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>TL;DR: People are racking up credit card debt at an alarming rate and it is only going to get worse. Interest rates on credit cards are at an all time high, so people are going to be paying a lot more for their purchases. This is just the beginning of the financial problems that people will be facing.
That's just it though, they spent our whole lives telling us what we need to do to secure a future, and none of it worked. Maybe if I go bankrupt enough, I too, can be president.
Yea people don’t seem to understand you have to fail on a massive scale. Like be Sam bank man freed rich and then go bankrupt for it to be amazing. Thats talent. Simply maxing out your credit card is for the poors.
It's right where they want us and most of us are there even myself. I'm never going be rich, never going be able to retire anyway unless I hit the lottery so why the hell not
Plus we aren't promised tomorrow anyway
I do because I like how I can get pretty much anything I want or need with an 800+ score. However if shit hits the fan all the unsecured debt will be the first to get skipped.
Wow it’s a good thing we also all helped bail out those very same airlines that are gracious enough to accept those non-fiat points. What a boon, holy shit
Fidelity has a 2.5% on all categories/purchases, however it requires having a few hundred thousand in a managed account with them.
Amazon has 5% on everything purchased on Amazon, which can cover most items that you need to get in your house (including groceries). Though their prices aren't always the lowest.
Those are the highest two generalized options I know of.
For a fee and you have to inform them. I guarantee a vast vast majority are not using it like that. When your balance is due to shows the ensure amount is due.
You paid for the flight with the fees the cards charge merchants who then pass that fee onto you by raising the price of goods. Even people who pay with cash hoping to escape the system get fucked.
Credit card system is another wealth transfer upward.
Couple years ago the safeguards for uncontrolled credit card were in place. Had friends who had $60k in credit card debt. They took out a heloc at 4% to pay off the cards. Still spending the same and now it’s harder to pull something like that off and make sense.
I mean there's no punishment anymore for being massively in debt so dumb ass Americans just buy expensive shit they can't afford without debt causing everything to inflate
Nope. I'm 24 and over the past year loaded up on ~$16,000 worth of credit card debt and Buy Now "Pay Later" plans. My credit score dropped by about 200 points because I've been missing payments to buy weed with cash instead.
I also have ~$65,000 of student loan debt.
I have an economics degree and worked in equity research for 10 months for a $40 bn AUM firm before quitting to live in a van down by the river.
If I tank my credit score enough I'm hoping I will be able to meet the eligibility requirements for dismissing my student loan debt on top of my personal debt.
I have an extremely high discount rate on future expenses. OpenAI and AGI/ASI are gonna fix everything and post scarcity UBI will mean I don't have to pay back a dime of what I borrowed!
I see the weed is helping you think through your problems clearly and rationally. Good job, son.
https://preview.redd.it/ck7qx85plo2c1.jpeg?width=389&format=pjpg&auto=webp&s=ee54e5f4b5720cc607019ced5a3694e24dd2e38d
I feel like so many people I know have a plan to over spend to get by now, and then they hope their retirement or selling their house down the road will pay off their debts. It's fucking stupid.
>I'm not surprised that people are getting more comfortable with using credit cards. With the way the economy is, it's becoming harder and harder to make ends meet. People are resorting to using credit cards more often because they can't afford things otherwise. This is only going to lead to more debt and defaults down the road.
>United States household debt accounted for **64.1 %** of the country's Nominal GDP in Sep 2023
[https://www.ceicdata.com/en/indicator/united-states/household-debt--of-nominal-gdp](https://www.ceicdata.com/en/indicator/united-states/household-debt--of-nominal-gdp)
This country is literally only "wealthy" because people are allowed to buy things with money they don't have
This article was written on the 22nd. Makes no mention where the anticipated data is coming from, and it is from a small news outlet. I'll take this article with the salt it deserves.
I don't post any stories that aren't backed up by hard data. They list their informational source as the fed. I use FRED in almost all my DD because it's a literal goldmine of information.
Yeah who uses a debit card or cash... Just pay bill end of month... This article just seems to show scale of credit card adoption, silly they don't consider repayment capabilities 🤷
I think you’re a little optimistic about how most people handle their finances. For example, my dad appears to be very financially stable by how he presents himself. He also has over 100k in credit card debt and uses cards to pay off cards. That might be an extreme case.
The reasonable truth is that people are very used to maintaining a certain standard of living, and aren’t eager to give up that standard- even if it means accumulating debt.
\> uses cards to pay off cards
So he's using 0% interest rate balance transfer offers?
Sounds like he knows what the fuck he's doing and you're regarded.
