Datasets:

---

innovation-hacking2

/

shitposting_dataset1

like 0

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)" ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it" ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou." ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou.", ">\n\nYea I do that on one of my cards but it's 0% interest for 24 months so why wouldn't I?" ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou.", ">\n\nYea I do that on one of my cards but it's 0% interest for 24 months so why wouldn't I?", ">\n\nNothing more American than trying to accumulate $30 trillion dollars of debt" ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou.", ">\n\nYea I do that on one of my cards but it's 0% interest for 24 months so why wouldn't I?", ">\n\nNothing more American than trying to accumulate $30 trillion dollars of debt", ">\n\nFraud is the future. Breached forums (Breached.vc) The financial industry and Department of Justice have been subverted by the rich and well connected. \nCompanies like Walmart and Target budget for theft." ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou.", ">\n\nYea I do that on one of my cards but it's 0% interest for 24 months so why wouldn't I?", ">\n\nNothing more American than trying to accumulate $30 trillion dollars of debt", ">\n\nFraud is the future. Breached forums (Breached.vc) The financial industry and Department of Justice have been subverted by the rich and well connected. \nCompanies like Walmart and Target budget for theft.", ">\n\nIt looks like when big retail eliminates countless cashier positions that provided sustenance to working class Americans a spike in casual theft follows.\nFast food is expanding the use robotics to replace workers too. Doubtless other industries will follow. Elon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do." ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou.", ">\n\nYea I do that on one of my cards but it's 0% interest for 24 months so why wouldn't I?", ">\n\nNothing more American than trying to accumulate $30 trillion dollars of debt", ">\n\nFraud is the future. Breached forums (Breached.vc) The financial industry and Department of Justice have been subverted by the rich and well connected. \nCompanies like Walmart and Target budget for theft.", ">\n\nIt looks like when big retail eliminates countless cashier positions that provided sustenance to working class Americans a spike in casual theft follows.\nFast food is expanding the use robotics to replace workers too. Doubtless other industries will follow. Elon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.", ">\n\n\nElon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.\n\nI think he has more immediate things to worry about." ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou.", ">\n\nYea I do that on one of my cards but it's 0% interest for 24 months so why wouldn't I?", ">\n\nNothing more American than trying to accumulate $30 trillion dollars of debt", ">\n\nFraud is the future. Breached forums (Breached.vc) The financial industry and Department of Justice have been subverted by the rich and well connected. \nCompanies like Walmart and Target budget for theft.", ">\n\nIt looks like when big retail eliminates countless cashier positions that provided sustenance to working class Americans a spike in casual theft follows.\nFast food is expanding the use robotics to replace workers too. Doubtless other industries will follow. Elon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.", ">\n\n\nElon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.\n\nI think he has more immediate things to worry about.", ">\n\nWhat do you expect? 7% inflation with 3% raises and a president encouraging no raises to keep inflation down." ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou.", ">\n\nYea I do that on one of my cards but it's 0% interest for 24 months so why wouldn't I?", ">\n\nNothing more American than trying to accumulate $30 trillion dollars of debt", ">\n\nFraud is the future. Breached forums (Breached.vc) The financial industry and Department of Justice have been subverted by the rich and well connected. \nCompanies like Walmart and Target budget for theft.", ">\n\nIt looks like when big retail eliminates countless cashier positions that provided sustenance to working class Americans a spike in casual theft follows.\nFast food is expanding the use robotics to replace workers too. Doubtless other industries will follow. Elon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.", ">\n\n\nElon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.\n\nI think he has more immediate things to worry about.", ">\n\nWhat do you expect? 7% inflation with 3% raises and a president encouraging no raises to keep inflation down.", ">\n\nCredit card companies spend a hell of a lot of money in congress to make sure that number is as high as possible." ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou.", ">\n\nYea I do that on one of my cards but it's 0% interest for 24 months so why wouldn't I?", ">\n\nNothing more American than trying to accumulate $30 trillion dollars of debt", ">\n\nFraud is the future. Breached forums (Breached.vc) The financial industry and Department of Justice have been subverted by the rich and well connected. \nCompanies like Walmart and Target budget for theft.", ">\n\nIt looks like when big retail eliminates countless cashier positions that provided sustenance to working class Americans a spike in casual theft follows.\nFast food is expanding the use robotics to replace workers too. Doubtless other industries will follow. Elon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.", ">\n\n\nElon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.\n\nI think he has more immediate things to worry about.", ">\n\nWhat do you expect? 7% inflation with 3% raises and a president encouraging no raises to keep inflation down.", ">\n\nCredit card companies spend a hell of a lot of money in congress to make sure that number is as high as possible.", ">\n\nWhat exactly are they spending on and lobbying for?" ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou.", ">\n\nYea I do that on one of my cards but it's 0% interest for 24 months so why wouldn't I?", ">\n\nNothing more American than trying to accumulate $30 trillion dollars of debt", ">\n\nFraud is the future. Breached forums (Breached.vc) The financial industry and Department of Justice have been subverted by the rich and well connected. \nCompanies like Walmart and Target budget for theft.", ">\n\nIt looks like when big retail eliminates countless cashier positions that provided sustenance to working class Americans a spike in casual theft follows.\nFast food is expanding the use robotics to replace workers too. Doubtless other industries will follow. Elon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.", ">\n\n\nElon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.\n\nI think he has more immediate things to worry about.", ">\n\nWhat do you expect? 7% inflation with 3% raises and a president encouraging no raises to keep inflation down.", ">\n\nCredit card companies spend a hell of a lot of money in congress to make sure that number is as high as possible.", ">\n\nWhat exactly are they spending on and lobbying for?", ">\n\nI doubt they write reports on the stuff, but general rules and regulations (or spins on them) to maximize profits" ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou.", ">\n\nYea I do that on one of my cards but it's 0% interest for 24 months so why wouldn't I?", ">\n\nNothing more American than trying to accumulate $30 trillion dollars of debt", ">\n\nFraud is the future. Breached forums (Breached.vc) The financial industry and Department of Justice have been subverted by the rich and well connected. \nCompanies like Walmart and Target budget for theft.", ">\n\nIt looks like when big retail eliminates countless cashier positions that provided sustenance to working class Americans a spike in casual theft follows.\nFast food is expanding the use robotics to replace workers too. Doubtless other industries will follow. Elon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.", ">\n\n\nElon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.\n\nI think he has more immediate things to worry about.", ">\n\nWhat do you expect? 7% inflation with 3% raises and a president encouraging no raises to keep inflation down.", ">\n\nCredit card companies spend a hell of a lot of money in congress to make sure that number is as high as possible.", ">\n\nWhat exactly are they spending on and lobbying for?", ">\n\nI doubt they write reports on the stuff, but general rules and regulations (or spins on them) to maximize profits", ">\n\nOh hey, time to buy Visa stock." ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou.", ">\n\nYea I do that on one of my cards but it's 0% interest for 24 months so why wouldn't I?", ">\n\nNothing more American than trying to accumulate $30 trillion dollars of debt", ">\n\nFraud is the future. Breached forums (Breached.vc) The financial industry and Department of Justice have been subverted by the rich and well connected. \nCompanies like Walmart and Target budget for theft.", ">\n\nIt looks like when big retail eliminates countless cashier positions that provided sustenance to working class Americans a spike in casual theft follows.\nFast food is expanding the use robotics to replace workers too. Doubtless other industries will follow. Elon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.", ">\n\n\nElon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.\n\nI think he has more immediate things to worry about.", ">\n\nWhat do you expect? 7% inflation with 3% raises and a president encouraging no raises to keep inflation down.", ">\n\nCredit card companies spend a hell of a lot of money in congress to make sure that number is as high as possible.", ">\n\nWhat exactly are they spending on and lobbying for?", ">\n\nI doubt they write reports on the stuff, but general rules and regulations (or spins on them) to maximize profits", ">\n\nOh hey, time to buy Visa stock.", ">\n\nYou mean bank stock?" ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou.", ">\n\nYea I do that on one of my cards but it's 0% interest for 24 months so why wouldn't I?", ">\n\nNothing more American than trying to accumulate $30 trillion dollars of debt", ">\n\nFraud is the future. Breached forums (Breached.vc) The financial industry and Department of Justice have been subverted by the rich and well connected. \nCompanies like Walmart and Target budget for theft.", ">\n\nIt looks like when big retail eliminates countless cashier positions that provided sustenance to working class Americans a spike in casual theft follows.\nFast food is expanding the use robotics to replace workers too. Doubtless other industries will follow. Elon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.", ">\n\n\nElon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.