More & More Americans Getting Tortured With Increasing Debt.

[jackflash]

Debt/inflation in America is reducing the purchase power of the federal reserve note for consumers ever more by the day. Gen X is @ the top of the list when it comes to down grading from financial pikers to outright financial pipsqueaks, with the Boomer generation pushing a somewhat distance 2nd place for drowning in debt. The various generations accumulated debt that carries over monthly appears to be growing substantially meaning there now remains not a snowball's chance in hell for any quality of life in the future for these chronic debtors. As the old saying goes; "You can pay me now or pay me later." The difference is that the "later" comes with ever compounding INTEREST! The below link is fairly comprehensive for it's short duration.

 

[Polishprince]

Maybe Sleepy Joe needs to forgive credit card bills and other debts instead of just school loans
?

 

[1srelluc]

I remember a time when you had to be well-heeled to even get a credit card.....You know, when the issuing institutions actually considered a person's income/risk.

Credit cards are like jet travel....Neither were really meant for the great unwashed to partake of to any great extent.

 

[1srelluc]

Maybe Sleepy Joe needs to forgive credit card bills and other debts instead of just school loans
?

Forgiveness is out of the question as CC debt can be discharged by bankruptcy but CC companies/banks really need to be reigned-in as to how much interest they can charge.....They are little more than loan sharks.

I also don't believe a CC should be issued to anyone unless they have a income stream that would support one.

 

[rampart]

Debt/inflation in America is reducing the purchase power of the federal reserve note for consumers ever more by the day. Gen X is @ the top of the list when it comes to down grading from financial pikers to outright financial pipsqueaks, with the Boomer generation pushing a somewhat distance 2nd place for drowning in debt. The various generations accumulated debt that carries over monthly appears to be growing substantially meaning there now remains not a snowball's chance in hell for any quality of life in the future for these chronic debtors. As the old saying goes; "You can pay me now or pay me later." The difference is that the "later" comes with ever compounding INTEREST! The below link is fairly comprehensive for it's short duration.

i have no debt and am not concerned about anyone else's debt.

live within means = credit card for emergency only.

 

[iamwhatiseem]

The debt is immaterial to credit card providers.
They average $250 revenue from every $10,000 spent with a credit card.
With over $3 trillion spent - that is a revenue of $90B. And that doesn't even count the interest they make off of consumers.
Credit card providers, like all other financial institutions, don't really care about debts in their name.
They only care about money coming in. And as long as that keeps happening and the officers of the company keep getting 7 figure salaries... they don't care.

And that is how such upside down massive debts happen.
They learned this from the government.

 

[rightwinger]

Debt/inflation in America is reducing the purchase power of the federal reserve note for consumers ever more by the day. Gen X is @ the top of the list when it comes to down grading from financial pikers to outright financial pipsqueaks, with the Boomer generation pushing a somewhat distance 2nd place for drowning in debt. The various generations accumulated debt that carries over monthly appears to be growing substantially meaning there now remains not a snowball's chance in hell for any quality of life in the future for these chronic debtors. As the old saying goes; "You can pay me now or pay me later." The difference is that the "later" comes with ever compounding INTEREST! The below link is fairly comprehensive for it's short duration.

Another Snowflake wanting the Nanny State to take care of him

<sob> I have too much debt, things cost too much
I need the Gubmint to take care of me

Too much debt?
Get a freaking JOB you deadbeat

 

[JGalt]

Debt/inflation in America is reducing the purchase power of the federal reserve note for consumers ever more by the day. Gen X is @ the top of the list when it comes to down grading from financial pikers to outright financial pipsqueaks, with the Boomer generation pushing a somewhat distance 2nd place for drowning in debt. The various generations accumulated debt that carries over monthly appears to be growing substantially meaning there now remains not a snowball's chance in hell for any quality of life in the future for these chronic debtors. As the old saying goes; "You can pay me now or pay me later." The difference is that the "later" comes with ever compounding INTEREST! The below link is fairly comprehensive for it's short duration.

Tell me about it. The escrow on my mortgage is going to go up by $62 next month, and is projected to go up even higher through 2024.

Fucking Biden and those Democrats.

 

[my2¢]

According to our ex-President these people are being smart in using the rules to stick their financial burdens onto others.

 

[JGalt]

According to our ex-President these people are being smart in using the rules to stick their financial burdens onto others.

What does that even mean?

 

[Vastator]

Use your CC for everything, and take the cash back. Pay it down every month. Never let it carry over...

 

[iamwhatiseem]

Use your CC for everything, and take the cash back. Pay it down every month. Never let it carry over...

100%.
If your credit is well above 700 you can get some nice high cash back percentages.
The way I look at it is the wife and I get a nice free dinner every month, completely paid for including tip.
And - you don't expose your own accounts should you get compromised.