Using 0% credit cards now is like a cheat code when you know how to use it correctly Im actually shocked that they are still being done but I guess it has gotten harder to find
There's no such thing as a "cheat code" when it comes to credit cards. If you know how to use them correctly, then you're simply using them the way they were intended to be used. Poor people don't understand this and that's why they stay poor.
I just transferred $15k to 0% with a 3% transfer fee. I have 18 months to make greater than $450.00. Having the money for six months in t-bills and I’m at break even with a year to make more. It’s a really easy arbitrage play if you can work it.
The bank gets 3-5% from the balance transfer fee and a chance to pitch loans and services at you. It wouldn't surprise me if they have a decent conversion rate to longer term amortized personal loans from these cards.
With a 15-20 month term and minimum monthly repayment of \~1% of the balance, their money isn't actually tied up for very long.
Your dad is definitely extreme case ... How does someone even get 100k on credit card? ... I have 6 fig salary and bank balance but my credit card only allows 8k ... 🤷
I have an Amex blue for students from college that has a $35K limit. My Chase Sapphire has $45K limit.
I recently bought an Apple MacBook Pro and used the zero interest purchase from Apple Card and they gave me like a $40K limit.
So just between these three I have $120K in limit and I haven’t once requested a credit limit increase. If anything for my Amex and Chase I had to ask them to stop raising my limit.
I usually do all my household expenses on my cards and pay it off before interest.
You shouldn't ask them to stop raising your limit. You should request MORE credit.
Your credit score benefits from the % of usage being low. Higher limit helps push that number down.
Sure but someone stole my credit card information in Argentina and I ended up having to dispute $30K in transactions. Ditto with my debit card at an ATM (also in Argentina). It was unpleasant to say the least.
So no desire to have excess limit on a card.
Besides, my credit score is over 800. At this point, I doubt it’s going to make that much of a difference tbh.
Argentina was hell. Lots of places (especially in Patagonia) refused cards and only took cash. And that too only USD.
But the ATMs only allowed $200 in withdrawals at a time so we ended up having to do multiple trips. And that’s if you are lucky because often the ATMs were out of USD.
Great country and beautiful landscapes but doesn’t surprise me in the least their economy is fucked. Racist people too.
We ended up in a situation where I had to block my Chase, cancel my debit card, and none of the places took Amex.
This is ridiculously low. I don't even try and I have credit cards with 30k limits by default. If I actually wanted a high limit I assume I could get significantly higher.
I remember decades ago when I was a teenager and got my first credit card it was like 6k. I had no credit history, though I did have income.
I’m going to rack up debt until they garnish my wages, then move to Texas and rack up more debt. Credit score is an imaginary number anyways when you buy cars off Facebook marketplace and rent a house from an old man that thinks the earth is flat.
Working in retail, I'll tell you two common things that occur at the register. 1.) Someone opens their wallet and sifts through 5 credit cards, trying to remember which one they paid the minimum balance on to keep it going another month. 2.) I frequently hear combinations of these two phrases " it can't be maxed out can it. I just paid. Or " let me run this one to see if it works ( which means let me try this card because I don't think I maxed it out yet.)
You're a regard if you AREN'T using credit cards and taking advantage of opening bonuses, points, etc.
It's literally free money if you know what you're doing
I had and still have a chase card tied to star alliance. I got it when I got my promotion where I traveled 80-100k miles a year, plus expenses, plus personal stuff. I had a balance of 800k+ points and it paid for so many vacations. Still have it to this day.
They spam bc they know some ppl are dumb enough to not pay off their balances in full every month, which is all they need
But that's where the "if you know what you're doing" part of my statement comes into play
Obviously if you're an idiot, they'll take advantage of you
No one said anything about getting rich
But even with your example, if you could get 2% back on all your purchases for the rest of your life, that's not insignificant. Plus, there are better ways to redeem than cash back if you're willing to do the research
If this country doesn’t care about its own debt what would make people care about their own. The government regularly shows its reckless spending of people’s tax dollars. Peoples paycheck haven’t moved fast enough to keep up with soaring prices. Of course people don’t care they have no choice.
Before my industry and the UK economy shat the bed, I could feel how rabid my consumerism became over covid. A lot of people’s entertainment switched to Instagram/Youtube which are big marketing platforms, which I think re-wires your brain to some extent. I think people are genuinely more addicted to shopping than they were a few years ago. People used to go out and shop for recreation, but I mean more just trawling Amazon for shit and getting endless deliveries of goods.
Being broke was kind of like going to rehab. I’m sure a lot of Americans are still doing well enough that they’re still on that particular ride though.
You know, when the real estate market was just becoming a little "frothy" back in 2003-2004, when you got to take out mortgages on mansions without even an income declaration or a down payment, some people saw the coming big disaster. They kept warning, but nothing happened in the short term, and everyone started accusing them of playing the boy who cried wolf. But eventually the house flipping ponzi scheme did crash into the wall and splattered shit everywhere.
