Credit card interest rates are rising, too.

Credit card balances spike to $841 billion after stimulus checks helped reduce debt
[www.cnbc.com]

For many Americans, the pandemic-induced slowdown offered a rare opportunity to better their financial standing.

Government stimulus checks and fewer opportunities for spending drove the personal savings rate to a level not seen since World War II, with many consumers using the cash they had on hand to pay down debt — primarily their credit card balances, which have the highest interest rates, averaging more than 16%.

Altogether, consumers paid off a record $83 billion in credit card debt during the pandemic, but the recent spike in prices for gas, groceries and housing, among other necessities, is causing most of them to lean on their credit cards once again.

The Federal Reserve’s monthly credit report found that revolving credit, which mostly includes credit card balances, jumped nearly 20% in April from the previous month to $1.103 trillion, breaking the pre-pandemic record of $1.1 trillion.

Meanwhile, credit card balances are also up year over year, reaching $841 billion in the first three months of 2022, and are expected to keep heading higher, according to a separate report from the Federal Reserve Bank of New York.

The rise in credit card borrowing, together with auto loans, student debt and mortgages, has now propelled total household debt to a record $15.84 trillion.

I'm still paying off our card every month, but it is getting difficult. Our spending hasn't really changed but our basics have gone up substantially, I'm seeing about a 30% increase in the monthly credit card (we put all our bills directly on the card, then pay the card off for the airline miles).

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“No persons are more frequently wrong, than those who will not admit they are wrong.” -- François de La Rochefoucauld

"Those who cannot accept the past are condemned to revise it." -- Geo. Mathias

The German word for contraceptive is “Schwangerschaftsverhütungsmittel”. By the time you finished saying that, it’s too late

I was paying off monthly but the last few months I've slipped. Everything has gotten so much more expensive, not just gas, and it's thrown my budget off by oodles (which is a technical term, I know, but y'all will get the gist).

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Same. I need to sharpen my pencil and work on my budget some more.

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MacResource User Map: [www.zeemaps.com]#

yep... 100% due to cost of living inflation higher than 'wage inflation'.

I tried to pay with Bazooka Joe comics, but apparently not good enough for a bank.
harrumpf!

What the f'k am I gonna do with all these f'k'n secret agent decoder rings?

riiiiiight!

CIA/MI5/STASI/A.P.E/Control/Thrush/HSS - anyone have a contact?

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"one door closes and another window opens"
Vlad the Impailer.

"I am not afraid of an army of lions led by a sheep; I am afraid of an army of sheep led by a lion."
Alexander the Great

I have 3 small loans from Affirm but they are all setup as 0% interest. That’s almost like free money.

I considered a new purchase the other day. saw the Affirm link, and noticed it was like 10 or 20 percent. Ah, nope.

I pay off the one card we use a half-dozen times a month so no big surprises and have for probably 15 years.

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Saint Cloud, Minnesota, where the weather is wonderful even when it isn't.

I pay off my Apple card every few days, but things like eating out have REALLY jumped. It's just a case of habits haven't caught up with reality.

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MacResource User Map: [www.zeemaps.com]#

It's going to get worse. I'm reading and hearing that food prices are about to skyrocket. Increased fuel costs are impacting everything from farming to processing and transportation. Plus, recent storms have damaged a lot of crops - so, there will be shortages. Then add in the Ukrainian grain issues and it's the perfect storm.

Most people didn't get raises that came close to offsetting the inflation rate in 2021. An inflation isn't getting better. Middle class and lower income people are going to be hit hard.

Quote
macphanatic
It's going to get worse. I'm reading and hearing that food prices are about to skyrocket. Increased fuel costs are impacting everything from farming to processing and transportation. Plus, recent storms have damaged a lot of crops - so, there will be shortages. Then add in the Ukrainian grain issues and it's the perfect storm.

Most people didn't get raises that came close to offsetting the inflation rate in 2021. An inflation isn't getting better. Middle class and lower income people are going to be hit hard.

Is there a reason that the theft of grain by the shipload hasn't been stopped? A couple of airstrikes on the dock from a stand-off weapon, or sell them some JDAMS at a buck each?

Actually kinetic RATLR units in a TMD body would keep the grain safe to eat.

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“A sword never kills anybody; it is a tool in the killer's hand.” Seneca the Younger

The police have no duty to respond. See Castle Rock v. Gonzales, 545 U.S. 748 (2005) or Warren v. District of Columbia[1] (444 A.2d. 1, D.C. Ct. of Ap. 1981)

Judge Lee wrote that “we cannot jettison our constitutional rights, even if the goal behind a law is laudable." 9th Circuit Court of Appeals

[www.youtube.com]



Edited 1 time(s). Last edit at 06/09/2022 06:12PM by Racer X.

I pay off my Apple card every few days, but things like eating out have REALLY jumped. It's just a case of habits haven't caught up with reality.


I pay mine off every month, but otherwise it's the same boat.

I'm ordering a box of 1000 sharper pencils from AMZ.

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I am that Masked Man.

All you can do, is all you can do.

There’s trouble — it's time to play the sound of my people.

Your boos mean nothing to me, I've seen what you cheer for.

Insisting on your rights without acknowledging your responsibilities isn’t freedom, it’s adolescence.

I've been to the edge of the map, and there be monsters.

We are a government of laws, not men.

Everybody counts or nobody counts.

When a good man is hurt,
all who would be called good
must suffer with him.

At the going down of the sun and in the morning
We will remember them.

You and I have memories longer than the road that stretches out ahead.

There is no safety for honest men except
by believing all possible evil of evil men.

We don’t do focus groups. They just ensure that you don’t offend anyone, and produce bland inoffensive products. —Sir Jonathan Ive

An armed society is a polite society.
And hope is a lousy defense.

You make me pull, I'll put you down.

I *love* SIGs. It's Glocks I hate.