Credit Card debt rose by 46 Billion last quarter

[BallerBegok]

Largest spike in 20 years. And those are at higher rates. Check your Credit Cards people. Some are charging you 20% or higher and will send you to bankruptcy.

No debt here, just hate seeing people lose to these disgusting Credit Card loan sharks.

 

[CAT Scratch FVR]

Well yeah, I thought now was a good time to buy that second home and bass boat.

 

[BallerBegok]

Well yeah, I thought now was a good time to buy that second home and bass boat.

They'll be plenty of used inventory for both very soon.

 

[John Henry]

Largest spike in 20 years. And those are at higher rates. Check your Credit Cards people. Some are charging you 20% or higher and will send you to bankruptcy.

No debt here, just hate seeing people lose to these disgusting Credit Card loan sharks.

You do understand why this is happening don't you.

 

[BallerBegok]

You do understand why this is happening don't you.

Of course I do. Only a complete moron wouldn't understand why people are being forced to use their CC's more this year. But there's another thread for politics.

 

[John Henry]

Of course I do. Only a complete moron wouldn't understand why people are being forced to use their CC's more this year. But there's another thread for politics.

I agree with you. And you give good advice. Credit cards are the fastest way to go to bankrupt.

 

[bigsmoothie]

I agree with you. And you give good advice. Credit cards are the fastest way to go to bankrupt.

Most people don’t use credit cards just for fun. They use them to survive. And take your politics to the political thread no one wants to hear it.

 

[catlanta33]

I agree with you. And you give good advice. Credit cards are the fastest way to go to bankrupt.

Never spend over what you can't pay off monthly.

One of the bigger issues with people getting into CC trouble is using them for medical emergencies. Medical debt doesn't have the same credit impact as revolving debt. Better to be in debt with the hospital than the bank.

 

[Beatle Bum]

That is not good.

 

[BallerBegok]

Most people don’t use credit cards just for fun. They use them to survive. And take your politics to the political thread no one wants to hear it.

Since you only attack people you know are conservative, you are being political. Yes, your sh@t does stink. Hate to break it to you.

 

[bigsmoothie]

Since you only attack people you know are conservative, you are being political. Yes, your sh@t does stink. Hate to break it to you.

So who are you a retread of?

 

[BallerBegok]

So who are you a retread of?

You can't refute the facts. You accused him on being political......while doing it yourself. Absolutely pathetic.

 

[Beatle Bum]

Largest spike in 20 years. And those are at higher rates. Check your Credit Cards people. Some are charging you 20% or higher and will send you to bankruptcy.

No debt here, just hate seeing people lose to these disgusting Credit Card loan sharks.

People may be able to negotiate a better percentage of the contact their card provider.

 

[BigBlueDave_rivals76951]

“There is no fixed rule about what measures contribute information to the process or how they are weighted in our decisions,” according to the NBER.


Therefore, in the U.S., there is no formal definition for what constitutes a large spike, said Nicholas Bloom, economics professor at Stanford University. And because it takes awhile for the necessary data to come out, the NBER committee often doesn’t determine that the U.S. is having a large spike until months, or sometimes even a year, after it’s already happened.


There wasn't a spike. The spike is transitory. The spike is actually good. We have always been at war with eastasia.











Just substitute 'recession' for "large spike" for the actual bs quote from last week.

 

[BallerBegok]

“There is no fixed rule about what measures contribute information to the process or how they are weighted in our decisions,” according to the NBER.


Therefore, in the U.S., there is no formal definition for what constitutes a large spike, said Nicholas Bloom, economics professor at Stanford University. And because it takes awhile for the necessary data to come out, the NBER committee often doesn’t determine that the U.S. is having a large spike until months, or sometimes even a year, after it’s already happened.


There wasn't a spike. The spike is transitory. The spike is actually good. We have always been at war with eastasia.











Just substitute 'recession' for "large spike" for the actual bs quote from last week.

This isn't a political thread man. There's a whole sticky thread for that.

 

[gamecockcat]

Since roughly 3 million Americans left the workforce and pretty much all the COVID-relief has run its course, I wonder what % of those with large increases of CC debt fall into that category (leaving the workforce)? CC debt is a wicked spiral. Once it gets to a certain level, unless you can quit spending on CCs cold turkey, it just gets harder and harder to make a dent and get out of it. And, for the love of God, do NOT refi your mortgage or take out a second one to pay off CCs UNLESS you're going to cut them up and make yourself quit spending on them. Otherwise, you'll end up in the same place except your mortgage balance will now be thousands more.