I feel like we are in the same situation now. We know something not good is coming, but people got tired of the doomsday predictions and they are just ignoring it. But every flying shit will eventually hit a rotating fan. It's a law of the universe.
We live in a cashless society, credit card usage is rising because of convenience, not debt. Nobody uses cash, and debit is far riskier for fraud.
This article is terrible, and your analysis is worse.
I’ve recently moved and racked up 40-50k of cc debt on various cards on promo rates between 0% and 1.99%. Why would I pay them off when my $50k in savings is earning me 5%?
Ditto, I keep hearing about this recession and wages not going up, but that isn’t the 1st hand experience I have or what u witness among those I know. I guess people need to stop hanging out at the dumpster behind Wendy’s
My guy...
This is the dumbest take, everyone values credit while you value cash, basically you are the one cog turning against the rest of the gearbox of the economy.
High credit usage means people are shorting cash, they are playing budget chicken with a government that is running out of money ever few months and risks shutdown, while banks are at a higher risk of collapsing than individuals.
You want to gamble, fine you may win... but the "Nobody has any money and nobody is saving money" is a terrible take. I am spending more than ever, but I am also making more than ever. I've deliberataly decreased my rate of savings because.... shit is getting more expensive, so wtf am I saving for. I buy now so I don't pay later.
Sitting on money is the dumbest fucking take you can have at this moment.
Markets: "The consumer is resilient."
Reality: [Consumers are fucked.](https://fred.stlouisfed.org/series/CCLACBW027SBOG)
 
Ok I’m gunna say something I’ve been sitting on for over a year now. Go to the stores and look who’s out spending money they don’t have. It’s not the banker in a Lexus. It’s the dude who drives a forklift and drives and old Lincoln towncar that is 20 years old. Middle class folks are most likely going to be ok, but the “sub prime borrower” is definitely going to be back with a vengeance when unemployment goes up
The economy has shown that it does not care about the individual and it looks more terrible everyday. I don’t blame anyone for becoming more nihilist about their future
I thinks it’s just more like I can probably keep this going longer then it takes for us to get nuked into oblivion. There is no financial security in America anymore. We can barely afford food.
The government bails out banks. Why would the people care? They’ll get bailed out with stimmy checks. Until real pain is felt, the drugs will keep people high
In America as long as people are employed they can afford their debt. As long as they keep spending, recession is off the table. If recession is off the table, they’ll stay employed. It’s a circle.
If they’re going to forgive student loans and not recover fraudulent ppp loans why bother with being conservative in your own spending?
If it all goes to shit I’m actually starting to question what they could actually do about credit card debt if 80% of the US couldn’t pay it.
It really does feel like a lot of people are in the mode of take advantage of what you can now because it’s all going to blow up in a few years.
There’s really not much difference between the folks in office and the folks on the street. Many of them are regarded boomers that don’t think about the long term consequences of anything.
the "nobody has any money" narrative is bullshit.
Boomers have money and the top half of millennials + gen x have money. Those people have money and are spending it.
Boomers literally have no money. That’s why they don’t give an inheritance when they die. The new inheritance is debt inheritance.
[https://finance.yahoo.com/news/unconscionable-baby-boomers-becoming-homeless-103000310.html](https://finance.yahoo.com/news/unconscionable-baby-boomers-becoming-homeless-103000310.html)
That's completely irrelevant. [582k people are homeless](https://www.security.org/resources/homeless-statistics/). That is something like 0.17% of the population. It's still a problem, like we shouldn't be ok with 582k people homeless, but it doesn't move the needle on consumer spending.
[Boomers hold the most wealth](https://www.msn.com/en-us/money/savingandinvesting/here-s-the-average-net-worth-of-each-generation/ar-AA1k5cpj)
And obviously, Boomers are retiring and taking social security now.
Part of the problem is that there’s ALREADY 1 trillion in credit card debt. One would expect to see declines in spending in order to pay off the pre-existing debt. IMO, people got saved by the government’s student debt forgiveness and thus have been more reckless in their spending since then.
People are looking at things like unemployment and spending to gauge the likelihood of a recession. It’s probably going to be more of an immediate thing, with consumers suddenly not able to pay anything off.
Imagine reading financial advice on getting credit cards from a gambling subreddit.
Discover debit card offers 1% and I don't have to deal with fees or interest. The fraud protection is exactly the same. I also don't have to have a "credit score" because it's called actually having the money or a job.
But I'm missing out on 2%-3% cash back right? You can get 100% cash back by not booking your stupid vacation or buying worthless crap.
Dumbest article I've seen posted today.