 

[rightwinger]

Tell me about it. The escrow on my mortgage is going to go up by $62 next month, and is projected to go up even higher through 2024.

Fucking Biden and those Democrats.

Can I get you a tissue?
You want the government to pay your mortgage?

Get a JOB you freeloader

 

[1srelluc]

Use your CC for everything, and take the cash back. Pay it down every month. Never let it carry over...

Yep, that how I roll if it's something I can't pay in cash for on the spot.

It doesn't amount to much for me, maybe $400 or so every year but it's better than being $400 in the hole.....I just figure it off-sets the tax and shipping a bit.

Let the rubes pay the average 22% interest on their roll-overs....Hard to believe they would lock-up "Charlie Knuckles" for doing the same thing.

 

[iamwhatiseem]

Yep, that how I roll if it's something I can't pay in cash for on the spot.

It doesn't amount to much for me, maybe $400 or so every year but it's better than being $400 in the hole.....I just figure it off-sets the tax and shipping a bit.

Let the rubes pay the average 22% interest on their roll-overs....Hard to believe they would lock-up "Charlie Knuckles" for doing the same thing.

I avoided CC up until around 2016 or so I think.
That is when cash back offers were getting pretty attractive, as well as the fact that you have higher consumer protections when you use a CC, and your own money is kept safe and tidy should your CC get compromised.
We make about $700 a year on cash back, which like I say, I like to think of it as we get a decent dinner out free every month.
Plus all of my online subscriptions etc. are paid with the CC - again providing free identity protection.

 

[MarathonMike]

The debt is immaterial to credit card providers.
They average $250 revenue from every $10,000 spent with a credit card.
With over $3 trillion spent - that is a revenue of $90B. And that doesn't even count the interest they make off of consumers.
Credit card providers, like all other financial institutions, don't really care about debts in their name.
They only care about money coming in. And as long as that keeps happening and the officers of the company keep getting 7 figure salaries... they don't care.

And that is how such upside down massive debts happen.
They learned this from the government.

Credit card companies use insane interest rates to compensate for losses due to default. Some cards like CHIME don't even do credit checks.

 

[Invisibleflash]

Debt/inflation in America is reducing the purchase power of the federal reserve note for consumers ever more by the day. Gen X is @ the top of the list when it comes to down grading from financial pikers to outright financial pipsqueaks, with the Boomer generation pushing a somewhat distance 2nd place for drowning in debt. The various generations accumulated debt that carries over monthly appears to be growing substantially meaning there now remains not a snowball's chance in hell for any quality of life in the future for these chronic debtors. As the old saying goes; "You can pay me now or pay me later." The difference is that the "later" comes with ever compounding INTEREST! The below link is fairly comprehensive for it's short duration.

Gotta prepare for violence and collapse of America. Everything the dems do is meant to implode America. And the idiot reps don't have any power or brains to stop them. I've cut way back on wasteful spending. Saving it or spending some on things that will 'come in handy' when America implodes.

 

[1srelluc]

I avoided CC up until around 2016 or so I think.
That is when cash back offers were getting pretty attractive, as well as the fact that you have higher consumer protections when you use a CC, and your own money is kept safe and tidy should your CC get compromised.
We make about $700 a year on cash back, which like I say, I like to think of it as we get a decent dinner out free every month.
Plus all of my online subscriptions etc. are paid with the CC - again providing free identity protection.

Something that I've run into since mom died.

She had all kinds of small amounts being sucked out for subscriptions and such because her CC was automatically paid off every month through her checking account. It was a bitch finding/canceling them all.

I cancelled what I knew about and went down on 3/1 and had them cancel the card....The only reason i have not had the account transferred over into my name yet is my lawyer advised me to leave it be till the nursing home refunds her deposit and half a month's "rent" which amounts to about 11K. That and a few other small pro-rated remittances.

 

[iamwhatiseem]

Credit card companies use insane interest rates to compensate for losses due to default. Some cards like CHIME don't even do credit checks.

And those types of cards have gotten bailed out by taxpayers several times.
Yet ANOTHER way the productive fund the unproductive in this country.

But it is even worse in more socialized European countries.
Read this - and I GUARANTEE YOU liberals in this country will do this here if Biden wins again:
It was brought up once when Silicon Valley millionaires were bailed out.

How to protect your money in case of a bank bail-in

Is it time to stuff your cash in a mattress or is it all a bunch of hype?

fortune.com

 

[Vastator]

Gotta prepare for violence and collapse of America. Everything the dems do is meant to implode America. And the idiot reps don't have any power or brains to stop them. I've cut way back on wasteful spending. Saving it or spending some on things that will 'come in handy' when America implodes.


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I've been a serious prepper for better than 20 years. And even I wonder if I'm truly ready for what's coming down the pike. When shit really starts uravelling; it's going to happen very quickly.