\n\nI think he has more immediate things to worry about.", ">\n\nWhat do you expect? 7% inflation with 3% raises and a president encouraging no raises to keep inflation down.", ">\n\nCredit card companies spend a hell of a lot of money in congress to make sure that number is as high as possible.", ">\n\nWhat exactly are they spending on and lobbying for?", ">\n\nI doubt they write reports on the stuff, but general rules and regulations (or spins on them) to maximize profits", ">\n\nOh hey, time to buy Visa stock.", ">\n\nYou mean bank stock?", ">\n\n\"At 19.6%, if you made minimum payments toward the average credit card balance — which is $5,474, according to Transunion — it would take you almost 17 years to pay off the debt and cost you more than $7,528 in interest\"" ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou.", ">\n\nYea I do that on one of my cards but it's 0% interest for 24 months so why wouldn't I?", ">\n\nNothing more American than trying to accumulate $30 trillion dollars of debt", ">\n\nFraud is the future. Breached forums (Breached.vc) The financial industry and Department of Justice have been subverted by the rich and well connected. \nCompanies like Walmart and Target budget for theft.", ">\n\nIt looks like when big retail eliminates countless cashier positions that provided sustenance to working class Americans a spike in casual theft follows.\nFast food is expanding the use robotics to replace workers too. Doubtless other industries will follow. Elon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.", ">\n\n\nElon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.\n\nI think he has more immediate things to worry about.", ">\n\nWhat do you expect? 7% inflation with 3% raises and a president encouraging no raises to keep inflation down.", ">\n\nCredit card companies spend a hell of a lot of money in congress to make sure that number is as high as possible.", ">\n\nWhat exactly are they spending on and lobbying for?", ">\n\nI doubt they write reports on the stuff, but general rules and regulations (or spins on them) to maximize profits", ">\n\nOh hey, time to buy Visa stock.", ">\n\nYou mean bank stock?", ">\n\n\"At 19.6%, if you made minimum payments toward the average credit card balance — which is $5,474, according to Transunion — it would take you almost 17 years to pay off the debt and cost you more than $7,528 in interest\"", ">\n\nThis is why bankruptcy laws need to be changed! \nWhy is the rich and corporations allowed to wipe their debt clean and start fresh, yet the poor and middle class have to pay back?" ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou.", ">\n\nYea I do that on one of my cards but it's 0% interest for 24 months so why wouldn't I?", ">\n\nNothing more American than trying to accumulate $30 trillion dollars of debt", ">\n\nFraud is the future. Breached forums (Breached.vc) The financial industry and Department of Justice have been subverted by the rich and well connected. \nCompanies like Walmart and Target budget for theft.", ">\n\nIt looks like when big retail eliminates countless cashier positions that provided sustenance to working class Americans a spike in casual theft follows.\nFast food is expanding the use robotics to replace workers too. Doubtless other industries will follow. Elon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.", ">\n\n\nElon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.\n\nI think he has more immediate things to worry about.", ">\n\nWhat do you expect? 7% inflation with 3% raises and a president encouraging no raises to keep inflation down.", ">\n\nCredit card companies spend a hell of a lot of money in congress to make sure that number is as high as possible.", ">\n\nWhat exactly are they spending on and lobbying for?", ">\n\nI doubt they write reports on the stuff, but general rules and regulations (or spins on them) to maximize profits", ">\n\nOh hey, time to buy Visa stock.", ">\n\nYou mean bank stock?", ">\n\n\"At 19.6%, if you made minimum payments toward the average credit card balance — which is $5,474, according to Transunion — it would take you almost 17 years to pay off the debt and cost you more than $7,528 in interest\"", ">\n\nThis is why bankruptcy laws need to be changed! \nWhy is the rich and corporations allowed to wipe their debt clean and start fresh, yet the poor and middle class have to pay back?", ">\n\nThe single best thing the federal government can do is raise minimum wage. At this point, minimum wage needs to be around $25/hr.\nWhat most don't understand is that wages have been under attack since the 60s. Wages are so lean that they barely touch the bottom dollar. For a high volume manufacturer, you could double everyone's wages, and the sell price of goods made would need to increase by less than 1% to cover the added cost. For a low volume, labor intensive manufacturer, the sell price would only go up by 3% to 5%. The only hard hit industries are service industries were labor is the major component of the business. However, if your wages go from $40k a year to $80k a year, and you're rolling in $40,000, you're not going to care one bit that your Uber was $35 instead of $20. Your cereal will cost $0.01 more, and your new $2000 smart fridge will cost you $60 more. And for this financial burden EVERYBODY is making 2x income.\nThis is how far behind wages are because of a 60 year war against them. They almost don't matter to the sell price, but it's also the first thing management targets, because wages are costs and costs are evil.\nUltimately it's a self mutilating cycle of starvation and suffering for literally no good reason.\nWorse yet, we systematically stifle economic growth, buying power, and ultimately GDP. \nThe lack of adequate wages also drivers many social problems like crime and even mental illness. It drivers health issues and increases burdens on society for long term care. It also deters family planning, education, and social diversification.\nFrankly, the masochism of wage stagnation is wild. Why would you ever willfully chose suffering?" ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou.", ">\n\nYea I do that on one of my cards but it's 0% interest for 24 months so why wouldn't I?", ">\n\nNothing more American than trying to accumulate $30 trillion dollars of debt", ">\n\nFraud is the future. Breached forums (Breached.vc) The financial industry and Department of Justice have been subverted by the rich and well connected. \nCompanies like Walmart and Target budget for theft.", ">\n\nIt looks like when big retail eliminates countless cashier positions that provided sustenance to working class Americans a spike in casual theft follows.\nFast food is expanding the use robotics to replace workers too. Doubtless other industries will follow. Elon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.", ">\n\n\nElon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.\n\nI think he has more immediate things to worry about.", ">\n\nWhat do you expect? 7% inflation with 3% raises and a president encouraging no raises to keep inflation down.", ">\n\nCredit card companies spend a hell of a lot of money in congress to make sure that number is as high as possible.", ">\n\nWhat exactly are they spending on and lobbying for?", ">\n\nI doubt they write reports on the stuff, but general rules and regulations (or spins on them) to maximize profits", ">\n\nOh hey, time to buy Visa stock.", ">\n\nYou mean bank stock?", ">\n\n\"At 19.6%, if you made minimum payments toward the average credit card balance — which is $5,474, according to Transunion — it would take you almost 17 years to pay off the debt and cost you more than $7,528 in interest\"", ">\n\nThis is why bankruptcy laws need to be changed! \nWhy is the rich and corporations allowed to wipe their debt clean and start fresh, yet the poor and middle class have to pay back?", ">\n\nThe single best thing the federal government can do is raise minimum wage. At this point, minimum wage needs to be around $25/hr.\nWhat most don't understand is that wages have been under attack since the 60s. Wages are so lean that they barely touch the bottom dollar. For a high volume manufacturer, you could double everyone's wages, and the sell price of goods made would need to increase by less than 1% to cover the added cost. For a low volume, labor intensive manufacturer, the sell price would only go up by 3% to 5%. The only hard hit industries are service industries were labor is the major component of the business. However, if your wages go from $40k a year to $80k a year, and you're rolling in $40,000, you're not going to care one bit that your Uber was $35 instead of $20. Your cereal will cost $0.01 more, and your new $2000 smart fridge will cost you $60 more. And for this financial burden EVERYBODY is making 2x income.\nThis is how far behind wages are because of a 60 year war against them. They almost don't matter to the sell price, but it's also the first thing management targets, because wages are costs and costs are evil.\nUltimately it's a self mutilating cycle of starvation and suffering for literally no good reason.\nWorse yet, we systematically stifle economic growth, buying power, and ultimately GDP. \nThe lack of adequate wages also drivers many social problems like crime and even mental illness. It drivers health issues and increases burdens on society for long term care. It also deters family planning, education, and social diversification.\nFrankly, the masochism of wage stagnation is wild. Why would you ever willfully chose suffering?", ">\n\nCould be worse. Round here I’ve seen credit cards with interest rates that can go up to 586% per year" ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou.", ">\n\nYea I do that on one of my cards but it's 0% interest for 24 months so why wouldn't I?", ">\n\nNothing more American than trying to accumulate $30 trillion dollars of debt", ">\n\nFraud is the future. Breached forums (Breached.vc) The financial industry and Department of Justice have been subverted by the rich and well connected. \nCompanies like Walmart and Target budget for theft.", ">\n\nIt looks like when big retail eliminates countless cashier positions that provided sustenance to working class Americans a spike in casual theft follows.\nFast food is expanding the use robotics to replace workers too. Doubtless other industries will follow. Elon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.", ">\n\n\nElon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.\n\nI think he has more immediate things to worry about.", ">\n\nWhat do you expect? 