cutting food and staples prices.
No doubt Biden is behind this by blackmailing the execs.
Gas prices are dropping here as well.
Since the economy is still “hot” the Fed agreed NOT to drop interest rates to keep pressure on reducing inflation.
As Mr Teach has inadvertently shown us before, living in red states sucks.
The top 3 states with the highest average credit card debt
#1 Florida
#2 Louisiana
#3 Texas
For 50 years these states have chosen to vote all or mostly Republican, yet Mr Teach blamed Biden?
Forbes.com
March 19.2024
Dylan Pearl
and yet two of those states you listed are constantly the states which most people are immigrating to. And guess what moron, they’re immigrating from blue states with high taxes high real estate prices and terrific amounts of crime and corruption. You know like California and Washington and New York and Colorado and places like these that you think are so damn great. They’re great if you’re very rich are very poor. You know the two classes that suck all the money out of the taxpayers. But if you’re a middle class working man taxpayer you’re screwed in those blue states. That’s why people are moving out of them. As beautiful as the state of California is with its weather and its assets and everything else it’s got a mass exodus going on. So you could take your blue states full of the shit ball people that occupy them which is really the problem and stuff it with the sun don’t shine.
A recap of the week in the life of living in the MATRIX…..
I have a credit card—UNUSED OBVIOUSLY. I have had it for years and have watched the interest rate creep up. In the last three months, it officially went up to 34.99 percent.
People are absolute fools or totally buying the MSM Kool-Aid for voting for any Democrat anywhere on the planet. I guess if using proper pronouns is more important to you than eating…well, by all means, vote democratic.
A billionaire at the Warren Buffet Berkshire Hathaway annual meeting said…We want Ukraine’s 11 trillion dollars in resources and don’t want Russia and China to have them.
What resources is that? WHY car battery resources of course.
Yes, his microphone was cut off mid-speech, and he was taken off stage by OMAHA POLICE and taken to the police station in handcuffs by OFF DUTY RENT A COPS. He was arrested for telling the truth.
Later, Lindsey Graham, the Great con artist of the 21st century, confirmed on FACE THE NATION that they wanted to save UKRAINE BECAUSE OF THEIR RESOURCES. Lindsey Graham, as I understand it, retweeted his own Matrix talk.
One of the Jurors posted online one day prior to returning a guilty verdict for Trump that they were glad Trump was going to be found guilty……The judge sent out nasty letters to counsel…..MISTRIAL ANYONE….WHY? So they can try him again and have him tied up in court for another 6 months leading up to the election.
My posts never post if I try to reply to anyone.
This is to H.
In 2024, the world has become digitized. You are required to use a card to purchase things. If you want to buy something from Amazon, you can’t send them cash, and if you want to use your DEBIT card, you run the risk of having your account hacked and then arguing with the bank for months about all your money being taken out of your account.
Credit cards make it much easier to get your money back. I have a larger-than-normal balance on one credit card for this very reason. It only means people have the means to buy with credit. Using a credit card is much safer than having an online hacker take your CDs and savings and clean out your bank account in minutes.
Hence why large credit card debt is exploding and why credit card companies continue to raise their interest rates.
Credit card debt is a nonissue. It is a sign of the digital age that the Democrats want Americans to live with a new digital currency, making it even easier to get blown away by hackers. Hell, an 18-year-old hacker hacked the new Grand Theft Auto game using a Television, Amazon Firestick, and his cell phone.
This is one of the most closely guarded games of all time, and it was hacked by a teen in a motel room. Just imagine what real hackers from Russia or China can do to us once we become so reliant on Credit cards that we can’t function without them.
You’re not alone D&G, my post normally take between 2 and 24 hours to show up. I don’t know why it’s only been happening for the last six or eight months.
Anyway, I do the same thing you do I have a high limit credit card that I negotiated a very low interest rate on and I use that to buy just about everything and I usually pay it off at the end of the month. In fact now I have it on autopay with “balance”. Like you, I don’t wanna use debit cards from my banks. I have four bank accounts and I won’t use any of those. I do use other cards occasionally only to keep them operational so that the credit card company doesn’t send me notifications that they’re gonna and my account for lack of use. I like several credit cards so that I have options. But I only put a little bit on other cards once in a while and pay it off immediately just so that they can’t say it’s inactive. But I never ever ever use my debit cards to pay anything online.
Non-housing debt was steady until about 2015 when it started to shoot up, increasing from $3 trillion to $4.9 trillion today.