 

[bigsmoothie]

You can't refute the facts. You accused him on being political......while doing it yourself. Absolutely pathetic.

So you like the truth? Tell us who you were?

 

[BallerBegok]

So you like the truth? Tell us who you were?

You're inability to explain why you aren't a partisan hypocrite is highly satisfying.

 

[bigsmoothie]

You're inability to explain why you aren't a partisan hypocrite is highly satisfying.

That’s fine. I’ll figure out who you are. People almost always have a tell.

 

[BallerBegok]

That’s fine. I’ll figure out who you are. People almost always have a tell.

I'm a guy who cares about people getting into credit card trouble and you're a guy that wrecks threads by going after conservatives. Pretty sad to watch you engage in bad behavior and excuse yourself.

 

[Laparkafan]

We got people getting wrecked by student debt and credit card debt but Biden only seems concerned about the former and not the latter.

 

[bigsmoothie]

I'm a guy who cares about people getting into credit card trouble and you're a guy that wrecks threads by going after conservatives. Pretty sad to watch you engage in bad behavior and excuse yourself.

. You are a saint. Been posting a couple of weeks but seem to think you already know posters.

 

[Ron Mehico]

The best way to manage a CC is to treat it like a debit card and set it to autopay in full from your bank account every month. If you dont do it that way you’re completely screwed.

 

[BankerCat12]

Credit cards and home equity lines are going to shock people in the next few months. Cant imagine having a HELOC with a 200k balance and the rate has been bumped up 1.5% in the last 60 days. $250 extra per month in interest. No thanks

 

[bigblueinsanity_rivals250340]

Since roughly 3 million Americans left the workforce and pretty much all the COVID-relief has run its course, I wonder what % of those with large increases of CC debt fall into that category (leaving the workforce)? CC debt is a wicked spiral. Once it gets to a certain level, unless you can quit spending on CCs cold turkey, it just gets harder and harder to make a dent and get out of it. And, for the love of God, do NOT refi your mortgage or take out a second one to pay off CCs UNLESS you're going to cut them up and make yourself quit spending on them. Otherwise, you'll end up in the same place except your mortgage balance will now be thousands more.

It's probably some of that. People just used to the free money and not working. Have to keep up the Instagram lifestyle somehow

 

[LineSkiCat14]

I agree with you. And you give good advice. Credit cards are the fastest way to go to bankrupt.

Or if you know how to use them, you can make an extra hundred or two a month.

It is sad though, the human condition is to just spend more with a CC. Because they really can be a nice financial vehicle if used right.

 

[VaxxedObamaCat]

I’ve been on both ends of this. Stellar credit and hardly used a credit card and then had to use one to support an entire household when things went south financially. Spent years fixing that mess.

There are times when I’d like to have one but I now just operate with “If I can’t afford it right now then I’m not going to get it” because I don’t ever want a credit card again.

 

[BallerBegok]

Or if you know how to use them, you can make an extra hundred or two a month.

It is sad though, the human condition is to just spend more with a CC. Because they really can be a nice financial vehicle if used right.

Yep. Played golf the other day at a resort and a Mango Cart beer was $10. I was like “10?” for one beer. She said to just put it on a CC and it’s like it never happened. We laughed, but sadly many see it that way.

 

[wkycatfan7]

Most people don’t use credit cards just for fun. They use them to survive. And take your politics to the political thread no one wants to hear it.

I've been here. We recovered, but it wasn't easy. Lots of times, groceries, diapers, gas, etc.

 

[VaxxedObamaCat]

I've been here. We recovered, but it wasn't easy. Lots of times, groceries, diapers, gas, etc.

I used to get lectured from my FIL about this and have Dave Ramsey crap sent to me. I’m like “This isn’t frivolous spending. I can’t make money just appear. It’s either this or you don’t survive.”

I notice those who have a lot and only know comfort are really disconnected from others who are not in the same position yet have all of the advice to give.

 

[LineSkiCat14]

Yes, it wasn't always great credit and no fees for myself, either. I remember after college getting a credit card and my mom had to grab one of my bills and be like "Do you SEE this $80 charge! That's interest.. that's money you're just GIVING to the banks you dummy" (not verbatim, but she definitely called my a dummy)..

 

[catlanta33]

I’ve been on both ends of this. Stellar credit and hardly used a credit card and then had to use one to support an entire household when things went south financially. Spent years fixing that mess.