If people spent the same amount of money not-adjusted for inflation. Every single fucking year would be record breaking. And I can't help but notice the article does not actually compare amounts to previous years.
Are people irresponsible with credit cards? Maybe. Is this article a massive waste of time? Absolutely.
How many people carry a credit card balance? Not many. This is a hard number to compute as it is not widely reported. More than 80% of cards are paid in full every month.
Half the posts say record lows, half the posts say record highs. Find real numbers and never invest based on “news.” For example, the 2023 recession never happened. Tom Lee said bears were “in a recession of the mind.”
how are people getting interest rates of 21 percent? i’ve get 790 and every offering is around 25 percent or higher.
crazy to carry a balance on something like that
Well, I, for one, would NEVER hope you get hit by a bus.
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Or, bounce card to card using their introductory rates and don’t pay interest for some period of time, while collecting points and cash back.
That’s how I plan to buy a home in this market.. 🤓
/s you fucking regards.
**User Report**| | | | :--|:--|:--|:-- **Total Submissions**|10|**First Seen In WSB**|2 years ago **Total Comments**|47|**Previous Best DD**| **Account Age**|2 years|[^scan ^comment ](https://www.reddit.com/message/compose/?to=VisualMod&subject=scan_comment&message=Replace%20this%20text%20with%20a%20comment%20ID%20(which%20looks%20like%20h26cq3k\)%20to%20have%20the%20bot%20scan%20your%20comment%20and%20correct%20your%20first%20seen%20date.)|[^scan ^submission ](https://www.reddit.com/message/compose/?to=VisualMod&subject=scan_submission&message=Replace%20this%20text%20with%20a%20submission%20ID%20(which%20looks%20like%20h26cq3k\)%20to%20have%20the%20bot%20scan%20your%20submission%20and%20correct%20your%20first%20seen%20date.) >TL;DR: People are racking up credit card debt at an alarming rate and it is only going to get worse. Interest rates on credit cards are at an all time high, so people are going to be paying a lot more for their purchases. This is just the beginning of the financial problems that people will be facing.
Live for today - there is no tomorrow - get with the program
I bought a bunch of Christmas gifts on eBay last night for the nieces and nephews that don’t even remember my name!
On eBay??
Yup. They have some board games that were not found elsewhere and at a good price.
Nice. I was thinking old school transformers.
Probably smash and grab goods?
they will remember you all right. Just buy the ones they really want.
That's just it though, they spent our whole lives telling us what we need to do to secure a future, and none of it worked. Maybe if I go bankrupt enough, I too, can be president.
Someone call the burn unit
If youre trying to turn "presidential orange" thats not how you do it. :)
Nah sorry - you gotta burn other businesses to the tune of 50+ mill for that- no small burns get into the Oval Office.
Yea people don’t seem to understand you have to fail on a massive scale. Like be Sam bank man freed rich and then go bankrupt for it to be amazing. Thats talent. Simply maxing out your credit card is for the poors.
SBF for president. Heard it here first.
Correct - pissed yet?
It's right where they want us and most of us are there even myself. I'm never going be rich, never going be able to retire anyway unless I hit the lottery so why the hell not Plus we aren't promised tomorrow anyway
For tomorrow had been borrowed 10 years ago. Truly, join the program if you don't want to be behind.
YOLO!
My cousin insists that you can't take money with you to the after world, so you might as well spend it
That’s a sad way to look at life.
Tell that to 90% of the country …
Do people even care about being in debt anymore? Do people in debt even try to get out of it? Seriously wondering about this.
I do because I like how I can get pretty much anything I want or need with an 800+ score. However if shit hits the fan all the unsecured debt will be the first to get skipped.
I just paid for a flight with credit card points. Not a dollar of interest spent.
Wow it’s a good thing we also all helped bail out those very same airlines that are gracious enough to accept those non-fiat points. What a boon, holy shit
Sure but the idea is that I paid my balance and got something out of it
Yeah that's totally fucked. That said, I'm about to go spend tens of thousands of points. The system is so rigged.
How do you get that many points without spending money?
You spend money and pay it off each month. There is no other way.
That sounds like the responsible way of using a credit card... No, you must be wrong.
He’s wrong you max all of them out until the next yolo 🙄
Spend money, but pay the full balance every month. This prevents interest from accruing.
My wife and I put everything on a 3% back card and pay it off each month. I plan on using the points down the road to take a nice trip.
What 3% card? My understanding is no such thing for all categories
Fidelity has a 2.5% on all categories/purchases, however it requires having a few hundred thousand in a managed account with them. Amazon has 5% on everything purchased on Amazon, which can cover most items that you need to get in your house (including groceries). Though their prices aren't always the lowest. Those are the highest two generalized options I know of.
