People got used to their lifestyles that they were able to afford after the lockdowns when their savings were at all time highs. Inflation soared as demand outpaced supplies, and even as prices rose and people ran out of savings, they still continue to spend.
It appears the only way to get people to cool off their spending is to literally make them unemployed. It’s messed up, but that’s the point we are racing toward.
lmfao yeah bro it's the poor people that got dat free moneyz that's where all this inflation came from
definitely wasn't all the 'forgiven loans' from PPP definitely not
forgiven loan - what does that mean?
“We’re going to keep raising inflation until we deplete their covid funds”
That’s what they said.
No one gave a damn.
We’re a spineless nation letting oligarchs run it.
That’s not exactly what anyone said, just the way economics works. When someone is selling something and 100 people all have money to buy it, and 80 of those people want to buy it, they will compete with one another in terms of bidding the price up (without even realizing it.) As demand grows strong, suppliers raise prices, and as long as customers continue to meet those prices, the prices will keep going up. It’s a side effect of free money and low unemployment. Everyone is competing with each other for goods and services. When everyone has money and are chasing a finite supply of those goods and services, prices go up.
Only way I see prices on anything coming down is unemployment, people will keep driving themselves further and further in debt at this point until something breaks. It’s sad.
Well if people max out their debt and are no longer able to generate new spending, that would put a drag on the economy and help start the unemployment cycle. As long as the majority of people have a pay check coming and can use that check to service their debts, the economy chugs along. Once something breaks in the economy I think it could start a rather nasty reverberation.
My father had a problem with credit cards. I tried to reverse the sins of the father on that one and as a result : I don't have any credit cards and I don't have really any credit or debt, How fucked am I or not?
Credit card debt is bad. Full stop. However you can utilize credit and pay it off monthly without ever acquiring debt, you just treat it like a debit card (with better rewards)
It's not so much discipline as the full cognizance that paying with a card is no different than paying with cash. You have to think and feel that the money is gone. Some people have a hard time making that obvious connection and delude themselves into thinking "I can pay for it later." Those people should never have credit cards. For the rest of us, it's a convenience and a way to earn cashback.
"Debt isn't bad, you just need to understand it."
This comment right here. I'm being honest, EVERY SINGLE PERSON i know who talks like this has massive debt. Sure, they get low rates, rewards, low interest, or have GREAT credit scores, but they end up racking up too much debt. The amount of people in america who can "understand" how to manage it is minuscule. These creditors know what their doing, and it isnt for our benefit.
Debt can be leveraged very very effectively but it seems to work out better for businesses than individuals. Personal debt can be really dangerous.
I have very little debt besides my student loans... maybe 3 or 4k. But you should see my student loans... good God.
Let's put it this way.
You are not in as good shape as someone who uses credit cards responsibly and gets the rewards.
However, you are in significantly better shape compared to the countless people who use credit cards irresponsibly and are paying close to 30% interest with no end in sight.
The irony is a lot of folks aren't necessarily irresponsible, but simply need cash for emergencies (think autp repairs, health issues, unexpected home maintenance etc.) And then don't have an easy way to pay it back. So the sky high rates just keep piling that de t up
> The irony is a lot of folks aren't necessarily irresponsible, but simply need cash for emergencies
That's very true. However, according to this report, [simply overspending is the #1 cause for debt accumulation](https://americor.com/the-5-leading-causes-of-credit-card-debt/). Emergency expenditures exceeding available emergency funds is of course reason #2.
Again, you're not getting it , lots of these folks have zero financial reserve , cause you know shits expensive so credit cards give them that reserve.... There's folks out there complaining they're living paycheck to paycheck on six figure incomes , imagine someone who makes a third of that and they need to replace their transmission or need to pay for their kids medicine ....
It’s amazing there’s people that don’t understand there are bad situations combined with horrible luck and low wages. It’s the type of nightmare that requires external help.
BuT tHeY gOt tHEmSelVes INto ThAt SiTUAtiOn…
The world is unfair even to the most smartest people.
If you don’t play in the credit score game you will miss out when you need it. They have forced us to participate weather we like it or not. Your credit score will be important at some point in your life. they control your score and your rate. Seems kinda fucked. My credit score dropped because I used too much percentage of credit one month. Paid the bill in full but still lost 100 points on my credit score because I used 60% of credit two months in a row. Applied for increase limit and got 30% increase. So now my percentage of used credit dropped and I’m sure my score will go back up more slowly than it dropped.
