Nearly $3 trillion between credit cards and autos is wild. 13% past 90 day deliquincy and rising. Time-lapse explosion of the death star economy
That 13% number is the really disturbing part. With inflation and the savings rate going down, higher credit card debt is at least predictable. The 13% means we don’t have much time.
Conspiracy thought: watch for the return of debt criminalization. Slavery is legal in the US for criminals
Oh just you wait, debtor prisons will be the plan to fully realize slavery for the poors
Whats up with the obsession over credits cards in US? You guys don’t have a savings account and debit card which actually shows your spending limits?
A lot of people like to pay everyone with credit card and just payoff credit card at end of month. It’s a security thing, if credit card gets hacked, it’s not your money being spend, it’s the banks vs a debit card that holds your personal money
Also the majority of Americans don’t have even $1,000 in savings.
Well that too
Americans spend money and let banks tell them the limits by getting into maximum debt.
This was me. Tried really hard to stay afloat but as the cards were used more and more for food and other emergencies it became clear we were on a spiral. I had credit cards for 20 plus years, but the last 7 years wiped them out. Ended up in close to 60k in debt when they were all maxed out over the course of 4 to 5 years. The funny thing is they really dont do much for a very long time. We only got 1 lawsuit years later but we started debt consolidation so they handled it. The crappy thing is debt consolidation was also a predatory scheme. Just months ago we were only months away from losing our house to forclosure. We filed for bankruptcy 2 months ago and they put a monthly plan in place for the 100k in debt plus stop the forclosure. Its still being finalized but the good news is creditors only have 1 month from when we file to show proof of claim of the debt and if they dont it becomes null and our lawyer says a lot did not respond so we are a bit lucky since instead of 4 years of repayment it should now be like 3.
We havent even had credit cards for the past 2 years and I never plan to get any for at least 10 years after this is all over because we learned how to survive without them during this mess and at least if you go through all your money your not fucking up your life even more racking up debt.
Oof “Food and other emergencies”
Americans credit card debt. What the hell are you guys doing? I thought that would be worldwide
Getting squeezed for every penny we have and then some.
The high cost of gas and groceries are really stressing Americans’ budgets these days.
Oh please…football games and Taylor Swift concerts sold out everywhere. $7 mochafrappalattahys with lineups everywhere.
Americans spent stupid money like no other country.
Some Americans.
I got an idea, let’s do nothing.
Yes because organizing a revolt of >200M people spread out across an area over twice the size of the EU who cannot afford to miss a paycheck without a very imminent risk of homelessness, starvation, and loss of healthcare for themselves and their families is such a logistically simple thing
Exactly, like I said, just do nothing and everything will be fine.
Auto debt: $1.71 trillion
Buying cars it seems like.
Getting a loan to buy a car just seems crazy to me
Honest question, but do you expect everyone who needs a car to have thousands saved for the purchase? Just in case you’re not in the US, our used car market has exploded in pricing, gone are the days of a semi reliable sub 5k vehicle.
If you don’t have a few thousand saved up, maybe find a cheaper option? A scooter or something? And if you really have no other option, get a proper loan rather than putting it on a credit card.
But yeah, maybe I’m too European to understand :)
Yeah, my state is larger than England with population of about 10 million with no public transport. Not to mention our particularly harsh winters that would make a scooter impractical for 6ish months out of the year.
Most everyone buying a car does get a traditional loan, did I miss something stating people were using credit cards? Also, a lot of commutes include highways which scooters/mopeds can’t reach the speeds necessary. Unfortunately cars are a necessity for many outside of the few cities that have actual mass transit.
“credit card debt” is in the title
Yes but the article itself breaks the debt down into credit card, mortgage and auto loans. That’s where I got confused when you mentioned people using credit cards to buy vehicles.