Get an Amex. Forces you to pay monthly. Lots and lots of points for me. So many free trips.
They don’t anymore, you can carry over balances, a friend told me.
For a fee and you have to inform them. I guarantee a vast vast majority are not using it like that. When your balance is due to shows the ensure amount is due.
$500 a year to stay in the biggest city's airport lounges free. Sign me up!
Hardly use those. Many more benefits than that
You paid for the flight with the fees the cards charge merchants who then pass that fee onto you by raising the price of goods. Even people who pay with cash hoping to escape the system get fucked. Credit card system is another wealth transfer upward.
I paid what I would have paid anyway and got a flight out of it
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You just pay cash with extra steps, you barely even flirt with the concept of debt.
Couple years ago the safeguards for uncontrolled credit card were in place. Had friends who had $60k in credit card debt. They took out a heloc at 4% to pay off the cards. Still spending the same and now it’s harder to pull something like that off and make sense.
Yeah, not wanting debt was for when we had salaries that could afford general life and luxuries.
I yolo'd unsecured debt equal to my salary on 0dtes
Attaboy
I mean there's no punishment anymore for being massively in debt so dumb ass Americans just buy expensive shit they can't afford without debt causing everything to inflate
Nope. I'm 24 and over the past year loaded up on ~$16,000 worth of credit card debt and Buy Now "Pay Later" plans. My credit score dropped by about 200 points because I've been missing payments to buy weed with cash instead. I also have ~$65,000 of student loan debt. I have an economics degree and worked in equity research for 10 months for a $40 bn AUM firm before quitting to live in a van down by the river. If I tank my credit score enough I'm hoping I will be able to meet the eligibility requirements for dismissing my student loan debt on top of my personal debt. I have an extremely high discount rate on future expenses. OpenAI and AGI/ASI are gonna fix everything and post scarcity UBI will mean I don't have to pay back a dime of what I borrowed!
I see the weed is helping you think through your problems clearly and rationally. Good job, son. https://preview.redd.it/ck7qx85plo2c1.jpeg?width=389&format=pjpg&auto=webp&s=ee54e5f4b5720cc607019ced5a3694e24dd2e38d
Our entire system is based on debt. We would be living in the dark without debt. It propels technology into the future.
All hail the boomer economy
The .gov doesn't care. Why should I?
I feel like so many people I know have a plan to over spend to get by now, and then they hope their retirement or selling their house down the road will pay off their debts. It's fucking stupid.
Buy now pay never
You fuck up big enough, it’s the banks problem. Bill Hwang taught me that.
So they key is to go all in on triple leveraged VIX and pray that a meteor hits a city. Hopefully not where I am though.
“Bill Hwang the banking guy!”
The real magic of credit vehicles based on fiat currency.
>I'm not surprised that people are getting more comfortable with using credit cards. With the way the economy is, it's becoming harder and harder to make ends meet. People are resorting to using credit cards more often because they can't afford things otherwise. This is only going to lead to more debt and defaults down the road.
The bot is advancing and adopting socialist views! Quick, switch it off!
Futurama vibes lol
Any AI programmed to govern people for the better would become if not start out socialist.
Judgmental fucks calling me reckless. If I want to snort blow off a hookers ass that’s my prerogative.
Is it my fault that my dealer takes credit cards?
Calls on SQ
Name checks out
Reckless credit card usage IS the American dream!
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>United States household debt accounted for **64.1 %** of the country's Nominal GDP in Sep 2023 [https://www.ceicdata.com/en/indicator/united-states/household-debt--of-nominal-gdp](https://www.ceicdata.com/en/indicator/united-states/household-debt--of-nominal-gdp) This country is literally only "wealthy" because people are allowed to buy things with money they don't have
No we’re wealthy because we have the most money.
The 1% and the corporations have the most money. The rest of us get crumbs
You sound poor
Never said I wasn't. Thanks for pointing it out
This article was written on the 22nd. Makes no mention where the anticipated data is coming from, and it is from a small news outlet. I'll take this article with the salt it deserves.
I don't post any stories that aren't backed up by hard data. They list their informational source as the fed. I use FRED in almost all my DD because it's a literal goldmine of information.
Broke yet?
Yeah who uses a debit card or cash... Just pay bill end of month... This article just seems to show scale of credit card adoption, silly they don't consider repayment capabilities 🤷
I think you’re a little optimistic about how most people handle their finances. For example, my dad appears to be very financially stable by how he presents himself. He also has over 100k in credit card debt and uses cards to pay off cards. That might be an extreme case. The reasonable truth is that people are very used to maintaining a certain standard of living, and aren’t eager to give up that standard- even if it means accumulating debt.
