Americans now $1 Trillion in credit card debt.........

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Americans now $1 Trillion in credit card debt.........

Postby jltrent » Tue Jan 16, 2018 7:24 am

NBC News (NBC) -
A just-released federal reserve report shows credit card debt has reached a record one-trillion-dollars.
Couple that with survey results from creditcard-dot-com that found those in debt are outright pessimistic about digging their way out.
"About two thirds of American adults with debt aren't convinced that they're ever going to get out of it," Matt Schulz, Creditcard.com.
Matt Schulz says their survey comes at the beginning of a year where debt could get worse because interest rates are rising and wages are still stagnant.
"You add all of that up and it's a bit of a perfect storm when it comes to dealing with debt..."
But deal with debt, we must, he says and the most effective way out that he likes is a balance transfer credit card.
"Nerdwallet" just released its top ten balance transfer cards that Schulz says are attractive because they're interest-free.

"Including some that allow you to not pay interest on that balance for 15 months or even 21 months," said Matt Schulz.
Even though balance transfer cards can be tricky because of fees and strict deadlines, Schulz says they're still a god-send.
"That interest grows faster than you would believe."
So...that means making debt-reduction a resolution worth keeping.
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Re: Americans now $1 Trillion in credit card debt.........

Postby backhoeboogie » Tue Jan 16, 2018 8:22 am

I had everything on a spread sheet back in the 70's and 80's. A manual spread sheet. Interest rates were much higher back then. Balance, principle, and interest in columns month to month. Totals were on the bottom. Highest interest debts were paid off first. I climbed out for everything except the house and trucks by the late 80's. Extra job income and any other extra income went toward debts. I climbed completely out of debt. Then I bought equipment on credit. Bought another farm on credit. Credit debts for business was making money for me and I didn't mind that. If it doesn't earn money, I don't borrow. All equipment was paid for and then sold the farm for huge profit.

Debt is not bad if it makes you money.
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Re: Americans now $1 Trillion in credit card debt.........

Postby zirlottkim » Tue Jan 16, 2018 8:23 am

http://www.straitstimes.com/asia/east-a ... ld-economy. Goes right along with this article. China's retail spending, according to this, is surpassing ours. But they are still saving. We are spending with borrowed money. And now with oil prices rising ,increasing the cost of living, what happens when the interest on all this debt rises?
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Re: Americans now $1 Trillion in credit card debt.........

Postby backhoeboogie » Tue Jan 16, 2018 8:26 am

zirlottkim wrote: what happens when the interest on all this debt rises?


My savings and CDs start earning a decent rate again. Stocks were excellent last year. Interest rates were not. I am to conservative to put it all in the market so I am blended.
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Re: Americans now $1 Trillion in credit card debt.........

Postby Craig Miller » Tue Jan 16, 2018 8:42 am

One of the worst commercials I hear on the radio "Don't let the credit card company TRICK you into thinking you have to pay them". Ya, don't let them trick you into paying them back for money you borrowed from them.... We have been credit card free for the ten years and have no intentions of ever having another one. Ever. We are paying out debt down using the same idea as bb said. With oil prices going up I should be able to get some overtime to help out with it. Higher oil is good thing for me.
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Re: Americans now $1 Trillion in credit card debt.........

Postby Caustic Burno » Tue Jan 16, 2018 8:43 am

zirlottkim wrote:http://www.straitstimes.com/asia/east-asia/chinese-are-now-buying-as-much-as-americans-a-game-changer-for-the-world-economy. Goes right along with this article. China's retail spending, according to this, is surpassing ours. But they are still saving. We are spending with borrowed money. And now with oil prices rising ,increasing the cost of living, what happens when the interest on all this debt rises?


This is our own fault for letting people get their debt to earning ratio upside down.
Good credit,bad or none come on down we will sell you a house or a car etc.
See how well that worked for housing went through the same thing in the 70’s on land through the S&L fiasco.
All debt has to be serviced sooner or later.
Went and heard a leading economist talk one time, he stated take away everyone’s money. Then give them all 1k each, Bill Gates would still be where he is at and the guy sleeping under the overpass still there.
It’s not about what you make but how
you manage it.
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Re: Americans now $1 Trillion in credit card debt.........

