Average consumer now carries $6,329 in credit card debt. 'People are stretched,' expert says

[HARK!]

Credit card debt is on the rise.

Americans now owe a record $1.14 trillion on their credit cards, the Federal Reserve Bank of New York reported Tuesday.

https://www.cnbc.com/2024/08/08/credit-card-debt-and-delinquencies-are-on-the-rise-reports-finds.html

I have heard a report that defaults are skyrocketing too.

That's Bidenomics for you.

 

[iluvatar5150]

Credit card debt is on the rise.

Americans now owe a record $1.14 trillion on their credit cards, the Federal Reserve Bank of New York reported Tuesday.

View attachment 354330

https://www.cnbc.com/2024/08/08/credit-card-debt-and-delinquencies-are-on-the-rise-reports-finds.html

I have heard a report that defaults are skyrocketing too.

That's Bidenomics for you.

Trumponomics weren’t any better. The graph you posted is zoomed in so far as to be misleading about the magnitude of the increase. The only reason Trump had a dip at all was because of covid.

Household Debt and Credit Report

Unique data and insight into the credit conditions and activity of U.S. households

www.newyorkfed.org

 

[Paulos23]

That's Bidenomics for you.

Well it is a good thing he isn't running again.

 

[HARK!]

Trumponomics weren’t any better. The graph you posted is zoomed in so far as to be misleading about the magnitude of the increase. The only reason Trump had a dip at all was because of covid.

Are you suggesting that the Democratic Party's lapdog CNBC, is trying to mislead the American people?


Look at how delinquent credit card debt has spiked! It the worst it has been since the 2008 bubble burst.

Household Debt and Credit Report

Unique data and insight into the credit conditions and activity of U.S. households

www.newyorkfed.org

...But....EEEEEEWWWWWWW DOGGGGGIE!! Look and how delinquency on student debt has come down! Gotta save the the banks. That's OK. Tax dollars will bail them out. We can strap that burden on the back of the workin' man. Let the workin' man pay for the education of the PhDs; as the workin' man is buying groceries on his credit card.


It's good that the likes of Biden and Harris have the workin' man on their side, to lift up the privileged 1%.

 

[HARK!]

Well it is a good thing he isn't running again.

Good thing his Party pushed him out, in his diminished state, to crown his apprentice. Never mind what the voters think. The People aren't represented in a Democracy. The elites who compose the Democratic Party are.

If we manage to live to see it; it will be entertaining to see the video of her hysterical cackling, in her double mindedness, with her finger on the button, in the wars that this administration continues to ramp up.

Oh the joy!

 

[Desk trauma]

I’m told refraining from putting certain things on toast and avoiding a specific coffee franchise solves such financial issues.

 

[RileyG]

I’m told refraining from putting certain things on toast and avoiding a specific coffee franchise solves such financial issues.

Eh? It might save SOME money but probably won't solve the problem.

I shouldn't be talking because I like to buy random stuff I don't need all the time.

 

[Nithavela]

Are you suggesting that the Democratic Party's lapdog CNBC, is trying to mislead the American people?


Look at how delinquent credit card debt has spiked! It the worst it has been since the 2008 bubble burst.

View attachment 354346

Household Debt and Credit Report

Unique data and insight into the credit conditions and activity of U.S. households

www.newyorkfed.org

...But....EEEEEEWWWWWWW DOGGGGGIE!! Look and how delinquency on student debt has come down! Gotta save the the banks. That's OK. Tax dollars will bail them out. We can strap that burden on the back of the workin' man. Let the workin' man pay for the education of the PhDs; as the workin' man is buying groceries on his credit card.


It's good that the likes of Biden and Harris have the workin' man on their side, to lift up the privileged 1%.

I'm sorry for the workin' man, not even able to afford a g.

 

[HARK!]

I'm sorry for the workin' man, not even able to afford a g.

Yez quite, but it's most important to prop up our banks, and the Military Industrial Complex Would you please pass the Grey Poupon?

 

[Nithavela]

Yez quite, but it's most important to prop up our banks, and the Military Industrial Complex Would you please pass the Grey Poupon?

You think that overhyped Dijon Mustard marketed towards the middle class is the hall mark of luxury?

 

[HARK!]

I’m told refraining from putting certain things on toast and avoiding a specific coffee franchise solves such financial issues.