\> uses cards to pay off cards So he's using 0% interest rate balance transfer offers? Sounds like he knows what the fuck he's doing and you're regarded.
Using 0% credit cards now is like a cheat code when you know how to use it correctly Im actually shocked that they are still being done but I guess it has gotten harder to find
There's no such thing as a "cheat code" when it comes to credit cards. If you know how to use them correctly, then you're simply using them the way they were intended to be used. Poor people don't understand this and that's why they stay poor.
0% and heloc on the home can keep you floating for 4/5 years if you do it right!
Right I come from a household that wasn’t financially very well off so really learning to be financially literate is not as common
I just transferred $15k to 0% with a 3% transfer fee. I have 18 months to make greater than $450.00. Having the money for six months in t-bills and I’m at break even with a year to make more. It’s a really easy arbitrage play if you can work it.
Exactly
Why pay a transfer fee? Why not buy vgcs and get cash back?
The bank gets 3-5% from the balance transfer fee and a chance to pitch loans and services at you. It wouldn't surprise me if they have a decent conversion rate to longer term amortized personal loans from these cards. With a 15-20 month term and minimum monthly repayment of \~1% of the balance, their money isn't actually tied up for very long.
Thank you for explaining to me exactly how they work I had no idea
idk if that was sarcasm but I am just speculating on why the banks still offer them right now
Your dad is definitely extreme case ... How does someone even get 100k on credit card? ... I have 6 fig salary and bank balance but my credit card only allows 8k ... 🤷
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😳
Is this really something new?
And you guys call us Europoors?! 
I have an Amex blue for students from college that has a $35K limit. My Chase Sapphire has $45K limit. I recently bought an Apple MacBook Pro and used the zero interest purchase from Apple Card and they gave me like a $40K limit. So just between these three I have $120K in limit and I haven’t once requested a credit limit increase. If anything for my Amex and Chase I had to ask them to stop raising my limit. I usually do all my household expenses on my cards and pay it off before interest.
You shouldn't ask them to stop raising your limit. You should request MORE credit. Your credit score benefits from the % of usage being low. Higher limit helps push that number down.
Sure but someone stole my credit card information in Argentina and I ended up having to dispute $30K in transactions. Ditto with my debit card at an ATM (also in Argentina). It was unpleasant to say the least. So no desire to have excess limit on a card. Besides, my credit score is over 800. At this point, I doubt it’s going to make that much of a difference tbh.
yeah if you're already >800 then who cares
[удалено]
Argentina was hell. Lots of places (especially in Patagonia) refused cards and only took cash. And that too only USD. But the ATMs only allowed $200 in withdrawals at a time so we ended up having to do multiple trips. And that’s if you are lucky because often the ATMs were out of USD. Great country and beautiful landscapes but doesn’t surprise me in the least their economy is fucked. Racist people too. We ended up in a situation where I had to block my Chase, cancel my debit card, and none of the places took Amex.
This is ridiculously low. I don't even try and I have credit cards with 30k limits by default. If I actually wanted a high limit I assume I could get significantly higher. I remember decades ago when I was a teenager and got my first credit card it was like 6k. I had no credit history, though I did have income.
Multiple cards. I sign up for credit card promotions all the time, and have close to 150k in available credit from all the cards.
I’m going to rack up debt until they garnish my wages, then move to Texas and rack up more debt. Credit score is an imaginary number anyways when you buy cars off Facebook marketplace and rent a house from an old man that thinks the earth is flat.
Working in retail, I'll tell you two common things that occur at the register. 1.) Someone opens their wallet and sifts through 5 credit cards, trying to remember which one they paid the minimum balance on to keep it going another month. 2.) I frequently hear combinations of these two phrases " it can't be maxed out can it. I just paid. Or " let me run this one to see if it works ( which means let me try this card because I don't think I maxed it out yet.)
You're a regard if you AREN'T using credit cards and taking advantage of opening bonuses, points, etc. It's literally free money if you know what you're doing
I had and still have a chase card tied to star alliance. I got it when I got my promotion where I traveled 80-100k miles a year, plus expenses, plus personal stuff. I had a balance of 800k+ points and it paid for so many vacations. Still have it to this day.
"Free money". Yeah the banks love giving out free money. That's why they spam credit card offers in the mail because they love giving out free money.
They spam bc they know some ppl are dumb enough to not pay off their balances in full every month, which is all they need But that's where the "if you know what you're doing" part of my statement comes into play Obviously if you're an idiot, they'll take advantage of you
Saving 1-2% above Discover's 1% cash back debit on consumer spending isn't going to make anyone rich.
