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Author Topic: Credit card debt hits $1T for the first time ever  (Read 726 times)

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Offline libertybele

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Credit card debt hits $1T for the first time ever
« on: August 08, 2023, 05:57:00 pm »
Sad.  Let's Go Brandon!!!

Credit card debt hits $1T for the first time ever
Americans are increasingly turning to their credit cards to cover everyday expenses, with debt surpassing $1 trillion for the first time at the end of June, according to a New York Federal Reserve report published Tuesday.

In the three-month period from April to June, total credit card debt surged to $1.03 trillion, an increase of $45 billion, or 4.6% from the previous quarter. It marks the highest level on record in Fed data dating back to 2003.

The rise in credit card usage and debt is particularly concerning because interest rates are astronomically high right now. The average credit card annual percentage rate, or APR, hit a new record of 20.33% last week, according to a Bankrate database that goes back to 1985. The previous record was 19% in July 1991.................

https://www.foxbusiness.com/economy/credit-card-debt-hits-1-trillion-first-time-ever
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Online DefiantMassRINO

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Re: Credit card debt hits $1T for the first time ever
« Reply #1 on: August 08, 2023, 07:02:07 pm »
 ////00000////

Will Credit Card companies raise my debt limit ceiling if I promise to pay them Tuesday for a cheeseburger today?
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Offline libertybele

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Re: Credit card debt hits $1T for the first time ever
« Reply #2 on: August 08, 2023, 08:07:19 pm »
Quote from: DefiantMassRINO on August 08, 2023, 07:02:07 pm
////00000////

Will Credit Card companies raise my debt limit ceiling if I promise to pay them Tuesday for a cheeseburger today?

Of course they will and they'll also raise your interest rate.  :laugh:
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Offline Hoodat

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Re: Credit card debt hits $1T for the first time ever
« Reply #3 on: August 08, 2023, 08:10:57 pm »
Bidennomics
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Offline libertybele

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Re: Credit card debt hits $1T for the first time ever
« Reply #4 on: August 08, 2023, 08:17:28 pm »
Quote from: Hoodat on August 08, 2023, 08:10:57 pm
Bidennomics

It's so sad that people are relying on their credit cards for their everyday necessities. 

No doubt, things are not easy these days and people are definitely struggling.
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Online Wingnut

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Re: Credit card debt hits $1T for the first time ever
« Reply #5 on: August 08, 2023, 11:00:03 pm »
Quote from: libertybele on August 08, 2023, 08:17:28 pm
It's so sad that people are relying on their credit cards for their everyday necessities. 

No doubt, things are not easy these days and people are definitely struggling.

I had to pull 10K out of my 401 to buy new teeth.  Before Fucenbiden i would have put on a CC for 9%.
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Online GtHawk

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Re: Credit card debt hits $1T for the first time ever
« Reply #6 on: August 09, 2023, 01:24:49 am »
Bankruptcy lawyers are partying like it's 1999.
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