Funny, now that you mention it a while back I saw long lines of cars, backed up around the corner, creating traffic jams. They were lining up to buy coffee from a Pagan goddess. I haven't seen those lines lately. A lot of businesses are going bankrupt, as sales drop, as people allocate their diminishing financial resources to buying groceries.

 

[iluvatar5150]

Are you suggesting that the Democratic Party's lapdog CNBC, is trying to mislead the American people?

The CNBC article didn’t make any mention of “Bidenomics” or other comparisons between administrations. You added that. Their point was that cc debt has reached a new high - for the purposes of their claims, their chart was sufficient (though hardly ideal). For making a comparison of two administrations, it was not.

Look at how delinquent credit card debt has spiked! It the worst it has been since the 2008 bubble burst.

View attachment 354346

Household Debt and Credit Report

Unique data and insight into the credit conditions and activity of U.S. households

www.newyorkfed.org

Your chart shows that delinquent cc debt was climbing very quickly during the Trump administration prior to covid. Without covid, delinquent cc debt under Trump likely would’ve peaked higher than it is now.

...But....EEEEEEWWWWWWW DOGGGGGIE!! Look and how delinquency on student debt has come down! Gotta save the the banks. That's OK. Tax dollars will bail them out. We can strap that burden on the back of the workin' man. Let the workin' man pay for the education of the PhDs; as the workin' man is buying groceries on his credit card.

It's good that the likes of Biden and Harris have the workin' man on their side, to lift up the privileged 1%.

What makes you think “the workin man” doesn’t have a degree? I work every day. I have a degree. Ditto for all my neighbors.

 

[HARK!]

You think that overhyped Dijon Mustard marketed towards the middle class is the hall mark of luxury?

I apologize if I offended the elites by imply that they would stoop to eating such gruel. Nothing but the best for our masters.

I was just painting a picture that the peons had the capacity to comprehend.

 

[HARK!]

The CNBC article didn’t make any mention of “Bidenomics”

Cause -----> Effect

 

[Desk trauma]

Funny, now that you mention it a while back I saw long lines of cars, backed up around the corner, creating traffic jams. They were lining up to buy coffee from a Pagan goddess. I haven't seen those lines lately. A lot of businesses are going bankrupt, as sales drop, as people struggle to buy groceries.

Boot straps all around. Wait, a democrat is in office? Something must be done!

 

[HARK!]

Your chart shows that delinquent cc debt was climbing very quickly during the Trump administration prior to covid. Without covid, delinquent cc debt under Trump likely would’ve peaked higher than it is now.

You can speculate all you want; but the facts remain the same....and of course the Biden/Harris Administration shutting down the economy had nothing to do with anything.

 

[HARK!]

What makes you think “the workin man” doesn’t have a degree?

More and more people with degrees are taking low paying jobs as they are let go in the Biden/Harris economy.

It's getting really hard to find a job that pays well

Job growth is booming in low-paying, traditionally female industries, but high-paying roles might be harder to find.

www.businessinsider.com

 

[RileyG]

Funny, now that you mention it a while back I saw long lines of cars, backed up around the corner, creating traffic jams. They were lining up to buy coffee from a Pagan goddess. I haven't seen those lines lately. A lot of businesses are going bankrupt, as sales drop, as people struggle to buy groceries.

Pagan goddess? Starbucks?

 

[RileyG]

More and more people with degrees are taking low paying jobs as they are let go in the Biden/Harris economy.

I’m in that boat. My first job out of college was $10 part time at a grocery store. I can’t say I’m too proud of the choices I made in life.

 

[HARK!]

I’m told refraining from putting certain things on toast and avoiding a specific coffee franchise solves such financial issues.

“Families are paying over $17,000 more annually just to maintain the same standard of living they enjoyed before Biden-Harris took office. Their bank accounts have been wiped out, with the savings rate dropping from 7.7% right before the pandemic to 3.4% under Kamalanomics,” Mr. Arrington said.

“Unemployment has risen for four straight months, and recent revisions show the job market is markedly weaker than previously reported. Consumer interest rates stand at a 23-year high. It’s hard to fathom how hardworking American families can survive another four years of the Biden-Harris failed economic agenda,” he concluded.

Rep. Jodey Arrington issues reminders on the effects of Bidenomics

“While the Conference Board’s report showed a slight improvement in consumer confidence, overall markets remain weak and Americans are worried about the health of the labor market,” House Budget Committee Chairman Jodey Arrington said in a statement shared with Inside the Beltway.

www.washingtontimes.com

Let them eat toast!