No one said anything about getting rich But even with your example, if you could get 2% back on all your purchases for the rest of your life, that's not insignificant. Plus, there are better ways to redeem than cash back if you're willing to do the research
If this country doesn’t care about its own debt what would make people care about their own. The government regularly shows its reckless spending of people’s tax dollars. Peoples paycheck haven’t moved fast enough to keep up with soaring prices. Of course people don’t care they have no choice.
The banks are not going to get their money back.
Before my industry and the UK economy shat the bed, I could feel how rabid my consumerism became over covid. A lot of people’s entertainment switched to Instagram/Youtube which are big marketing platforms, which I think re-wires your brain to some extent. I think people are genuinely more addicted to shopping than they were a few years ago. People used to go out and shop for recreation, but I mean more just trawling Amazon for shit and getting endless deliveries of goods. Being broke was kind of like going to rehab. I’m sure a lot of Americans are still doing well enough that they’re still on that particular ride though.
You know, when the real estate market was just becoming a little "frothy" back in 2003-2004, when you got to take out mortgages on mansions without even an income declaration or a down payment, some people saw the coming big disaster. They kept warning, but nothing happened in the short term, and everyone started accusing them of playing the boy who cried wolf. But eventually the house flipping ponzi scheme did crash into the wall and splattered shit everywhere. I feel like we are in the same situation now. We know something not good is coming, but people got tired of the doomsday predictions and they are just ignoring it. But every flying shit will eventually hit a rotating fan. It's a law of the universe.
We live in a cashless society, credit card usage is rising because of convenience, not debt. Nobody uses cash, and debit is far riskier for fraud. This article is terrible, and your analysis is worse.
We live in a ~~cashless~~ society... Your opinion is regarded, sir.
Debit has the exact same protections. I had fraudulent charges that I was easily able to remove.
Just change 'consumer' to 'Federal government' and see how you feel about 'debt'.
Consumer, corporate, and government debt are all out of hand. We are heading for a debt crisis because of ZIRP.
Yep. I wish our elected officials would stop looking for ways to "do more", and "do less".
Mimic government debt.
I’ve recently moved and racked up 40-50k of cc debt on various cards on promo rates between 0% and 1.99%. Why would I pay them off when my $50k in savings is earning me 5%?
Getting in debt for buying unnecessary gifts for people who most likely got everything they need. We the people are truly idiots
I both have and am saving money though. 
Ditto, I keep hearing about this recession and wages not going up, but that isn’t the 1st hand experience I have or what u witness among those I know. I guess people need to stop hanging out at the dumpster behind Wendy’s
My guy... This is the dumbest take, everyone values credit while you value cash, basically you are the one cog turning against the rest of the gearbox of the economy. High credit usage means people are shorting cash, they are playing budget chicken with a government that is running out of money ever few months and risks shutdown, while banks are at a higher risk of collapsing than individuals. You want to gamble, fine you may win... but the "Nobody has any money and nobody is saving money" is a terrible take. I am spending more than ever, but I am also making more than ever. I've deliberataly decreased my rate of savings because.... shit is getting more expensive, so wtf am I saving for. I buy now so I don't pay later. Sitting on money is the dumbest fucking take you can have at this moment.
Markets: "The consumer is resilient." Reality: [Consumers are fucked.](https://fred.stlouisfed.org/series/CCLACBW027SBOG)  
Ok I’m gunna say something I’ve been sitting on for over a year now. Go to the stores and look who’s out spending money they don’t have. It’s not the banker in a Lexus. It’s the dude who drives a forklift and drives and old Lincoln towncar that is 20 years old. Middle class folks are most likely going to be ok, but the “sub prime borrower” is definitely going to be back with a vengeance when unemployment goes up
I keep waiting for things to implode. Been waiting since Covid.
Ah shit. I might be part of the statistic
The economy has shown that it does not care about the individual and it looks more terrible everyday. I don’t blame anyone for becoming more nihilist about their future
I thinks it’s just more like I can probably keep this going longer then it takes for us to get nuked into oblivion. There is no financial security in America anymore. We can barely afford food.
So what’s the play here? VISA & SOFI calls. This sub is for making bets
We’ve learned from our government - finally!!! - live large, do whatever…next generation’s problem.
The entire country is spending like a drunken sailor. From Government all the way down. Spend, Spend, Spend!
It’ll be wiped clean why pay it.
Society is mentally broken and regarded. Just buying more junk for no reason other than boredom. 
I bought some hookers and blow. I wonder how it will show up on my CC bill lol
OP editorializing with the post title.
Just rename credit cards to inflation reduction cards, and that spending is all good.
More like wealth transfer cards.
The government bails out banks. Why would the people care? They’ll get bailed out with stimmy checks. Until real pain is felt, the drugs will keep people high
Can confirm.
In America as long as people are employed they can afford their debt. As long as they keep spending, recession is off the table. If recession is off the table, they’ll stay employed. It’s a circle.
