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U.S. consumers rack up record $1.14 trillion in credit card debt

mentalpause

Posted 8:18 am, 08/07/2024

Hello

Im mental and thank you for taking my call
This thread is on goashe so I felt
compelled to respond

I am an Aries and a dedicated follower
of fashionable psilocybin and I reside
in Ashe Co.

My question is
for DB Cooper

Have you ever heard of
the federal reserve and central banking system?
Thank you and I will
take my answer off the air....
🍄

Fakey

Posted 11:32 pm, 08/06/2024

Hey starfart, why do YOU place so little value on your time?

ChocolateStarfish

Posted 9:24 pm, 08/06/2024

Make your own, its mater season.

DB Cooper

Posted 9:16 pm, 08/06/2024

Great Value Tomato Juice 46 oz can $2.86. Before Joe and Toe $1.00.
I'm pretty sure the size was 64 oz then, too.

ChocolateStarfish

Posted 8:49 pm, 08/06/2024

Blame them for inflation.

Stop spending!

DB Cooper

Posted 8:43 pm, 08/06/2024

Bidenomics... ain't it great Amurica!

U.S. consumers collectively owe a record $1.14 trillion in credit card debt, figures released Tuesday by the Federal Reserve Bank of New York show. That's $27 billion more than the $1.13 trillion in credit card debt they carried during the second quarter of 2024.The high tally comes amid concerns of an economic downturn triggered by modestly rising unemployment, and as soaring costs in food, housing and auto rates continue to drain household budgets. Americans have increasingly been relying on credit cards to make ends meet, with 6 in 10 adults, or 60%, using credit cards to buy groceries in 2023, according to a May report by the Urban Institute.

Prolonged debt also plays a factor in the historic amount as more Americans fall behind on their credit card bills. About 7.18% of cardholders fell into delinquency in the second quarter, up from 5% in the previous quarter, Fed statistics show.

"More people are carrying more debt for longer periods of time," Ted Rossman, senior industry analyst at Bankrate, said in a statement.

https://finance.yahoo.com/n...42120.html

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