7% inflation with 3% raises and a president encouraging no raises to keep inflation down.", ">\n\nCredit card companies spend a hell of a lot of money in congress to make sure that number is as high as possible.", ">\n\nWhat exactly are they spending on and lobbying for?", ">\n\nI doubt they write reports on the stuff, but general rules and regulations (or spins on them) to maximize profits", ">\n\nOh hey, time to buy Visa stock.", ">\n\nYou mean bank stock?", ">\n\n\"At 19.6%, if you made minimum payments toward the average credit card balance — which is $5,474, according to Transunion — it would take you almost 17 years to pay off the debt and cost you more than $7,528 in interest\"", ">\n\nThis is why bankruptcy laws need to be changed! \nWhy is the rich and corporations allowed to wipe their debt clean and start fresh, yet the poor and middle class have to pay back?", ">\n\nThe single best thing the federal government can do is raise minimum wage. At this point, minimum wage needs to be around $25/hr.\nWhat most don't understand is that wages have been under attack since the 60s. Wages are so lean that they barely touch the bottom dollar. For a high volume manufacturer, you could double everyone's wages, and the sell price of goods made would need to increase by less than 1% to cover the added cost. For a low volume, labor intensive manufacturer, the sell price would only go up by 3% to 5%. The only hard hit industries are service industries were labor is the major component of the business. However, if your wages go from $40k a year to $80k a year, and you're rolling in $40,000, you're not going to care one bit that your Uber was $35 instead of $20. Your cereal will cost $0.01 more, and your new $2000 smart fridge will cost you $60 more. And for this financial burden EVERYBODY is making 2x income.\nThis is how far behind wages are because of a 60 year war against them. They almost don't matter to the sell price, but it's also the first thing management targets, because wages are costs and costs are evil.\nUltimately it's a self mutilating cycle of starvation and suffering for literally no good reason.\nWorse yet, we systematically stifle economic growth, buying power, and ultimately GDP. \nThe lack of adequate wages also drivers many social problems like crime and even mental illness. It drivers health issues and increases burdens on society for long term care. It also deters family planning, education, and social diversification.\nFrankly, the masochism of wage stagnation is wild. Why would you ever willfully chose suffering?", ">\n\nCould be worse. Round here I’ve seen credit cards with interest rates that can go up to 586% per year", ">\n\nWe have 3 credit cards that we used for bills and then just paid off immediately with actual cash. Then a funeral for my girlfriends grandma 2500 miles away caused us to max them out going to say goodbye. Now we've had that debt since June unable to catch up due to life's many cruel jokes. 😢" ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou.", ">\n\nYea I do that on one of my cards but it's 0% interest for 24 months so why wouldn't I?", ">\n\nNothing more American than trying to accumulate $30 trillion dollars of debt", ">\n\nFraud is the future. Breached forums (Breached.vc) The financial industry and Department of Justice have been subverted by the rich and well connected. \nCompanies like Walmart and Target budget for theft.", ">\n\nIt looks like when big retail eliminates countless cashier positions that provided sustenance to working class Americans a spike in casual theft follows.\nFast food is expanding the use robotics to replace workers too. Doubtless other industries will follow. Elon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.", ">\n\n\nElon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.\n\nI think he has more immediate things to worry about.", ">\n\nWhat do you expect? 7% inflation with 3% raises and a president encouraging no raises to keep inflation down.", ">\n\nCredit card companies spend a hell of a lot of money in congress to make sure that number is as high as possible.", ">\n\nWhat exactly are they spending on and lobbying for?", ">\n\nI doubt they write reports on the stuff, but general rules and regulations (or spins on them) to maximize profits", ">\n\nOh hey, time to buy Visa stock.", ">\n\nYou mean bank stock?", ">\n\n\"At 19.6%, if you made minimum payments toward the average credit card balance — which is $5,474, according to Transunion — it would take you almost 17 years to pay off the debt and cost you more than $7,528 in interest\"", ">\n\nThis is why bankruptcy laws need to be changed! \nWhy is the rich and corporations allowed to wipe their debt clean and start fresh, yet the poor and middle class have to pay back?", ">\n\nThe single best thing the federal government can do is raise minimum wage. At this point, minimum wage needs to be around $25/hr.\nWhat most don't understand is that wages have been under attack since the 60s. Wages are so lean that they barely touch the bottom dollar. For a high volume manufacturer, you could double everyone's wages, and the sell price of goods made would need to increase by less than 1% to cover the added cost. For a low volume, labor intensive manufacturer, the sell price would only go up by 3% to 5%. The only hard hit industries are service industries were labor is the major component of the business. However, if your wages go from $40k a year to $80k a year, and you're rolling in $40,000, you're not going to care one bit that your Uber was $35 instead of $20. Your cereal will cost $0.01 more, and your new $2000 smart fridge will cost you $60 more. And for this financial burden EVERYBODY is making 2x income.\nThis is how far behind wages are because of a 60 year war against them. They almost don't matter to the sell price, but it's also the first thing management targets, because wages are costs and costs are evil.\nUltimately it's a self mutilating cycle of starvation and suffering for literally no good reason.\nWorse yet, we systematically stifle economic growth, buying power, and ultimately GDP. \nThe lack of adequate wages also drivers many social problems like crime and even mental illness. It drivers health issues and increases burdens on society for long term care. It also deters family planning, education, and social diversification.\nFrankly, the masochism of wage stagnation is wild. Why would you ever willfully chose suffering?", ">\n\nCould be worse. Round here I’ve seen credit cards with interest rates that can go up to 586% per year", ">\n\nWe have 3 credit cards that we used for bills and then just paid off immediately with actual cash. Then a funeral for my girlfriends grandma 2500 miles away caused us to max them out going to say goodbye. Now we've had that debt since June unable to catch up due to life's many cruel jokes. 😢", ">\n\nYou could have refused to go to the funeral or asked relatives for financial assistance. Admitting you can't go to a funeral because you can't afford it even if you want to shouldn't be looked down on." ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou.", ">\n\nYea I do that on one of my cards but it's 0% interest for 24 months so why wouldn't I?", ">\n\nNothing more American than trying to accumulate $30 trillion dollars of debt", ">\n\nFraud is the future. Breached forums (Breached.vc) The financial industry and Department of Justice have been subverted by the rich and well connected. \nCompanies like Walmart and Target budget for theft.", ">\n\nIt looks like when big retail eliminates countless cashier positions that provided sustenance to working class Americans a spike in casual theft follows.\nFast food is expanding the use robotics to replace workers too. Doubtless other industries will follow. Elon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.", ">\n\n\nElon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.\n\nI think he has more immediate things to worry about.", ">\n\nWhat do you expect? 7% inflation with 3% raises and a president encouraging no raises to keep inflation down.", ">\n\nCredit card companies spend a hell of a lot of money in congress to make sure that number is as high as possible.", ">\n\nWhat exactly are they spending on and lobbying for?", ">\n\nI doubt they write reports on the stuff, but general rules and regulations (or spins on them) to maximize profits", ">\n\nOh hey, time to buy Visa stock.", ">\n\nYou mean bank stock?", ">\n\n\"At 19.6%, if you made minimum payments toward the average credit card balance — which is $5,474, according to Transunion — it would take you almost 17 years to pay off the debt and cost you more than $7,528 in interest\"", ">\n\nThis is why bankruptcy laws need to be changed! \nWhy is the rich and corporations allowed to wipe their debt clean and start fresh, yet the poor and middle class have to pay back?", ">\n\nThe single best thing the federal government can do is raise minimum wage. At this point, minimum wage needs to be around $25/hr.\nWhat most don't understand is that wages have been under attack since the 60s. Wages are so lean that they barely touch the bottom dollar. For a high volume manufacturer, you could double everyone's wages, and the sell price of goods made would need to increase by less than 1% to cover the added cost. For a low volume, labor intensive manufacturer, the sell price would only go up by 3% to 5%. The only hard hit industries are service industries were labor is the major component of the business. However, if your wages go from $40k a year to $80k a year, and you're rolling in $40,000, you're not going to care one bit that your Uber was $35 instead of $20. Your cereal will cost $0.01 more, and your new $2000 smart fridge will cost you $60 more. And for this financial burden EVERYBODY is making 2x income.\nThis is how far behind wages are because of a 60 year war against them. They almost don't matter to the sell price, but it's also the first thing management targets, because wages are costs and costs are evil.\nUltimately it's a self mutilating cycle of starvation and suffering for literally no good reason.\nWorse yet, we systematically stifle economic growth, buying power, and ultimately GDP. \nThe lack of adequate wages also drivers many social problems like crime and even mental illness. It drivers health issues and increases burdens on society for long term care. It also deters family planning, education, and social diversification.\nFrankly, the masochism of wage stagnation is wild. Why would you ever willfully chose suffering?", ">\n\nCould be worse. Round here I’ve seen credit cards with interest rates that can go up to 586% per year", ">\n\nWe have 3 credit cards that we used for bills and then just paid off immediately with actual cash. Then a funeral for my girlfriends grandma 2500 miles away caused us to max them out going to say goodbye. Now we've had that debt since June unable to catch up due to life's many cruel jokes. 