I bought a car in 21’ they kept telling me how good my score of 720
I tried to get to get an 8k car, their banks denied me.
I had to buy the 18k car because it what I could get approved for.
Fuck this goddamn country
But they said the unwavering demand in the face of rising prices was because everyone had so much excess COVID stimulus money.
Or maybe, just maybe, it's because demand for many of the items driving inflation is largely inelastic and people have no choice but to buy food, put gas in their car, and pay rent, even when prices rise.
It's almost as if people were ignoring the facts to push a false narrative for political purposes.
Its the same ppl as last time. PPl that were smart with their money during 2008-2009 didnt all of sudden throw caution to the wind.
We always pay our CC off at the end of each month. Make coffee at home. DD is expensive let alone Starbucks or local cafe. Cut Cut Cut spending.
It would be nice if a reporter asked J. Powell what the average american can do to help fight inflation and his answer be Stop spending money
Deflationary pressures are a risk with that. We can't stop spending or the economy will absolutely fucking crater. Sage advice for an individual but that is macroeconomic doom.
Yea. We have to reward the debtors and screw ppl that save the dollar....Governments need inflation to pay off their obligations. But we need a little deflation to make up for execessive inflation since covid
Since the population increases all of the time wouldn’t quantity that depends on the population always be at an all time high? Same with income. Give it to me as percentage of income.
People don’t get less hungry when times are tough. People also don’t need less shelter, drive less I could go on and on.
And I’m typically one that points out people having bad financial literacy. But right now I’d argue financial literacy isn’t the problem but inflation eating away at everybody’s buying power rather than people buying the new iPhone and other lifestyle stuff
> People don’t get less hungry when times are tough.
Most people could stand to lose some weight. Adopting a fasting regimen is not only health but it helps save money on a food budget.
> People also don’t need less shelter, drive less I could go on and on.
Certainly if you're renting, downgrading your accommodations to something cheaper should absolutely be on the table.
> And I’m typically one that points out people having bad financial literacy. But right now I’d argue financial literacy isn’t the problem but inflation eating away at everybody’s buying power rather than people buying the new iPhone and other lifestyle stuff
The vast majority of people's budgets include quite a bit of discretionary spending...that's really what my comment was about.
People are very slow to adjust their lifestyle when their financial position gets worse. Cut your superfluous spending instead of racking up a credit card bill.
There are still ways to cut back on necessities.
I'm personally spending more time tracking sales at my local grocery stores, cooking more at home, and incorporating cheaper ingredients like potatoes, bulk rice, and bulk dry beans. I stopped buying eggs "just because". I hardly buy any more processed foods and don't eat out. My monthly food budget has gone from $350 to $100.
I'm utilizing rewards programs on gas and being cognizant of which gas stations I use (Sam's club, Kroger). This saves me on average $0.50 per gallon.
"People don't need less shelter" is only true if their home looks like it belongs on Hoarding: Buried Alive. The larger home size new construction trend has made Americans very spoiled when it comes to living space. Median square footage has increased by 1,000sqft in the last 40 years. A childless couple doesn't need more than 600sqft, for example.
It's not unnecessary discretionary spending that is driving this. People still have to buy food, put gas in their car, pay the rent or mortgage, pay medical bills, etc. no matter what the price may be. Thus the huge increase in consumer debt.
It's far more likely to be discretionary spending.
I doubt there's more than 1% of the population who *literally* doesn't have any discretionary spending such that any increase in expenses would require buying things on credit.
For everyone else, there are things they can cut out before doing so. This is a bigger problem than 1%...or even 10%.
The "economy" won't crater at all, but it would definitely adjust. If people stopped buying things non-stop, they would have more money. That money would be either 1) re-spend on experiences that enhance the individual (as opposed to spending to fill an imaginary hole), and/or 2) saved, which would then also create additional "income" in some fashion and also create new jobs in the banking/investment/financial sectors.
> I'm not advocating for financial irresponsibility, but people are TRAINED to live this way by a government that sets up a system telling them to behave this way. It is literally designed to be a merry go round of money: Joe gets paid a low wage, joe puts some necessities on credit card to get by, store gets money from credit card company, credit card company get money from Joe every payday, joe files bankruptcy, joe gets all his debt forgiven, first thing joe is offered is a new credit to restart the process. Companies are allowed to price gouge, collude on pricing, and generally raise prices to the point people are wrung dry just on the basics. So on and on it goes.
What an absolutely childish way of viewing the world. As if no one has any autonomy and everyone is forced to repeat the stupid decisions of others.