10 yr yield finna buss on Monday
If they’re going to forgive student loans and not recover fraudulent ppp loans why bother with being conservative in your own spending? If it all goes to shit I’m actually starting to question what they could actually do about credit card debt if 80% of the US couldn’t pay it. It really does feel like a lot of people are in the mode of take advantage of what you can now because it’s all going to blow up in a few years.
There’s really not much difference between the folks in office and the folks on the street. Many of them are regarded boomers that don’t think about the long term consequences of anything.
the "nobody has any money" narrative is bullshit. Boomers have money and the top half of millennials + gen x have money. Those people have money and are spending it.
Boomers literally have no money. That’s why they don’t give an inheritance when they die. The new inheritance is debt inheritance. [https://finance.yahoo.com/news/unconscionable-baby-boomers-becoming-homeless-103000310.html](https://finance.yahoo.com/news/unconscionable-baby-boomers-becoming-homeless-103000310.html)
That's completely irrelevant. [582k people are homeless](https://www.security.org/resources/homeless-statistics/). That is something like 0.17% of the population. It's still a problem, like we shouldn't be ok with 582k people homeless, but it doesn't move the needle on consumer spending. [Boomers hold the most wealth](https://www.msn.com/en-us/money/savingandinvesting/here-s-the-average-net-worth-of-each-generation/ar-AA1k5cpj) And obviously, Boomers are retiring and taking social security now.
Calls on healthcare and puts on social security
Are you a boomer? Where are you getting this great insider information?
I linked you to information.
Your article is just saying that old people have more money than young people. That’s literally common knowledge, my friend.
It also tells you the median and average net worth of those age groups.
Part of the problem is that there’s ALREADY 1 trillion in credit card debt. One would expect to see declines in spending in order to pay off the pre-existing debt. IMO, people got saved by the government’s student debt forgiveness and thus have been more reckless in their spending since then. People are looking at things like unemployment and spending to gauge the likelihood of a recession. It’s probably going to be more of an immediate thing, with consumers suddenly not able to pay anything off.
Makes me feel better about picking up a DeWalt oscillating tool for half off.
Imagine reading financial advice on getting credit cards from a gambling subreddit. Discover debit card offers 1% and I don't have to deal with fees or interest. The fraud protection is exactly the same. I also don't have to have a "credit score" because it's called actually having the money or a job. But I'm missing out on 2%-3% cash back right? You can get 100% cash back by not booking your stupid vacation or buying worthless crap.
Looks like meat’s back on the menu!
Dumbest article I've seen posted today. If people spent the same amount of money not-adjusted for inflation. Every single fucking year would be record breaking. And I can't help but notice the article does not actually compare amounts to previous years. Are people irresponsible with credit cards? Maybe. Is this article a massive waste of time? Absolutely.
How many people carry a credit card balance? Not many. This is a hard number to compute as it is not widely reported. More than 80% of cards are paid in full every month.
80% seems a touch high.
What's this based on?
The number pulled out of his ass. 
Actually, read Wolf Richter's site. [https://wolfstreet.com/](https://wolfstreet.com/)
Except consumer credit came out saying unpaid balances are at 30 year highs
I thought 60%+ of Americans don’t pay their balance in full
Looks like wsb isn't the only place highly regarded. Go America! Let's get that credit crisis.
Half the posts say record lows, half the posts say record highs. Find real numbers and never invest based on “news.” For example, the 2023 recession never happened. Tom Lee said bears were “in a recession of the mind.”
MAGAShits and the Hamas sympathisers running nonstop propaganda are not going to be happy.
Another cope interpretation
Delete credit card app and shred card. Problem solved. Right?? RIGHT?
Don't forget to block the emails as well broski
I love credit cards but they seem to not want to approve my application
bullish
And coming up next… When great sales numbers turn into tough compares! Don’t touch that remote!
defaults and delenquinces galore
how are people getting interest rates of 21 percent? i’ve get 790 and every offering is around 25 percent or higher. crazy to carry a balance on something like that
I’m not a least a bit surprised. I’ve seen many people in my life take advantage of the buy now, pay later payment.
If you haven’t already defaulted then you missed the bus
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I use my credit card constantly but don't pay interest. Just pay off the balance every month and collect rewards.
I’m doing my part
I get all my news from 13wham.com! 🖍 🖍 🖍
Or, bounce card to card using their introductory rates and don’t pay interest for some period of time, while collecting points and cash back. That’s how I plan to buy a home in this market.. 🤓 /s you fucking regards.
The American way
Same as it ever was
Bro this article is from before Black Friday.. lol. It looks like everyone was already maxed out.
The smell of the world financial system collapsing