😢", ">\n\nYou could have refused to go to the funeral or asked relatives for financial assistance. Admitting you can't go to a funeral because you can't afford it even if you want to shouldn't be looked down on.", ">\n\nUnfortunately funerals and the funeral industry are a massively exploitative affair designed to emotionally manipulate the fuck out of people to get their money. They go out of their way to make the cheap option like cremation into expensive items. O you wouldnt want your to be uncomfortable in the cardboard box before it burns, how about a $3k upgrade box to be burned?" ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou.", ">\n\nYea I do that on one of my cards but it's 0% interest for 24 months so why wouldn't I?", ">\n\nNothing more American than trying to accumulate $30 trillion dollars of debt", ">\n\nFraud is the future. Breached forums (Breached.vc) The financial industry and Department of Justice have been subverted by the rich and well connected. \nCompanies like Walmart and Target budget for theft.", ">\n\nIt looks like when big retail eliminates countless cashier positions that provided sustenance to working class Americans a spike in casual theft follows.\nFast food is expanding the use robotics to replace workers too. Doubtless other industries will follow. Elon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.", ">\n\n\nElon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.\n\nI think he has more immediate things to worry about.", ">\n\nWhat do you expect? 7% inflation with 3% raises and a president encouraging no raises to keep inflation down.", ">\n\nCredit card companies spend a hell of a lot of money in congress to make sure that number is as high as possible.", ">\n\nWhat exactly are they spending on and lobbying for?", ">\n\nI doubt they write reports on the stuff, but general rules and regulations (or spins on them) to maximize profits", ">\n\nOh hey, time to buy Visa stock.", ">\n\nYou mean bank stock?", ">\n\n\"At 19.6%, if you made minimum payments toward the average credit card balance — which is $5,474, according to Transunion — it would take you almost 17 years to pay off the debt and cost you more than $7,528 in interest\"", ">\n\nThis is why bankruptcy laws need to be changed! \nWhy is the rich and corporations allowed to wipe their debt clean and start fresh, yet the poor and middle class have to pay back?", ">\n\nThe single best thing the federal government can do is raise minimum wage. At this point, minimum wage needs to be around $25/hr.\nWhat most don't understand is that wages have been under attack since the 60s. Wages are so lean that they barely touch the bottom dollar. For a high volume manufacturer, you could double everyone's wages, and the sell price of goods made would need to increase by less than 1% to cover the added cost. For a low volume, labor intensive manufacturer, the sell price would only go up by 3% to 5%. The only hard hit industries are service industries were labor is the major component of the business. However, if your wages go from $40k a year to $80k a year, and you're rolling in $40,000, you're not going to care one bit that your Uber was $35 instead of $20. Your cereal will cost $0.01 more, and your new $2000 smart fridge will cost you $60 more. And for this financial burden EVERYBODY is making 2x income.\nThis is how far behind wages are because of a 60 year war against them. They almost don't matter to the sell price, but it's also the first thing management targets, because wages are costs and costs are evil.\nUltimately it's a self mutilating cycle of starvation and suffering for literally no good reason.\nWorse yet, we systematically stifle economic growth, buying power, and ultimately GDP. \nThe lack of adequate wages also drivers many social problems like crime and even mental illness. It drivers health issues and increases burdens on society for long term care. It also deters family planning, education, and social diversification.\nFrankly, the masochism of wage stagnation is wild. Why would you ever willfully chose suffering?", ">\n\nCould be worse. Round here I’ve seen credit cards with interest rates that can go up to 586% per year", ">\n\nWe have 3 credit cards that we used for bills and then just paid off immediately with actual cash. Then a funeral for my girlfriends grandma 2500 miles away caused us to max them out going to say goodbye. Now we've had that debt since June unable to catch up due to life's many cruel jokes. 😢", ">\n\nYou could have refused to go to the funeral or asked relatives for financial assistance. Admitting you can't go to a funeral because you can't afford it even if you want to shouldn't be looked down on.", ">\n\nUnfortunately funerals and the funeral industry are a massively exploitative affair designed to emotionally manipulate the fuck out of people to get their money. They go out of their way to make the cheap option like cremation into expensive items. O you wouldnt want your to be uncomfortable in the cardboard box before it burns, how about a $3k upgrade box to be burned?", ">\n\nI love how they're framing it like people are choosing to use credit cards. If this was honestly written it would sound more like \"46% of cardholders are forced to carry debt from month to month as expenses stay high\" or if they wanted to be neutral \"credit card use is high as a result of high expenses\" not this \"people are choosing to be poor\" shit." ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou.", ">\n\nYea I do that on one of my cards but it's 0% interest for 24 months so why wouldn't I?", ">\n\nNothing more American than trying to accumulate $30 trillion dollars of debt", ">\n\nFraud is the future. Breached forums (Breached.vc) The financial industry and Department of Justice have been subverted by the rich and well connected. \nCompanies like Walmart and Target budget for theft.", ">\n\nIt looks like when big retail eliminates countless cashier positions that provided sustenance to working class Americans a spike in casual theft follows.\nFast food is expanding the use robotics to replace workers too. Doubtless other industries will follow. Elon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.", ">\n\n\nElon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.\n\nI think he has more immediate things to worry about.", ">\n\nWhat do you expect? 7% inflation with 3% raises and a president encouraging no raises to keep inflation down.", ">\n\nCredit card companies spend a hell of a lot of money in congress to make sure that number is as high as possible.", ">\n\nWhat exactly are they spending on and lobbying for?", ">\n\nI doubt they write reports on the stuff, but general rules and regulations (or spins on them) to maximize profits", ">\n\nOh hey, time to buy Visa stock.", ">\n\nYou mean bank stock?", ">\n\n\"At 19.6%, if you made minimum payments toward the average credit card balance — which is $5,474, according to Transunion — it would take you almost 17 years to pay off the debt and cost you more than $7,528 in interest\"", ">\n\nThis is why bankruptcy laws need to be changed! \nWhy is the rich and corporations allowed to wipe their debt clean and start fresh, yet the poor and middle class have to pay back?", ">\n\nThe single best thing the federal government can do is raise minimum wage. At this point, minimum wage needs to be around $25/hr.\nWhat most don't understand is that wages have been under attack since the 60s. Wages are so lean that they barely touch the bottom dollar. For a high volume manufacturer, you could double everyone's wages, and the sell price of goods made would need to increase by less than 1% to cover the added cost. For a low volume, labor intensive manufacturer, the sell price would only go up by 3% to 5%. The only hard hit industries are service industries were labor is the major component of the business. However, if your wages go from $40k a year to $80k a year, and you're rolling in $40,000, you're not going to care one bit that your Uber was $35 instead of $20. Your cereal will cost $0.01 more, and your new $2000 smart fridge will cost you $60 more. And for this financial burden EVERYBODY is making 2x income.\nThis is how far behind wages are because of a 60 year war against them. They almost don't matter to the sell price, but it's also the first thing management targets, because wages are costs and costs are evil.\nUltimately it's a self mutilating cycle of starvation and suffering for literally no good reason.\nWorse yet, we systematically stifle economic growth, buying power, and ultimately GDP. \nThe lack of adequate wages also drivers many social problems like crime and even mental illness. It drivers health issues and increases burdens on society for long term care. It also deters family planning, education, and social diversification.\nFrankly, the masochism of wage stagnation is wild. Why would you ever willfully chose suffering?", ">\n\nCould be worse. Round here I’ve seen credit cards with interest rates that can go up to 586% per year", ">\n\nWe have 3 credit cards that we used for bills and then just paid off immediately with actual cash. Then a funeral for my girlfriends grandma 2500 miles away caused us to max them out going to say goodbye. Now we've had that debt since June unable to catch up due to life's many cruel jokes. 😢", ">\n\nYou could have refused to go to the funeral or asked relatives for financial assistance. Admitting you can't go to a funeral because you can't afford it even if you want to shouldn't be looked down on.", ">\n\nUnfortunately funerals and the funeral industry are a massively exploitative affair designed to emotionally manipulate the fuck out of people to get their money. They go out of their way to make the cheap option like cremation into expensive items. O you wouldnt want your to be uncomfortable in the cardboard box before it burns, how about a $3k upgrade box to be burned?", ">\n\nI love how they're framing it like people are choosing to use credit cards. If this was honestly written it would sound more like \"46% of cardholders are forced to carry debt from month to month as expenses stay high\" or if they wanted to be neutral \"credit card use is high as a result of high expenses\" not this \"people are choosing to be poor\" shit.", ">\n\nThis is the kind of signal the fed is looking for to stop the rate hikes" ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou.", ">\n\nYea I do that on one of my cards but it's 0% interest for 24 months so why wouldn't I?", ">\n\nNothing more American than trying to accumulate $30 trillion dollars of debt", ">\n\nFraud is the future. Breached forums (Breached.vc) The financial industry and Department of Justice have been subverted by the rich and well connected. \nCompanies like Walmart and Target budget for theft.", ">\n\nIt looks like when big retail eliminates countless cashier positions that provided sustenance to working class Americans a spike in casual theft follows.\nFast food is expanding the use robotics to replace workers too. Doubtless other industries will follow. Elon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.", ">\n\n\nElon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.