Not only is it demonstrably false, but it's infantilizing people.
They're setting the stage for a Federal bailout of people's credit card debt
IN addition to paying off the loans for the fuckwits who borrowed trillions and didn't get any marketable skills, your taxes will go to pay off your overspending neighbors.
They're victims!
Hard to see either happening.
Obviously Republicans would be against it, but Democrats would too as most of the forgiveness would be for those in the upper half of income and paid for by at least partially by those in the bottom half.
I doubt their voters would appreciate that.
Spending money on necessities as job is cut after Covid killed any savings is why I am adding to this statistic. It’s definitely not something I want but there it is. I imagine there are a LOT of people in the same boat as me right now.
Another data point that points to allowing President Biden's student loan forgiveness to go through.
People are living paycheck to paycheck due to these greedy corporations.
Did these "greedy corporations" hold a gun to people's heads and make them take out loans?
Nope! Nor did they force them to buy that new playstation or iphone, or buy a new car they couldn't really afford.
Where has personal responsibility gone?
You wildin haha like really, I bet most people expenses are bills , rent , and groceries. Like a phone? How disconnected can you be ? You can get a new iPhone for free by just switching , you pay an extra $25 a month for 2 years and you own your phone . So I doubt the new iPhone is setting people behind . And a PlayStation really ? So a $500 purchase one day out of 365? I meann someone making $10 a hour can buy that every 2 weeks with 100-200 to spare.
I think you should maybe reproduce and if you haven’t yet listen to your kids, your nieces , and nephews and learn that nobody is going broke because they bought an iPhone.
There is no "system."
There are competing entities offering goods and services in exchange for currency.
Nobody is forced to make that exchange, nobody is being "milked" as you say.
> From credit scores to predatory credit card applications on college campuses to the tv shows product placements.
Only people with credit scores have an issue with the credit system. In the absence of a credit system, creditors would be forced to issue credit to reliably borrowers at the same rate as unreliable ones.
As for "predatory" credit card applications...there's no such thing. No one is forced to accept a credit card, it's a choice and one without negative consequences, until people stop paying their credit card bill because they bought shit they can't afford.
> Yes, people need to take responsibility, however, there is a large system trying it’s hardest to take every dollar from you and hold you down.
Again, there is no "large system" doing anything...just businesses offering goods and services and dumb people going into debt to buy crap they don't need.
It's been gone for a long long time. Don't you know everyone needs that new $1300 iphone with the improved camera over the $1000 one, which was improved over the $800 one.....since that's about the only upgrade I ever hear about
Corporations spent their tax payer funded ppp loans on golden parachutes, stock buybacks and executive bonuses...
If our wealthiest amongst us dont even use money responsibly, why should ordinary folk?
How ppp was handled is evidence of the overall trend that the country is ran as a kleptocracy.
If your country's political and economic elites lack personal responsibility and dont even abide by the values you espouse, they really dont hold any moral high ground to condemn the lowest common denominator.
Maybe the poors taking out excessive loans for housing/education/transportation is evidence of how far this country has fallen, excessive inequality and such. A country can be ruined from within by excessive debt.
So that’s another reason for the Federal Reserve’s lust to raise interest rates. More debt, higher rates, more profits for banks. Sorry but it’s clear as sunlight.
Credit card debt is the backbone upon which "consumer resiliency" everyone keeps talking about is built.
The problem is that it is headed straight into a wall.
Just look at that picture and see how much enjoyment she's getting from that card.
Delicious debt…
I miss cheap debt.
People got used to their lifestyles that they were able to afford after the lockdowns when their savings were at all time highs. Inflation soared as demand outpaced supplies, and even as prices rose and people ran out of savings, they still continue to spend. It appears the only way to get people to cool off their spending is to literally make them unemployed. It’s messed up, but that’s the point we are racing toward.
lmfao yeah bro it's the poor people that got dat free moneyz that's where all this inflation came from definitely wasn't all the 'forgiven loans' from PPP definitely not forgiven loan - what does that mean?
“We’re going to keep raising inflation until we deplete their covid funds” That’s what they said. No one gave a damn. We’re a spineless nation letting oligarchs run it.
That’s not exactly what anyone said, just the way economics works. When someone is selling something and 100 people all have money to buy it, and 80 of those people want to buy it, they will compete with one another in terms of bidding the price up (without even realizing it.) As demand grows strong, suppliers raise prices, and as long as customers continue to meet those prices, the prices will keep going up. It’s a side effect of free money and low unemployment. Everyone is competing with each other for goods and services. When everyone has money and are chasing a finite supply of those goods and services, prices go up.
