Americans have racked up record levels of credit card debt, which is up 8 percent from a year ago. Many borrowers have fallen behind in paying their payments. NBC News’ Christine Romans reports.
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#CreditCard #Debt #Economy
The American Economy is completely consumer based; it requires people to constantly buy things they really do not need , electronic items designed to fail in a few short years so they will be replaced, running shoes priced ridiculously, phones with a couple of new tricks, eating out at a boring chain restaurant, overpriced coffees the list is endless, but fact is without this the system would fail , fact is they really do not want to have society out of debt, they actively encourage it
A RED administration will be good for the people
USA People, love debt.
Very said????
Be carefull its gonna collaps ????..
Be carefull with your money
A credit card is really a debt card but if they called it that people wouldn’t get them. Amazing how a name affects our behaviour.
28 trillion federal deficit, 17 trillion in personal debt and 1/3 of Americans scraping by paycheck to paycheck. We've been in a recession since 2008, people know that. The only recovery has been the richest Americans increasing their wealth many times over. Those 401ks will be worthless once things crash.
I have no credit card. I closed the account and cut the card ????
Only had $80 dollars to my name and 30k in debt, Within a few months after loosing my job in 2012, and used my credit cards to cover the bad financial habits and also good so I didn’t go hungry. When in a budget/broke All friends will disappeared, but reappear again once you are financial in the green because you have something they don’t have. These were the best lessons I learned in my early on in my late 20s and early 30s of what not to do, and also a long reality check talk my dad gave me, that was not fun. Dropped out of college, went to a trade school, when I started working paid off all my debts, became very careful of whom are in my friends list (short list now) have driving the same vehicle for many years, when it breaks I fix, the only person who cares what you drive is you, everyone else does not care. Also, many people posting their travel pics on social media, driving new cars, and eating out all the time, many of them are broke, relationships are in the rocks or about to call it quits.
The problem is with all this spending we have been taught the right of passage is a new car ????, a big home ???? and to have many kids. Our ancestors actually bought land and built homes themselves, of course they didn’t have electricity or running water ???? but these are valuable skills to get in order to build your own home. I think even in the 1940’s and 1950’s Sears would send a mail order home ???? where you could put together yourself. Doesn’t have to be a new car if you can’t afford it, because there is a percentage of guilt after the purchase. Buy a used car ???? works just fine. Lastly don’t have kids unless your prepared to make 3 times your monthly income to support a child ????
I’m so glad I purchased my car with cash and not bank loans and no house payments, or had children, spend within the means, if your family doesn’t understand you can’t afford it then they don’t love ?you
It’s consumerism and with all the commercials people spend more. I blame women because they love to spend from what I have seen in public. I’m lucky I don’t have a high maintenance woman who wants everything on a credit card and then you have parents who can’t say no to their kids. I don’t have kids but I see it all the time in public. Kids get into the spending early on, so yes some people in America have a spending problem.
this is why america is the richest country in the world
you have to pay quadruple or more than the principal
It's shocking to me that so many people finance their lives on debt. I don't really get it. Except for buying a house or a car why would one need so many credit cards?
The availability of financing things as trivial as a mattress is what will lead to societal collapse in our lifetime. There is not one natural mechanism in place to keep people from consuming. What’s worse is now the basics of human existence are requiring some families to go into debt. We are slaves and do not even know it. I see it everyday in the corporate dystopia. People are truly catatonic and living day to day. They stand for nothing because they cant lose their paycheck. Good luck my friends.
Careful with debt consolidation and with balance transfers.
If you don’t change the underlying behaviors or conditions, you’ll end up running up a new balance on the card you just “paid off” (not really; the debt was just moved) with a balance transfer.
Keep spending what you don’t have ????
Debt will collapse the economy . because almost everyone is irresponsible including me ( I'm sadly just as messed up ) because of us soon the world will crash financially.i and others ruined the world sadly .a huge regret
Me and my wife have a credit card that pays us back (very small amount) every month, no fees whatsoever and we pay it off every month so we don’t get charged interest. The main reason we use a CC instead of our debit cards, is we have one more layer of defense if we need to dispute a charge or we get hacked.
I thought y'all said the economy was booming?
Interest. You either pay it, or earn it. Choose wisely.
This has been a long running problem in American history ever since credit was introduced. From the guilded age leading into the Great Depression, to the crazy house loans leading to the Great Recession. It's crazy how managing fiance is not required in school but I guess we need a nation full of marks
Its going to get worse.
Thanks to people like her my credit card is paying me 5% cash back every month on my purhases
I am 32 and have never owned a credit card… Auto loans, sure, but I have always had positive equity. I came into the adult world after the 2008 housing crash. Never live outside of my means, and have enjoyed a lot. Currently drive a BMW coupe, then years old sure, and rent a 3 bedroom house. I'm not MAKING IT, if you get me, but I am comfortable, with little dogs and a decent hobby. I have lost a job and waited 6 months before finding one, then quit a well paying job, and waited 4 months before making income. I am grateful to have had a significant other that support me in those times, but we never went into debt like this.
Powerball win is the hope we need????????????
But Kamala said Bidenomics was working ????????
I mean we learn from our own country which is trillions dollars in debt!! The fed can’t pay its own bills and wonders why Americans can’t pay their own month to month?????????????
Same story, every year
Stopp making Banks richer and richer