\n\nI think he has more immediate things to worry about.", ">\n\nWhat do you expect? 7% inflation with 3% raises and a president encouraging no raises to keep inflation down.", ">\n\nCredit card companies spend a hell of a lot of money in congress to make sure that number is as high as possible.", ">\n\nWhat exactly are they spending on and lobbying for?", ">\n\nI doubt they write reports on the stuff, but general rules and regulations (or spins on them) to maximize profits", ">\n\nOh hey, time to buy Visa stock.", ">\n\nYou mean bank stock?", ">\n\n\"At 19.6%, if you made minimum payments toward the average credit card balance — which is $5,474, according to Transunion — it would take you almost 17 years to pay off the debt and cost you more than $7,528 in interest\"", ">\n\nThis is why bankruptcy laws need to be changed! \nWhy is the rich and corporations allowed to wipe their debt clean and start fresh, yet the poor and middle class have to pay back?", ">\n\nThe single best thing the federal government can do is raise minimum wage. At this point, minimum wage needs to be around $25/hr.\nWhat most don't understand is that wages have been under attack since the 60s. Wages are so lean that they barely touch the bottom dollar. For a high volume manufacturer, you could double everyone's wages, and the sell price of goods made would need to increase by less than 1% to cover the added cost. For a low volume, labor intensive manufacturer, the sell price would only go up by 3% to 5%. The only hard hit industries are service industries were labor is the major component of the business. However, if your wages go from $40k a year to $80k a year, and you're rolling in $40,000, you're not going to care one bit that your Uber was $35 instead of $20. Your cereal will cost $0.01 more, and your new $2000 smart fridge will cost you $60 more. And for this financial burden EVERYBODY is making 2x income.\nThis is how far behind wages are because of a 60 year war against them. They almost don't matter to the sell price, but it's also the first thing management targets, because wages are costs and costs are evil.\nUltimately it's a self mutilating cycle of starvation and suffering for literally no good reason.\nWorse yet, we systematically stifle economic growth, buying power, and ultimately GDP. \nThe lack of adequate wages also drivers many social problems like crime and even mental illness. It drivers health issues and increases burdens on society for long term care. It also deters family planning, education, and social diversification.\nFrankly, the masochism of wage stagnation is wild. Why would you ever willfully chose suffering?", ">\n\nCould be worse. Round here I’ve seen credit cards with interest rates that can go up to 586% per year", ">\n\nWe have 3 credit cards that we used for bills and then just paid off immediately with actual cash. Then a funeral for my girlfriends grandma 2500 miles away caused us to max them out going to say goodbye. Now we've had that debt since June unable to catch up due to life's many cruel jokes. 😢", ">\n\nYou could have refused to go to the funeral or asked relatives for financial assistance. Admitting you can't go to a funeral because you can't afford it even if you want to shouldn't be looked down on.", ">\n\nUnfortunately funerals and the funeral industry are a massively exploitative affair designed to emotionally manipulate the fuck out of people to get their money. They go out of their way to make the cheap option like cremation into expensive items. O you wouldnt want your to be uncomfortable in the cardboard box before it burns, how about a $3k upgrade box to be burned?", ">\n\nI love how they're framing it like people are choosing to use credit cards. If this was honestly written it would sound more like \"46% of cardholders are forced to carry debt from month to month as expenses stay high\" or if they wanted to be neutral \"credit card use is high as a result of high expenses\" not this \"people are choosing to be poor\" shit.", ">\n\nThis is the kind of signal the fed is looking for to stop the rate hikes", ">\n\nNot at all surprised. Way too many people spending money they don't have. You're not entitled to have doordash every day because you're too important to get your own food (or even better to cook it). It seems like people are deciding what standard of living they deserve and then worrying about the cost after." ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou.", ">\n\nYea I do that on one of my cards but it's 0% interest for 24 months so why wouldn't I?", ">\n\nNothing more American than trying to accumulate $30 trillion dollars of debt", ">\n\nFraud is the future. Breached forums (Breached.vc) The financial industry and Department of Justice have been subverted by the rich and well connected. \nCompanies like Walmart and Target budget for theft.", ">\n\nIt looks like when big retail eliminates countless cashier positions that provided sustenance to working class Americans a spike in casual theft follows.\nFast food is expanding the use robotics to replace workers too. Doubtless other industries will follow. Elon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.", ">\n\n\nElon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.\n\nI think he has more immediate things to worry about.", ">\n\nWhat do you expect? 7% inflation with 3% raises and a president encouraging no raises to keep inflation down.", ">\n\nCredit card companies spend a hell of a lot of money in congress to make sure that number is as high as possible.", ">\n\nWhat exactly are they spending on and lobbying for?", ">\n\nI doubt they write reports on the stuff, but general rules and regulations (or spins on them) to maximize profits", ">\n\nOh hey, time to buy Visa stock.", ">\n\nYou mean bank stock?", ">\n\n\"At 19.6%, if you made minimum payments toward the average credit card balance — which is $5,474, according to Transunion — it would take you almost 17 years to pay off the debt and cost you more than $7,528 in interest\"", ">\n\nThis is why bankruptcy laws need to be changed! \nWhy is the rich and corporations allowed to wipe their debt clean and start fresh, yet the poor and middle class have to pay back?", ">\n\nThe single best thing the federal government can do is raise minimum wage. At this point, minimum wage needs to be around $25/hr.\nWhat most don't understand is that wages have been under attack since the 60s. Wages are so lean that they barely touch the bottom dollar. For a high volume manufacturer, you could double everyone's wages, and the sell price of goods made would need to increase by less than 1% to cover the added cost. For a low volume, labor intensive manufacturer, the sell price would only go up by 3% to 5%. The only hard hit industries are service industries were labor is the major component of the business. However, if your wages go from $40k a year to $80k a year, and you're rolling in $40,000, you're not going to care one bit that your Uber was $35 instead of $20. Your cereal will cost $0.01 more, and your new $2000 smart fridge will cost you $60 more. And for this financial burden EVERYBODY is making 2x income.\nThis is how far behind wages are because of a 60 year war against them. They almost don't matter to the sell price, but it's also the first thing management targets, because wages are costs and costs are evil.\nUltimately it's a self mutilating cycle of starvation and suffering for literally no good reason.\nWorse yet, we systematically stifle economic growth, buying power, and ultimately GDP. \nThe lack of adequate wages also drivers many social problems like crime and even mental illness. It drivers health issues and increases burdens on society for long term care. It also deters family planning, education, and social diversification.\nFrankly, the masochism of wage stagnation is wild. Why would you ever willfully chose suffering?", ">\n\nCould be worse. Round here I’ve seen credit cards with interest rates that can go up to 586% per year", ">\n\nWe have 3 credit cards that we used for bills and then just paid off immediately with actual cash. Then a funeral for my girlfriends grandma 2500 miles away caused us to max them out going to say goodbye. Now we've had that debt since June unable to catch up due to life's many cruel jokes. 😢", ">\n\nYou could have refused to go to the funeral or asked relatives for financial assistance. Admitting you can't go to a funeral because you can't afford it even if you want to shouldn't be looked down on.", ">\n\nUnfortunately funerals and the funeral industry are a massively exploitative affair designed to emotionally manipulate the fuck out of people to get their money. They go out of their way to make the cheap option like cremation into expensive items. O you wouldnt want your to be uncomfortable in the cardboard box before it burns, how about a $3k upgrade box to be burned?", ">\n\nI love how they're framing it like people are choosing to use credit cards. If this was honestly written it would sound more like \"46% of cardholders are forced to carry debt from month to month as expenses stay high\" or if they wanted to be neutral \"credit card use is high as a result of high expenses\" not this \"people are choosing to be poor\" shit.", ">\n\nThis is the kind of signal the fed is looking for to stop the rate hikes", ">\n\nNot at all surprised. Way too many people spending money they don't have. You're not entitled to have doordash every day because you're too important to get your own food (or even better to cook it). It seems like people are deciding what standard of living they deserve and then worrying about the cost after.", ">\n\nCan you please please please tell my wife this. She’s addicted to door dash and we even have a goddamn supermarket in our building." ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou.", ">\n\nYea I do that on one of my cards but it's 0% interest for 24 months so why wouldn't I?", ">\n\nNothing more American than trying to accumulate $30 trillion dollars of debt", ">\n\nFraud is the future. Breached forums (Breached.vc) The financial industry and Department of Justice have been subverted by the rich and well connected. \nCompanies like Walmart and Target budget for theft.", ">\n\nIt looks like when big retail eliminates countless cashier positions that provided sustenance to working class Americans a spike in casual theft follows.\nFast food is expanding the use robotics to replace workers too. Doubtless other industries will follow. Elon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.", ">\n\n\nElon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.\n\nI think he has more immediate things to worry about.", ">\n\nWhat do you expect? 