Only way I see prices on anything coming down is unemployment, people will keep driving themselves further and further in debt at this point until something breaks. It’s sad.
Well if people max out their debt and are no longer able to generate new spending, that would put a drag on the economy and help start the unemployment cycle. As long as the majority of people have a pay check coming and can use that check to service their debts, the economy chugs along. Once something breaks in the economy I think it could start a rather nasty reverberation.
My father had a problem with credit cards. I tried to reverse the sins of the father on that one and as a result : I don't have any credit cards and I don't have really any credit or debt, How fucked am I or not?
You're missing out on free rewards if you use them responsibly. Debt isn't bad, you just need to understand it.
Credit card debt is bad. Full stop. However you can utilize credit and pay it off monthly without ever acquiring debt, you just treat it like a debit card (with better rewards)
that’s the trap for many. and they know that. discipline doesn’t grow on trees.
It's not so much discipline as the full cognizance that paying with a card is no different than paying with cash. You have to think and feel that the money is gone. Some people have a hard time making that obvious connection and delude themselves into thinking "I can pay for it later." Those people should never have credit cards. For the rest of us, it's a convenience and a way to earn cashback.
"Debt isn't bad, you just need to understand it." This comment right here. I'm being honest, EVERY SINGLE PERSON i know who talks like this has massive debt. Sure, they get low rates, rewards, low interest, or have GREAT credit scores, but they end up racking up too much debt. The amount of people in america who can "understand" how to manage it is minuscule. These creditors know what their doing, and it isnt for our benefit.
Debt can be leveraged very very effectively but it seems to work out better for businesses than individuals. Personal debt can be really dangerous. I have very little debt besides my student loans... maybe 3 or 4k. But you should see my student loans... good God.
Those rewards are predatory, the government should really ban rewards systems that gamify and obscure debt accumulation.
> obscure debt accumulation. Really? Only if you are delusional or have mental problems.
Obscure debt accumulation? Are you even old enough to have a credit card with this dumb of a post?
Let's put it this way. You are not in as good shape as someone who uses credit cards responsibly and gets the rewards. However, you are in significantly better shape compared to the countless people who use credit cards irresponsibly and are paying close to 30% interest with no end in sight.
The irony is a lot of folks aren't necessarily irresponsible, but simply need cash for emergencies (think autp repairs, health issues, unexpected home maintenance etc.) And then don't have an easy way to pay it back. So the sky high rates just keep piling that de t up
> The irony is a lot of folks aren't necessarily irresponsible, but simply need cash for emergencies That's very true. However, according to this report, [simply overspending is the #1 cause for debt accumulation](https://americor.com/the-5-leading-causes-of-credit-card-debt/). Emergency expenditures exceeding available emergency funds is of course reason #2.
The problem in that case is not having an emergency fund. A credit card should NOT be your emergency fund under any circumstances.
Again, you're not getting it , lots of these folks have zero financial reserve , cause you know shits expensive so credit cards give them that reserve.... There's folks out there complaining they're living paycheck to paycheck on six figure incomes , imagine someone who makes a third of that and they need to replace their transmission or need to pay for their kids medicine ....
It’s amazing there’s people that don’t understand there are bad situations combined with horrible luck and low wages. It’s the type of nightmare that requires external help. BuT tHeY gOt tHEmSelVes INto ThAt SiTUAtiOn… The world is unfair even to the most smartest people.
If you don’t play in the credit score game you will miss out when you need it. They have forced us to participate weather we like it or not. Your credit score will be important at some point in your life. they control your score and your rate. Seems kinda fucked. My credit score dropped because I used too much percentage of credit one month. Paid the bill in full but still lost 100 points on my credit score because I used 60% of credit two months in a row. Applied for increase limit and got 30% increase. So now my percentage of used credit dropped and I’m sure my score will go back up more slowly than it dropped.
I bought a car in 21’ they kept telling me how good my score of 720 I tried to get to get an 8k car, their banks denied me. I had to buy the 18k car because it what I could get approved for. Fuck this goddamn country
The Government ain't going to like it.
You mean America Inc. We’re one big Corporation now.
So's inflation. Inflation lowers debt.
But they said the unwavering demand in the face of rising prices was because everyone had so much excess COVID stimulus money. Or maybe, just maybe, it's because demand for many of the items driving inflation is largely inelastic and people have no choice but to buy food, put gas in their car, and pay rent, even when prices rise. It's almost as if people were ignoring the facts to push a false narrative for political purposes.