Postby Brute 23 » Tue Jan 16, 2018 8:59 am

zirlottkim wrote:http://www.straitstimes.com/asia/east-asia/chinese-are-now-buying-as-much-as-americans-a-game-changer-for-the-world-economy. Goes right along with this article. China's retail spending, according to this, is surpassing ours. But they are still saving. We are spending with borrowed money. And now with oil prices rising ,increasing the cost of living, what happens when the interest on all this debt rises?


It causes a collapse just like the housing market.

All this I'm so smart... I can manage debt... Sounds just like people with a drug habbit... It's ok... I can control it... :roll:

Debt makes our country weak... especially with lack of savings.

All these years of you don't talk about money have killed us. It's a new world. People need to be educated about personal finances. It needs to be part of the high school curriculum. Instead colleges and our government and shoving credit cards down kids throats.

Some one bought my son the monopoly game with the credit cards and I threw it in the trash.

When you buy a truck or some thing they don't even care about you paying cash. They make their money financing it. You have to sign up for a loan and pay it off on the first payment to get all the incentives.
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Re: Americans now $1 Trillion in credit card debt.........

Postby TexasBred » Tue Jan 16, 2018 10:04 am

Brute 23 wrote:
zirlottkim wrote:http://www.straitstimes.com/asia/east-asia/chinese-are-now-buying-as-much-as-americans-a-game-changer-for-the-world-economy. Goes right along with this article. China's retail spending, according to this, is surpassing ours. But they are still saving. We are spending with borrowed money. And now with oil prices rising ,increasing the cost of living, what happens when the interest on all this debt rises?


It causes a collapse just like the housing market.

All this I'm so smart... I can manage debt... Sounds just like people with a drug habbit... It's ok... I can control it... :roll:

Debt makes our country weak... especially with lack of savings.

All these years of you don't talk about money have killed us. It's a new world. People need to be educated about personal finances. It needs to be part of the high school curriculum. Instead colleges and our government and shoving credit cards down kids throats.

Some one bought my son the monopoly game with the credit cards and I threw it in the trash.

When you buy a truck or some thing they don't even care about you paying cash. They make their money financing it. You have to sign up for a loan and pay it off on the first payment to get all the incentives.

Don't know about now but use to the day you graduated from HS you got a credit card in the mail a couple of weeks later, then the same thing when you graduated college. For some like putting a free fix in front of an addict. Amazing how many don't even realize they have to pay it back. Credit is good only for things that appreciate in value even if some of it is inflation but buying a car and financing it for6-7 years is downright stupid. Amazing how many $70K pickup trucks are riding around here with all the bells and whistles and only 71 pmts. to go and it will be all mine
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Re: Americans now $1 Trillion in credit card debt.........

Postby jltrent » Tue Jan 16, 2018 10:18 am

TexasBred wrote:
Brute 23 wrote:
zirlottkim wrote:http://www.straitstimes.com/asia/east-asia/chinese-are-now-buying-as-much-as-americans-a-game-changer-for-the-world-economy. Goes right along with this article. China's retail spending, according to this, is surpassing ours. But they are still saving. We are spending with borrowed money. And now with oil prices rising ,increasing the cost of living, what happens when the interest on all this debt rises?


It causes a collapse just like the housing market.

All this I'm so smart... I can manage debt... Sounds just like people with a drug habbit... It's ok... I can control it... :roll:

Debt makes our country weak... especially with lack of savings.

All these years of you don't talk about money have killed us. It's a new world. People need to be educated about personal finances. It needs to be part of the high school curriculum. Instead colleges and our government and shoving credit cards down kids throats.

Some one bought my son the monopoly game with the credit cards and I threw it in the trash.

When you buy a truck or some thing they don't even care about you paying cash. They make their money financing it. You have to sign up for a loan and pay it off on the first payment to get all the incentives.