7% inflation with 3% raises and a president encouraging no raises to keep inflation down.", ">\n\nCredit card companies spend a hell of a lot of money in congress to make sure that number is as high as possible.", ">\n\nWhat exactly are they spending on and lobbying for?", ">\n\nI doubt they write reports on the stuff, but general rules and regulations (or spins on them) to maximize profits", ">\n\nOh hey, time to buy Visa stock.", ">\n\nYou mean bank stock?", ">\n\n\"At 19.6%, if you made minimum payments toward the average credit card balance — which is $5,474, according to Transunion — it would take you almost 17 years to pay off the debt and cost you more than $7,528 in interest\"", ">\n\nThis is why bankruptcy laws need to be changed! \nWhy is the rich and corporations allowed to wipe their debt clean and start fresh, yet the poor and middle class have to pay back?", ">\n\nThe single best thing the federal government can do is raise minimum wage. At this point, minimum wage needs to be around $25/hr.\nWhat most don't understand is that wages have been under attack since the 60s. Wages are so lean that they barely touch the bottom dollar. For a high volume manufacturer, you could double everyone's wages, and the sell price of goods made would need to increase by less than 1% to cover the added cost. For a low volume, labor intensive manufacturer, the sell price would only go up by 3% to 5%. The only hard hit industries are service industries were labor is the major component of the business. However, if your wages go from $40k a year to $80k a year, and you're rolling in $40,000, you're not going to care one bit that your Uber was $35 instead of $20. Your cereal will cost $0.01 more, and your new $2000 smart fridge will cost you $60 more. And for this financial burden EVERYBODY is making 2x income.\nThis is how far behind wages are because of a 60 year war against them. They almost don't matter to the sell price, but it's also the first thing management targets, because wages are costs and costs are evil.\nUltimately it's a self mutilating cycle of starvation and suffering for literally no good reason.\nWorse yet, we systematically stifle economic growth, buying power, and ultimately GDP. \nThe lack of adequate wages also drivers many social problems like crime and even mental illness. It drivers health issues and increases burdens on society for long term care. It also deters family planning, education, and social diversification.\nFrankly, the masochism of wage stagnation is wild. Why would you ever willfully chose suffering?", ">\n\nCould be worse. Round here I’ve seen credit cards with interest rates that can go up to 586% per year", ">\n\nWe have 3 credit cards that we used for bills and then just paid off immediately with actual cash. Then a funeral for my girlfriends grandma 2500 miles away caused us to max them out going to say goodbye. Now we've had that debt since June unable to catch up due to life's many cruel jokes. 😢", ">\n\nYou could have refused to go to the funeral or asked relatives for financial assistance. Admitting you can't go to a funeral because you can't afford it even if you want to shouldn't be looked down on.", ">\n\nUnfortunately funerals and the funeral industry are a massively exploitative affair designed to emotionally manipulate the fuck out of people to get their money. They go out of their way to make the cheap option like cremation into expensive items. O you wouldnt want your to be uncomfortable in the cardboard box before it burns, how about a $3k upgrade box to be burned?", ">\n\nI love how they're framing it like people are choosing to use credit cards. If this was honestly written it would sound more like \"46% of cardholders are forced to carry debt from month to month as expenses stay high\" or if they wanted to be neutral \"credit card use is high as a result of high expenses\" not this \"people are choosing to be poor\" shit.", ">\n\nThis is the kind of signal the fed is looking for to stop the rate hikes", ">\n\nNot at all surprised. Way too many people spending money they don't have. You're not entitled to have doordash every day because you're too important to get your own food (or even better to cook it). It seems like people are deciding what standard of living they deserve and then worrying about the cost after.", ">\n\nCan you please please please tell my wife this. She’s addicted to door dash and we even have a goddamn supermarket in our building.", ">\n\nI’ve never understood the allure to this. Paying premium prices for below average food that arrives luke warm at best" ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou.", ">\n\nYea I do that on one of my cards but it's 0% interest for 24 months so why wouldn't I?", ">\n\nNothing more American than trying to accumulate $30 trillion dollars of debt", ">\n\nFraud is the future. Breached forums (Breached.vc) The financial industry and Department of Justice have been subverted by the rich and well connected. \nCompanies like Walmart and Target budget for theft.", ">\n\nIt looks like when big retail eliminates countless cashier positions that provided sustenance to working class Americans a spike in casual theft follows.\nFast food is expanding the use robotics to replace workers too. Doubtless other industries will follow. Elon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.", ">\n\n\nElon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.\n\nI think he has more immediate things to worry about.", ">\n\nWhat do you expect? 7% inflation with 3% raises and a president encouraging no raises to keep inflation down.", ">\n\nCredit card companies spend a hell of a lot of money in congress to make sure that number is as high as possible.", ">\n\nWhat exactly are they spending on and lobbying for?", ">\n\nI doubt they write reports on the stuff, but general rules and regulations (or spins on them) to maximize profits", ">\n\nOh hey, time to buy Visa stock.", ">\n\nYou mean bank stock?", ">\n\n\"At 19.6%, if you made minimum payments toward the average credit card balance — which is $5,474, according to Transunion — it would take you almost 17 years to pay off the debt and cost you more than $7,528 in interest\"", ">\n\nThis is why bankruptcy laws need to be changed! \nWhy is the rich and corporations allowed to wipe their debt clean and start fresh, yet the poor and middle class have to pay back?", ">\n\nThe single best thing the federal government can do is raise minimum wage. At this point, minimum wage needs to be around $25/hr.\nWhat most don't understand is that wages have been under attack since the 60s. Wages are so lean that they barely touch the bottom dollar. For a high volume manufacturer, you could double everyone's wages, and the sell price of goods made would need to increase by less than 1% to cover the added cost. For a low volume, labor intensive manufacturer, the sell price would only go up by 3% to 5%. The only hard hit industries are service industries were labor is the major component of the business. However, if your wages go from $40k a year to $80k a year, and you're rolling in $40,000, you're not going to care one bit that your Uber was $35 instead of $20. Your cereal will cost $0.01 more, and your new $2000 smart fridge will cost you $60 more. And for this financial burden EVERYBODY is making 2x income.\nThis is how far behind wages are because of a 60 year war against them. They almost don't matter to the sell price, but it's also the first thing management targets, because wages are costs and costs are evil.\nUltimately it's a self mutilating cycle of starvation and suffering for literally no good reason.\nWorse yet, we systematically stifle economic growth, buying power, and ultimately GDP. \nThe lack of adequate wages also drivers many social problems like crime and even mental illness. It drivers health issues and increases burdens on society for long term care. It also deters family planning, education, and social diversification.\nFrankly, the masochism of wage stagnation is wild. Why would you ever willfully chose suffering?", ">\n\nCould be worse. Round here I’ve seen credit cards with interest rates that can go up to 586% per year", ">\n\nWe have 3 credit cards that we used for bills and then just paid off immediately with actual cash. Then a funeral for my girlfriends grandma 2500 miles away caused us to max them out going to say goodbye. Now we've had that debt since June unable to catch up due to life's many cruel jokes. 😢", ">\n\nYou could have refused to go to the funeral or asked relatives for financial assistance. Admitting you can't go to a funeral because you can't afford it even if you want to shouldn't be looked down on.", ">\n\nUnfortunately funerals and the funeral industry are a massively exploitative affair designed to emotionally manipulate the fuck out of people to get their money. They go out of their way to make the cheap option like cremation into expensive items. O you wouldnt want your to be uncomfortable in the cardboard box before it burns, how about a $3k upgrade box to be burned?", ">\n\nI love how they're framing it like people are choosing to use credit cards. If this was honestly written it would sound more like \"46% of cardholders are forced to carry debt from month to month as expenses stay high\" or if they wanted to be neutral \"credit card use is high as a result of high expenses\" not this \"people are choosing to be poor\" shit.", ">\n\nThis is the kind of signal the fed is looking for to stop the rate hikes", ">\n\nNot at all surprised. Way too many people spending money they don't have. You're not entitled to have doordash every day because you're too important to get your own food (or even better to cook it). It seems like people are deciding what standard of living they deserve and then worrying about the cost after.", ">\n\nCan you please please please tell my wife this. She’s addicted to door dash and we even have a goddamn supermarket in our building.", ">\n\nI’ve never understood the allure to this. Paying premium prices for below average food that arrives luke warm at best", ">\n\nYou’ve never understood the allure to delivery?" ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou.", ">\n\nYea I do that on one of my cards but it's 0% interest for 24 months so why wouldn't I?", ">\n\nNothing more American than trying to accumulate $30 trillion dollars of debt", ">\n\nFraud is the future. Breached forums (Breached.vc) The financial industry and Department of Justice have been subverted by the rich and well connected. \nCompanies like Walmart and Target budget for theft.", ">\n\nIt looks like when big retail eliminates countless cashier positions that provided sustenance to working class Americans a spike in casual theft follows.\nFast food is expanding the use robotics to replace workers too. Doubtless other industries will follow. Elon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.", ">\n\n\nElon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.\n\nI think he has more immediate things to worry about.", ">\n\nWhat do you expect? 