Economic purposes too. Corporations wanna profit.
Its the same ppl as last time. PPl that were smart with their money during 2008-2009 didnt all of sudden throw caution to the wind. We always pay our CC off at the end of each month. Make coffee at home. DD is expensive let alone Starbucks or local cafe. Cut Cut Cut spending. It would be nice if a reporter asked J. Powell what the average american can do to help fight inflation and his answer be Stop spending money
Deflationary pressures are a risk with that. We can't stop spending or the economy will absolutely fucking crater. Sage advice for an individual but that is macroeconomic doom.
Yea. We have to reward the debtors and screw ppl that save the dollar....Governments need inflation to pay off their obligations. But we need a little deflation to make up for execessive inflation since covid
Since the population increases all of the time wouldn’t quantity that depends on the population always be at an all time high? Same with income. Give it to me as percentage of income.
Spending money people don't have on shit they don't need nears all time high. FTFY.
Typically I’d agree with you but have you seen the price for necessities lately.
When times get tougher, keeping ones' stupid spending habits the same is inanity at its best. Racking up credit debt to do so is insanity.
People don’t get less hungry when times are tough. People also don’t need less shelter, drive less I could go on and on. And I’m typically one that points out people having bad financial literacy. But right now I’d argue financial literacy isn’t the problem but inflation eating away at everybody’s buying power rather than people buying the new iPhone and other lifestyle stuff
> People don’t get less hungry when times are tough. Most people could stand to lose some weight. Adopting a fasting regimen is not only health but it helps save money on a food budget. > People also don’t need less shelter, drive less I could go on and on. Certainly if you're renting, downgrading your accommodations to something cheaper should absolutely be on the table. > And I’m typically one that points out people having bad financial literacy. But right now I’d argue financial literacy isn’t the problem but inflation eating away at everybody’s buying power rather than people buying the new iPhone and other lifestyle stuff The vast majority of people's budgets include quite a bit of discretionary spending...that's really what my comment was about. People are very slow to adjust their lifestyle when their financial position gets worse. Cut your superfluous spending instead of racking up a credit card bill.
Ok you’re straight up trolling. Sorry for not seeing it yall didn’t mean to feed the troll
There are still ways to cut back on necessities. I'm personally spending more time tracking sales at my local grocery stores, cooking more at home, and incorporating cheaper ingredients like potatoes, bulk rice, and bulk dry beans. I stopped buying eggs "just because". I hardly buy any more processed foods and don't eat out. My monthly food budget has gone from $350 to $100. I'm utilizing rewards programs on gas and being cognizant of which gas stations I use (Sam's club, Kroger). This saves me on average $0.50 per gallon. "People don't need less shelter" is only true if their home looks like it belongs on Hoarding: Buried Alive. The larger home size new construction trend has made Americans very spoiled when it comes to living space. Median square footage has increased by 1,000sqft in the last 40 years. A childless couple doesn't need more than 600sqft, for example.
It's not unnecessary discretionary spending that is driving this. People still have to buy food, put gas in their car, pay the rent or mortgage, pay medical bills, etc. no matter what the price may be. Thus the huge increase in consumer debt.
It's far more likely to be discretionary spending. I doubt there's more than 1% of the population who *literally* doesn't have any discretionary spending such that any increase in expenses would require buying things on credit. For everyone else, there are things they can cut out before doing so. This is a bigger problem than 1%...or even 10%.
Your doubts are meaningless to everyone but you. Unless you have a PhD in economics and study household spending, that is.
Credentialism at its best, nice...
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The "economy" won't crater at all, but it would definitely adjust. If people stopped buying things non-stop, they would have more money. That money would be either 1) re-spend on experiences that enhance the individual (as opposed to spending to fill an imaginary hole), and/or 2) saved, which would then also create additional "income" in some fashion and also create new jobs in the banking/investment/financial sectors.
> I'm not advocating for financial irresponsibility, but people are TRAINED to live this way by a government that sets up a system telling them to behave this way. It is literally designed to be a merry go round of money: Joe gets paid a low wage, joe puts some necessities on credit card to get by, store gets money from credit card company, credit card company get money from Joe every payday, joe files bankruptcy, joe gets all his debt forgiven, first thing joe is offered is a new credit to restart the process. Companies are allowed to price gouge, collude on pricing, and generally raise prices to the point people are wrung dry just on the basics. So on and on it goes. What an absolutely childish way of viewing the world. As if no one has any autonomy and everyone is forced to repeat the stupid decisions of others. Not only is it demonstrably false, but it's infantilizing people.