Don't know about now but use to the day you graduated from HS you got a credit card in the mail a couple of weeks later, then the same thing when you graduated college. For some like putting a free fix in front of an addict. Amazing how many don't even realize they have to pay it back. Credit is good only for things that appreciate in value even if some of it is inflation but buying a car and financing it for6-7 years is downright stupid. Amazing how many $70K pickup trucks are riding around here with all the bells and whistles and only 71 pmts. to go and it will be all mine



I had to laugh as this is very true. :lol:
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Re: Americans now $1 Trillion in credit card debt.........

Postby Bigfoot » Tue Jan 16, 2018 10:46 am

Credit card= spending money you don't have, to buy things you don't need, to impress people you don't like.
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Re: Americans now $1 Trillion in credit card debt.........

Postby ddd75 » Tue Jan 16, 2018 11:49 am

i used credit cards to buy my first rental houses. They are extremely helpful in certain situations.
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Re: Americans now $1 Trillion in credit card debt.........

Postby Brute 23 » Tue Jan 16, 2018 12:59 pm

TexasBred wrote:
Brute 23 wrote:
zirlottkim wrote:http://www.straitstimes.com/asia/east-asia/chinese-are-now-buying-as-much-as-americans-a-game-changer-for-the-world-economy. Goes right along with this article. China's retail spending, according to this, is surpassing ours. But they are still saving. We are spending with borrowed money. And now with oil prices rising ,increasing the cost of living, what happens when the interest on all this debt rises?


It causes a collapse just like the housing market.

All this I'm so smart... I can manage debt... Sounds just like people with a drug habbit... It's ok... I can control it... :roll:

Debt makes our country weak... especially with lack of savings.

All these years of you don't talk about money have killed us. It's a new world. People need to be educated about personal finances. It needs to be part of the high school curriculum. Instead colleges and our government and shoving credit cards down kids throats.

Some one bought my son the monopoly game with the credit cards and I threw it in the trash.

When you buy a truck or some thing they don't even care about you paying cash. They make their money financing it. You have to sign up for a loan and pay it off on the first payment to get all the incentives.

Don't know about now but use to the day you graduated from HS you got a credit card in the mail a couple of weeks later, then the same thing when you graduated college. For some like putting a free fix in front of an addict. Amazing how many don't even realize they have to pay it back. Credit is good only for things that appreciate in value even if some of it is inflation but buying a car and financing it for6-7 years is downright stupid. Amazing how many $70K pickup trucks are riding around here with all the bells and whistles and only 71 pmts. to go and it will be all mine


That's exactly how we have gotten to that. Notice when they started loaning more money on college... cost of college went up. They started doing 7 years on vehicles... guess what... cost of vehicles went up. You can finance a lawn mower for 4 years now.... a lawn mower! :shock:

More lives are ruined by debt than drugs ever will. The problem is people have forgotten what bad in this country looks like.

The banks are not our friends. Every one wants to curse big oil and all this... banks are paying out way more to their people and its dirty money from taking advantage of people who don't know any better and no one bats an eye at it.
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Re: Americans now $1 Trillion in credit card debt.........

Postby TexasBred » Tue Jan 16, 2018 1:10 pm

Brute 23 wrote:
TexasBred wrote:
Brute 23 wrote:
It causes a collapse just like the housing market.

All this I'm so smart... I can manage debt... Sounds just like people with a drug habbit... It's ok... I can control it... :roll:

Debt makes our country weak... especially with lack of savings.

All these years of you don't talk about money have killed us. It's a new world. People need to be educated about personal finances. It needs to be part of the high school curriculum. Instead colleges and our government and shoving credit cards down kids throats.

Some one bought my son the monopoly game with the credit cards and I threw it in the trash.

When you buy a truck or some thing they don't even care about you paying cash. They make their money financing it. You have to sign up for a loan and pay it off on the first payment to get all the incentives.

