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  • rise in delinquencies on credit cards

    From JAB@21:1/5 to All on Wed Dec 6 07:36:53 2023
    U.S. consumers will soon wake up to 'out of control' interest on their
    credit cards, economist says

    The U.S. economy should be able to avoid a recession next year -- but
    a sharp pullback in consumer spending is among the biggest risks of
    that occurrence, according to economist Carl Weinberg.

    "Consumers are just waking up to the fact that they're financing their
    spending by running up their credit cards, and that the interest on
    those credit cards is over the top, out of control, off the hook right
    now," the chief economist of High Frequency Economics told CNBC's
    "Squawk Box Europe" on Wednesday.

    https://www.cnbc.com/2023/12/06/us-consumers-to-wake-up-to-out-of-control-card-interest-economist.html

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  • From Retrograde@21:1/5 to JAB on Wed Dec 6 20:51:28 2023
    On Wed, 06 Dec 2023 07:36:53 -0600
    JAB <here@is.invalid> wrote:

    "Consumers are just waking up to the fact that they're financing their spending by running up their credit cards, and that the interest on
    those credit cards is over the top,

    Pretty sad to think of the situation those folks are going to find
    themselves in. I know you can quite easily pay 20% interest on credit
    card debt if you're suckered in. Must really suck to learn you've done yourself in.

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  • From JAB@21:1/5 to fungus@amongus.com.invalid on Wed Dec 6 22:30:16 2023
    On Wed, 6 Dec 2023 20:51:28 -0500, Retrograde
    <fungus@amongus.com.invalid> wrote:

    Must really suck to learn you've done
    yourself in.

    I'm still puzzled why they do it...the addiction to buy more than they
    need.

    All my charges are paid off monthly, so they (cc) only make money from
    the purchase transaction.

    When the subprime meltdown happened, and bankruptcies increased, I had
    one card with some $7k limit taken away since I rarely used it. They
    did not look at my Credit Score, but maybe "assumed" I might max it
    out if hard times came my way, which others were doing then.

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