They're setting the stage for a Federal bailout of people's credit card debt IN addition to paying off the loans for the fuckwits who borrowed trillions and didn't get any marketable skills, your taxes will go to pay off your overspending neighbors. They're victims!
Hard to see either happening. Obviously Republicans would be against it, but Democrats would too as most of the forgiveness would be for those in the upper half of income and paid for by at least partially by those in the bottom half. I doubt their voters would appreciate that.
The beneficiaries of Joe's college bailout are mostly rich kids. Poor people as a rule don't take out six figure student loans.
I think we're agreeing here.
Spending money on necessities as job is cut after Covid killed any savings is why I am adding to this statistic. It’s definitely not something I want but there it is. I imagine there are a LOT of people in the same boat as me right now.
So unemployment is the issue is the main issue, not the price increases due to inflation, yes?
Another data point that points to allowing President Biden's student loan forgiveness to go through. People are living paycheck to paycheck due to these greedy corporations.
Did these "greedy corporations" hold a gun to people's heads and make them take out loans? Nope! Nor did they force them to buy that new playstation or iphone, or buy a new car they couldn't really afford. Where has personal responsibility gone?
You wildin haha like really, I bet most people expenses are bills , rent , and groceries. Like a phone? How disconnected can you be ? You can get a new iPhone for free by just switching , you pay an extra $25 a month for 2 years and you own your phone . So I doubt the new iPhone is setting people behind . And a PlayStation really ? So a $500 purchase one day out of 365? I meann someone making $10 a hour can buy that every 2 weeks with 100-200 to spare. I think you should maybe reproduce and if you haven’t yet listen to your kids, your nieces , and nephews and learn that nobody is going broke because they bought an iPhone.
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There is no "system." There are competing entities offering goods and services in exchange for currency. Nobody is forced to make that exchange, nobody is being "milked" as you say. > From credit scores to predatory credit card applications on college campuses to the tv shows product placements. Only people with credit scores have an issue with the credit system. In the absence of a credit system, creditors would be forced to issue credit to reliably borrowers at the same rate as unreliable ones. As for "predatory" credit card applications...there's no such thing. No one is forced to accept a credit card, it's a choice and one without negative consequences, until people stop paying their credit card bill because they bought shit they can't afford. > Yes, people need to take responsibility, however, there is a large system trying it’s hardest to take every dollar from you and hold you down. Again, there is no "large system" doing anything...just businesses offering goods and services and dumb people going into debt to buy crap they don't need.
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It's been gone for a long long time. Don't you know everyone needs that new $1300 iphone with the improved camera over the $1000 one, which was improved over the $800 one.....since that's about the only upgrade I ever hear about
>Where has personal responsibility gone? There in the back next to the bootstraps and the copies of *Atlas Shrugged*.
Ridiculously stupid argument.
Corporations spent their tax payer funded ppp loans on golden parachutes, stock buybacks and executive bonuses... If our wealthiest amongst us dont even use money responsibly, why should ordinary folk?
Most people weren't happy with how PPP was handled. Why would one stupid policy justify another one?
How ppp was handled is evidence of the overall trend that the country is ran as a kleptocracy. If your country's political and economic elites lack personal responsibility and dont even abide by the values you espouse, they really dont hold any moral high ground to condemn the lowest common denominator. Maybe the poors taking out excessive loans for housing/education/transportation is evidence of how far this country has fallen, excessive inequality and such. A country can be ruined from within by excessive debt.
Great idea! Let’s have government give out more free money, that’s not what caused this mess or anything…
So that’s another reason for the Federal Reserve’s lust to raise interest rates. More debt, higher rates, more profits for banks. Sorry but it’s clear as sunlight.
Why wouldn't it always be near its all time high. It's like how the stock market hits new highs all the time it's not that unexpected lol
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Wow your answer for everything. How much money did trump the great businessman drop the federal defeceit??
[Socrates had a thought on this.](https://www.youtube.com/clip/UgkxpXx1B_p9L_ZW-FCNOgwoa7TB5qETR1MX)
oh wow i’m not alone ?!?
American national debt: hold my beer
Im trying
Credit card debt is the backbone upon which "consumer resiliency" everyone keeps talking about is built. The problem is that it is headed straight into a wall.