Don't know about now but use to the day you graduated from HS you got a credit card in the mail a couple of weeks later, then the same thing when you graduated college. For some like putting a free fix in front of an addict. Amazing how many don't even realize they have to pay it back. Credit is good only for things that appreciate in value even if some of it is inflation but buying a car and financing it for6-7 years is downright stupid. Amazing how many $70K pickup trucks are riding around here with all the bells and whistles and only 71 pmts. to go and it will be all mine


That's exactly how we have gotten to that. Notice when they started loaning more money on college... cost of college went up. They started doing 7 years on vehicles... guess what... cost of vehicles went up. You can finance a lawn mower for 4 years now.... a lawn mower! :shock:

More lives are ruined by debt than drugs ever will. The problem is people have forgotten what bad in this country looks like.

The banks are not our friends. Every one wants to curse big oil and all this... banks are paying out way more to their people and its dirty money from taking advantage of people who don't know any better and no one bats an eye at it.

I know what you're saying but bankers only do what they're suppose to do. They cannot make your decisions for you nor plan your future. Only make sure their money is secured and repaid. Can't blame anybody for that.
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Re: Americans now $1 Trillion in credit card debt.........

Postby Brute 23 » Tue Jan 16, 2018 1:25 pm

TexasBred wrote:
Brute 23 wrote:
TexasBred wrote:Don't know about now but use to the day you graduated from HS you got a credit card in the mail a couple of weeks later, then the same thing when you graduated college. For some like putting a free fix in front of an addict. Amazing how many don't even realize they have to pay it back. Credit is good only for things that appreciate in value even if some of it is inflation but buying a car and financing it for6-7 years is downright stupid. Amazing how many $70K pickup trucks are riding around here with all the bells and whistles and only 71 pmts. to go and it will be all mine


That's exactly how we have gotten to that. Notice when they started loaning more money on college... cost of college went up. They started doing 7 years on vehicles... guess what... cost of vehicles went up. You can finance a lawn mower for 4 years now.... a lawn mower! :shock:

More lives are ruined by debt than drugs ever will. The problem is people have forgotten what bad in this country looks like.

The banks are not our friends. Every one wants to curse big oil and all this... banks are paying out way more to their people and its dirty money from taking advantage of people who don't know any better and no one bats an eye at it.

I know what you're saying but bankers only do what they're suppose to do. They cannot make your decisions for you nor plan your future. Only make sure their money is secured and repaid. Can't blame anybody for that.


Bankers and loan officers have become sales people now. They are a smiling face to represent the machine. They are not what they use to be. Their job is to smile, promote the bank, and enter the numbers in to the computer. A lot of these banks purposely hire incompetent people so they can train them to say what the bank needs them to say.

Not all banks are this bad... but its heading that way.

I use to be ok with saying let people make their own bad choices its their problem but now that my tax dollars are used to prop these people up when they fail their business has become my business.
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Re: Americans now $1 Trillion in credit card debt.........

Postby TexasBred » Tue Jan 16, 2018 1:39 pm

Brute 23 wrote:Bankers and loan officers have become sales people now. They are a smiling face to represent the machine. They are not what they use to be. Their job is to smile, promote the bank, and enter the numbers in to the computer. A lot of these banks purposely hire incompetent people so they can train them to say what the bank needs them to say.

Not all banks are this bad... but its heading that way.

I use to be ok with saying let people make their own bad choices its their problem but now that my tax dollars are used to prop these people up when they fail their business has become my business.

After banking 18 years I couldn't disagree with you more. Bankers do not make your decisions for you other than to turn you down which is a decision you did not want. As for smiling, promoting the bank etc. that pretty much applies to any line of work if you want to keep getting the jobs to keep your company going. Incompetence?? Hardly. You may not understand what they're doing or why but I assure you they do, like it or not. You have no idea the tens of thousands of regulations they operate under. Reason I left....not worth the headache any longer when you do everything right yet are written up for violating some off the wall insignificant regulation. Brute, given a free hand to operate most banks would not make 25% of the loans they make today and it has nothing to do with their board of directors, officers and staff....it's gov't. There is your incompetence.
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