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This is definitely an order of magnitude calculation, but doesn't that correspond to $60 per person in the US? Is this big number scary article?
Depends. Are you dividing by total population or actual cc holders? Because the latte isn't as big.
Stats from some googling. Assuming there are 250 million adults in US, and 80% have credit cards, that gives me 200 million holders, or ~$100 per person. That's not really a whole lot of money anymore. Not in a world where taco bell costs $20.
Ya I just checked and you're right. However, we could still infer certain trends.by examining the shift
Agreed. The article also includes a consumer debt trend over time. It seems to outpace inflation by about 33% which is more noteworthy to me.
That's an espresso way to debt central that's for sure
Mocha money mocha problems amirite
"Americans spend $19 billion dollars using credit cards in one month"
Fixed it for you. A whole lot of us use credit cards exclusively. And we pay it off each month.
I'm close to a thousand £ back in rewards over the few years I've been using it. It costs me £2 every month and i get a minimum of £20 back per month. But if I can pay for my car insurance or something truly big? Oh boy do my cash back go through the roof!
Could i live on debit alone? Sure. But then i wouldn't get hundreds back every year for simply using my card.
Plus guaranteed insurance on purchases. Doesn't show up and paid by cc. Reverse it. Paid by debit card, tough luck.
Could be. The article tries to paint a picture where that isn't quite the case:
"Wells Fargo reported on Fed data showing several regions experiencing a tightening in credit availability and an uptick in delinquency rates, pointing to a growing financial burden on households."
"Specifically, the New York Fed noted an increase in financial pressure among families with high debt burdens. Similarly, the Philadelphia Fed observed a widening gap where low-income households are reducing their spending but incurring more debt, contrasting with high-income households that continue to spend freely."
It's not a complete picture so I guess people are free to fill in the gaps as they please, but I don't see anything definitive here.
Well and the month they’re talking about happens to be November. Gee, I wonder why so many Americans were making purchases in November.
Sure, but the graph in the article shows a continuing increase. November is when it crossed the $5 trillion mark, and it was surely boosted due to holiday shopping, but the trend is ever-increasing.
oooOoOoo - getting dangerously close, aren't we? What happens when say people take out more credit than US banks can actually honour?
This... Americans Are Tapped Out
Fair... but what I was alluding to is a banking crash that will make the "great recession" seem like a fart in the wind.
Think the LA riots, but in every major city, military being mobilised, civil war, the next violent revolution, what have you - because that debt hole will make a crater out of society.
And no, you don't want violent revolution. Why? Germans didn't become Nazis overnight. The economic collapse after WW1 put Germans in the position of being forced to bring wheelbarrows of cash to the store for a single loaf of bread. This made German people so desperate and angry that... well, you know the rest.
Why do you sound excited? This would literally ruin the entire century and maybe the next one.
...I did? I'm sorry, that was not the intention. Could you please point out which phrases and sentences that raised concerns?
Or was it the first post? The "oooOoOoo" part? Maybe I was a bit hamfisted, but I was trying to allude to historic cases of massive bank defaulting. Perhaps I was a bit brash.
You're fine, it did come off a bit like some accelerationist fanfic I've heard
All to the benefit of the oligarchs of this nation, which will get bailed out if they don't anyway.