There are times when I’d like to have one but I now just operate with “If I can’t afford it right now then I’m not going to get it” because I don’t ever want a credit card again.

That was the mentality I had to get myself out of debt. Even now when I'm much more comfortable, it serves me well to keep trying to accumulate a nest egg and hopefully never have to dip into borrowing from a CC to survive.

 

[LineSkiCat14]

BTW.. good thread to discuss new cards and "What's in your wallet"???

Discover IT card - for the 5% rotating category.
Gap Card - Has good rewards if you buy Gap, Banana Republic, etc.
Capital One Savor card - 3% on restaurants/bars.
Citi Premier Card - Newest card. 3x for grocery/gas/travel/restaurants, no point limits, and a $100 yearly hotel credit.. but it is $95/year. Maybe not my best idea, I don't love having to pay a yearly fee for a card. I also can likely get rid of the Savor One card now. And this card gets me close to $100 back a month.

FWIW, those cards above have generally been the highest rated, with Discovery IT widely considered one of the best if you can utilize the quarterly categories well.

I also am interested in some of these new cards that let you PICK the category.

 

[BallerBegok]

BTW.. good thread to discuss new cars and "What's in your wallet"???

Discover IT card - for the 5% rotating category.
Gap Card - Has good rewards if you buy Gap, Banana Republic, etc.
Capital One Savor card - 3% on restaurants/bars.
Citi Premier Card - Newest card. 3x for grocery/gas/travel/restaurants, no point limits, and a $100 yearly hotel credit.. but it is $95/year. Maybe not my best idea, I don't love having to pay a yearly fee for a card. I also can likely get rid of the Savor One card now. And this card gets me close to $100 back a month.

I love my Capital one Venture. Double points on every dollar spent and they are tied to Amazon prime, so I often buy stuff with points and don’t pay a penny.

 

[LineSkiCat14]

I love my Capital one Venture. Double points on every dollar spent and they are tied to Amazon prime, so I often buy stuff with points and don’t pay a penny.

Ah yeah, thought about this one. Or one similar where it;s like 1% when you buy and 1% when you pay it off or something. Having 2% on EVERYTHING is big.. because most of these categories are not for big purchases.. like a new laptop or a TV or something.

 

[BallerBegok]

Ah yeah, thought about this one. Or one similar where it;s like 1% when you buy and 1% when you pay it off or something. Having 2% on EVERYTHING is big.. because most of these categories are not for big purchases.. like a new laptop or a TV or something.

agree. I’m the small percentage that they lose off of since I never pay a penny of interest as a result of paying it down to zero every month. I’m sure they are waiting for me to slip up and carry a balance but I’m on top of it!

 

[LineSkiCat14]

agree. I’m the small percentage that they lose off of since I never pay a penny of interest as a result of paying it down to zero every month. I’m sure they are waiting for me to slip up and carry a balance but I’m on top of it!

Yep, I actually just checked my last 6 months in statements for the cards I use.. no interest. I admit there are some times where if I make a big purchase, like a hotel or a trip, I'll incur a small interest charge.. but otherwise it's clean. Plus my debt utilizing is very good with all the credit limits added up. Helps with the credit score for sure.

 

[AustinTXCat]

Or if you know how to use them, you can make an extra hundred or two a month.

It is sad though, the human condition is to just spend more with a CC. Because they really can be a nice financial vehicle if used right.

< - - - completely paid off CC debt 7 years ago.

Exactly. Airline miles and cash-back rewards are awesome incentives for those who pay off credit cards every month.

Pro tip: Manufactured spending takes credit card rewards to another level.

 

[LineSkiCat14]

< - - - completely paid off CC debt 7 years ago.

Exactly. Airline miles and cash-back rewards are awesome incentives for those who pay off credit cards every month.

Pro tip: Manufactured spending takes credit card rewards to another level.

Manufactured spending??

My wife just got a local bank offer.. $300 Bonus to open a checking account and make a $500 direct deposit... and another $300 if you put $15,000 in there within the first 30 days.. so $600 in bonus for basically just moving your savings over.

I'm about to call them today and ask for the same offer.

 

[Mdnerd]

Well I did my part!!! Just bought a $53k boat and put it on my card. They offered an 18 month 0 fee and 0% interest cash advance. So I’ll leave the money in an investment account for another year or so, then pay it off. Got a lot of miles out of that one. Million miler now!