7% inflation with 3% raises and a president encouraging no raises to keep inflation down.", ">\n\nCredit card companies spend a hell of a lot of money in congress to make sure that number is as high as possible.", ">\n\nWhat exactly are they spending on and lobbying for?", ">\n\nI doubt they write reports on the stuff, but general rules and regulations (or spins on them) to maximize profits", ">\n\nOh hey, time to buy Visa stock.", ">\n\nYou mean bank stock?", ">\n\n\"At 19.6%, if you made minimum payments toward the average credit card balance — which is $5,474, according to Transunion — it would take you almost 17 years to pay off the debt and cost you more than $7,528 in interest\"", ">\n\nThis is why bankruptcy laws need to be changed! \nWhy is the rich and corporations allowed to wipe their debt clean and start fresh, yet the poor and middle class have to pay back?", ">\n\nThe single best thing the federal government can do is raise minimum wage. At this point, minimum wage needs to be around $25/hr.\nWhat most don't understand is that wages have been under attack since the 60s. Wages are so lean that they barely touch the bottom dollar. For a high volume manufacturer, you could double everyone's wages, and the sell price of goods made would need to increase by less than 1% to cover the added cost. For a low volume, labor intensive manufacturer, the sell price would only go up by 3% to 5%. The only hard hit industries are service industries were labor is the major component of the business. However, if your wages go from $40k a year to $80k a year, and you're rolling in $40,000, you're not going to care one bit that your Uber was $35 instead of $20. Your cereal will cost $0.01 more, and your new $2000 smart fridge will cost you $60 more. And for this financial burden EVERYBODY is making 2x income.\nThis is how far behind wages are because of a 60 year war against them. They almost don't matter to the sell price, but it's also the first thing management targets, because wages are costs and costs are evil.\nUltimately it's a self mutilating cycle of starvation and suffering for literally no good reason.\nWorse yet, we systematically stifle economic growth, buying power, and ultimately GDP. \nThe lack of adequate wages also drivers many social problems like crime and even mental illness. It drivers health issues and increases burdens on society for long term care. It also deters family planning, education, and social diversification.\nFrankly, the masochism of wage stagnation is wild. Why would you ever willfully chose suffering?", ">\n\nCould be worse. Round here I’ve seen credit cards with interest rates that can go up to 586% per year", ">\n\nWe have 3 credit cards that we used for bills and then just paid off immediately with actual cash. Then a funeral for my girlfriends grandma 2500 miles away caused us to max them out going to say goodbye. Now we've had that debt since June unable to catch up due to life's many cruel jokes. 😢", ">\n\nYou could have refused to go to the funeral or asked relatives for financial assistance. Admitting you can't go to a funeral because you can't afford it even if you want to shouldn't be looked down on.", ">\n\nUnfortunately funerals and the funeral industry are a massively exploitative affair designed to emotionally manipulate the fuck out of people to get their money. They go out of their way to make the cheap option like cremation into expensive items. O you wouldnt want your to be uncomfortable in the cardboard box before it burns, how about a $3k upgrade box to be burned?", ">\n\nI love how they're framing it like people are choosing to use credit cards. If this was honestly written it would sound more like \"46% of cardholders are forced to carry debt from month to month as expenses stay high\" or if they wanted to be neutral \"credit card use is high as a result of high expenses\" not this \"people are choosing to be poor\" shit.", ">\n\nThis is the kind of signal the fed is looking for to stop the rate hikes", ">\n\nNot at all surprised. Way too many people spending money they don't have. You're not entitled to have doordash every day because you're too important to get your own food (or even better to cook it). It seems like people are deciding what standard of living they deserve and then worrying about the cost after.", ">\n\nCan you please please please tell my wife this. She’s addicted to door dash and we even have a goddamn supermarket in our building.", ">\n\nI’ve never understood the allure to this. Paying premium prices for below average food that arrives luke warm at best", ">\n\nYou’ve never understood the allure to delivery?", ">\n\nDelivery in concept is fine. Doordash-style delivery is dumb if looked at in context." ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou.", ">\n\nYea I do that on one of my cards but it's 0% interest for 24 months so why wouldn't I?", ">\n\nNothing more American than trying to accumulate $30 trillion dollars of debt", ">\n\nFraud is the future. Breached forums (Breached.vc) The financial industry and Department of Justice have been subverted by the rich and well connected. \nCompanies like Walmart and Target budget for theft.", ">\n\nIt looks like when big retail eliminates countless cashier positions that provided sustenance to working class Americans a spike in casual theft follows.\nFast food is expanding the use robotics to replace workers too. Doubtless other industries will follow. Elon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.", ">\n\n\nElon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.\n\nI think he has more immediate things to worry about.", ">\n\nWhat do you expect? 7% inflation with 3% raises and a president encouraging no raises to keep inflation down.", ">\n\nCredit card companies spend a hell of a lot of money in congress to make sure that number is as high as possible.", ">\n\nWhat exactly are they spending on and lobbying for?", ">\n\nI doubt they write reports on the stuff, but general rules and regulations (or spins on them) to maximize profits", ">\n\nOh hey, time to buy Visa stock.", ">\n\nYou mean bank stock?", ">\n\n\"At 19.6%, if you made minimum payments toward the average credit card balance — which is $5,474, according to Transunion — it would take you almost 17 years to pay off the debt and cost you more than $7,528 in interest\"", ">\n\nThis is why bankruptcy laws need to be changed! \nWhy is the rich and corporations allowed to wipe their debt clean and start fresh, yet the poor and middle class have to pay back?", ">\n\nThe single best thing the federal government can do is raise minimum wage. At this point, minimum wage needs to be around $25/hr.\nWhat most don't understand is that wages have been under attack since the 60s. Wages are so lean that they barely touch the bottom dollar. For a high volume manufacturer, you could double everyone's wages, and the sell price of goods made would need to increase by less than 1% to cover the added cost. For a low volume, labor intensive manufacturer, the sell price would only go up by 3% to 5%. The only hard hit industries are service industries were labor is the major component of the business. However, if your wages go from $40k a year to $80k a year, and you're rolling in $40,000, you're not going to care one bit that your Uber was $35 instead of $20. Your cereal will cost $0.01 more, and your new $2000 smart fridge will cost you $60 more. And for this financial burden EVERYBODY is making 2x income.\nThis is how far behind wages are because of a 60 year war against them. They almost don't matter to the sell price, but it's also the first thing management targets, because wages are costs and costs are evil.\nUltimately it's a self mutilating cycle of starvation and suffering for literally no good reason.\nWorse yet, we systematically stifle economic growth, buying power, and ultimately GDP. \nThe lack of adequate wages also drivers many social problems like crime and even mental illness. It drivers health issues and increases burdens on society for long term care. It also deters family planning, education, and social diversification.\nFrankly, the masochism of wage stagnation is wild. Why would you ever willfully chose suffering?", ">\n\nCould be worse. Round here I’ve seen credit cards with interest rates that can go up to 586% per year", ">\n\nWe have 3 credit cards that we used for bills and then just paid off immediately with actual cash. Then a funeral for my girlfriends grandma 2500 miles away caused us to max them out going to say goodbye. Now we've had that debt since June unable to catch up due to life's many cruel jokes. 😢", ">\n\nYou could have refused to go to the funeral or asked relatives for financial assistance. Admitting you can't go to a funeral because you can't afford it even if you want to shouldn't be looked down on.", ">\n\nUnfortunately funerals and the funeral industry are a massively exploitative affair designed to emotionally manipulate the fuck out of people to get their money. They go out of their way to make the cheap option like cremation into expensive items. O you wouldnt want your to be uncomfortable in the cardboard box before it burns, how about a $3k upgrade box to be burned?", ">\n\nI love how they're framing it like people are choosing to use credit cards. If this was honestly written it would sound more like \"46% of cardholders are forced to carry debt from month to month as expenses stay high\" or if they wanted to be neutral \"credit card use is high as a result of high expenses\" not this \"people are choosing to be poor\" shit.", ">\n\nThis is the kind of signal the fed is looking for to stop the rate hikes", ">\n\nNot at all surprised. Way too many people spending money they don't have. You're not entitled to have doordash every day because you're too important to get your own food (or even better to cook it). It seems like people are deciding what standard of living they deserve and then worrying about the cost after.", ">\n\nCan you please please please tell my wife this. She’s addicted to door dash and we even have a goddamn supermarket in our building.", ">\n\nI’ve never understood the allure to this. Paying premium prices for below average food that arrives luke warm at best", ">\n\nYou’ve never understood the allure to delivery?", ">\n\nDelivery in concept is fine. Doordash-style delivery is dumb if looked at in context.", ">\n\nWould you get heart surgery from someone who has never done heart surgery before?\nThe credit world is built on statistical analysis. If you have a history of managing debt well, you get a good score, and banks will give you the best rates. If you have a history of not managing debt well, you have a bad score and banks are going to give you high rates (or not lend to you at all) because you're a risk.\nIf you have no history and you're young you can get provisional cards, loans, etc. to start building it up. However, if you are older with no history and you suddenly start asking for credit, that's actually a big red flag.\nLike everything else in life, actions have consequences." ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou.", ">\n\nYea I do that on one of my cards but it's 0% interest for 24 months so why wouldn't I?", ">\n\nNothing more American than trying to accumulate $30 trillion dollars of debt", ">\n\nFraud is the future. Breached forums (Breached.vc) The financial industry and Department of Justice have been subverted by the rich and well connected. \nCompanies like Walmart and Target budget for theft.", ">\n\nIt looks like when big retail eliminates countless cashier positions that provided sustenance to working class Americans a spike in casual theft follows.\nFast food is expanding the use robotics to replace workers too. Doubtless other industries will follow. Elon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.", ">\n\n\nElon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.\n\nI think he has more immediate things to worry about.", ">\n\nWhat do you expect? 7% inflation with 3% raises and a president encouraging no raises to keep inflation down.", ">\n\nCredit card companies spend a hell of a lot of money in congress to make sure that number is as high as possible.", ">\n\nWhat exactly are they spending on and lobbying for?", ">\n\nI doubt they write reports on the stuff, but general rules and regulations (or spins on them) to maximize profits", ">\n\nOh hey, time to buy Visa stock.", ">\n\nYou mean bank stock?", ">\n\n\"At 19.6%, if you made minimum payments toward the average credit card balance — which is $5,474, according to Transunion — it would take you almost 17 years to pay off the debt and cost you more than $7,528 in interest\"", ">\n\nThis is why bankruptcy laws need to be changed! \nWhy is the rich and corporations allowed to wipe their debt clean and start fresh, yet the poor and middle class have to pay back?", ">\n\nThe single best thing the federal government can do is raise minimum wage. At this point, minimum wage needs to be around $25/hr.\nWhat most don't understand is that wages have been under attack since the 60s. Wages are so lean that they barely touch the bottom dollar. For a high volume manufacturer, you could double everyone's wages, and the sell price of goods made would need to increase by less than 1% to cover the added cost. For a low volume, labor intensive manufacturer, the sell price would only go up by 3% to 5%. The only hard hit industries are service industries were labor is the major component of the business. However, if your wages go from $40k a year to $80k a year, and you're rolling in $40,000, you're not going to care one bit that your Uber was $35 instead of $20. Your cereal will cost $0.01 more, and your new $2000 smart fridge will cost you $60 more. And for this financial burden EVERYBODY is making 2x income.\nThis is how far behind wages are because of a 60 year war against them. They almost don't matter to the sell price, but it's also the first thing management targets, because wages are costs and costs are evil.\nUltimately it's a self mutilating cycle of starvation and suffering for literally no good reason.\nWorse yet, we systematically stifle economic growth, buying power, and ultimately GDP. \nThe lack of adequate wages also drivers many social problems like crime and even mental illness. It drivers health issues and increases burdens on society for long term care. It also deters family planning, education, and social diversification.\nFrankly, the masochism of wage stagnation is wild. Why would you ever willfully chose suffering?", ">\n\nCould be worse. Round here I’ve seen credit cards with interest rates that can go up to 586% per year", ">\n\nWe have 3 credit cards that we used for bills and then just paid off immediately with actual cash. Then a funeral for my girlfriends grandma 2500 miles away caused us to max them out going to say goodbye. Now we've had that debt since June unable to catch up due to life's many cruel jokes. 😢", ">\n\nYou could have refused to go to the funeral or asked relatives for financial assistance. Admitting you can't go to a funeral because you can't afford it even if you want to shouldn't be looked down on.", ">\n\nUnfortunately funerals and the funeral industry are a massively exploitative affair designed to emotionally manipulate the fuck out of people to get their money. They go out of their way to make the cheap option like cremation into expensive items. O you wouldnt want your to be uncomfortable in the cardboard box before it burns, how about a $3k upgrade box to be burned?", ">\n\nI love how they're framing it like people are choosing to use credit cards. If this was honestly written it would sound more like \"46% of cardholders are forced to carry debt from month to month as expenses stay high\" or if they wanted to be neutral \"credit card use is high as a result of high expenses\" not this \"people are choosing to be poor\" shit.", ">\n\nThis is the kind of signal the fed is looking for to stop the rate hikes", ">\n\nNot at all surprised. Way too many people spending money they don't have. You're not entitled to have doordash every day because you're too important to get your own food (or even better to cook it). It seems like people are deciding what standard of living they deserve and then worrying about the cost after.", ">\n\nCan you please please please tell my wife this. She’s addicted to door dash and we even have a goddamn supermarket in our building.", ">\n\nI’ve never understood the allure to this. Paying premium prices for below average food that arrives luke warm at best", ">\n\nYou’ve never understood the allure to delivery?", ">\n\nDelivery in concept is fine. Doordash-style delivery is dumb if looked at in context.", ">\n\nWould you get heart surgery from someone who has never done heart surgery before?\nThe credit world is built on statistical analysis. If you have a history of managing debt well, you get a good score, and banks will give you the best rates. If you have a history of not managing debt well, you have a bad score and banks are going to give you high rates (or not lend to you at all) because you're a risk.\nIf you have no history and you're young you can get provisional cards, loans, etc. to start building it up. However, if you are older with no history and you suddenly start asking for credit, that's actually a big red flag.\nLike everything else in life, actions have consequences.", ">\n\nI received a credit card offer from my bank (Bank of America) at midnight on my 18th birthday. On the same day I got approved for a $500 limit credit card. They want to get you in as soon they can and keep you in the cycle of paying off the credit card just to put more stuff on it because all your money went to pay the credit card." ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou.", ">\n\nYea I do that on one of my cards but it's 0% interest for 24 months so why wouldn't I?", ">\n\nNothing more American than trying to accumulate $30 trillion dollars of debt", ">\n\nFraud is the future. Breached forums (Breached.vc) The financial industry and Department of Justice have been subverted by the rich and well connected. \nCompanies like Walmart and Target budget for theft.", ">\n\nIt looks like when big retail eliminates countless cashier positions that provided sustenance to working class Americans a spike in casual theft follows.\nFast food is expanding the use robotics to replace workers too. Doubtless other industries will follow. Elon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.", ">\n\n\nElon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.\n\nI think he has more immediate things to worry about.", ">\n\nWhat do you expect? 7% inflation with 3% raises and a president encouraging no raises to keep inflation down.", ">\n\nCredit card companies spend a hell of a lot of money in congress to make sure that number is as high as possible.", ">\n\nWhat exactly are they spending on and lobbying for?", ">\n\nI doubt they write reports on the stuff, but general rules and regulations (or spins on them) to maximize profits", ">\n\nOh hey, time to buy Visa stock.", ">\n\nYou mean bank stock?", ">\n\n\"At 19.6%, if you made minimum payments toward the average credit card balance — which is $5,474, according to Transunion — it would take you almost 17 years to pay off the debt and cost you more than $7,528 in interest\"", ">\n\nThis is why bankruptcy laws need to be changed! \nWhy is the rich and corporations allowed to wipe their debt clean and start fresh, yet the poor and middle class have to pay back?", ">\n\nThe single best thing the federal government can do is raise minimum wage. At this point, minimum wage needs to be around $25/hr.\nWhat most don't understand is that wages have been under attack since the 60s. Wages are so lean that they barely touch the bottom dollar. For a high volume manufacturer, you could double everyone's wages, and the sell price of goods made would need to increase by less than 1% to cover the added cost. For a low volume, labor intensive manufacturer, the sell price would only go up by 3% to 5%. The only hard hit industries are service industries were labor is the major component of the business. However, if your wages go from $40k a year to $80k a year, and you're rolling in $40,000, you're not going to care one bit that your Uber was $35 instead of $20. Your cereal will cost $0.01 more, and your new $2000 smart fridge will cost you $60 more. And for this financial burden EVERYBODY is making 2x income.\nThis is how far behind wages are because of a 60 year war against them. They almost don't matter to the sell price, but it's also the first thing management targets, because wages are costs and costs are evil.\nUltimately it's a self mutilating cycle of starvation and suffering for literally no good reason.\nWorse yet, we systematically stifle economic growth, buying power, and ultimately GDP. \nThe lack of adequate wages also drivers many social problems like crime and even mental illness. It drivers health issues and increases burdens on society for long term care. It also deters family planning, education, and social diversification.\nFrankly, the masochism of wage stagnation is wild. Why would you ever willfully chose suffering?", ">\n\nCould be worse. Round here I’ve seen credit cards with interest rates that can go up to 586% per year", ">\n\nWe have 3 credit cards that we used for bills and then just paid off immediately with actual cash. Then a funeral for my girlfriends grandma 2500 miles away caused us to max them out going to say goodbye. Now we've had that debt since June unable to catch up due to life's many cruel jokes. 😢", ">\n\nYou could have refused to go to the funeral or asked relatives for financial assistance. Admitting you can't go to a funeral because you can't afford it even if you want to shouldn't be looked down on.", ">\n\nUnfortunately funerals and the funeral industry are a massively exploitative affair designed to emotionally manipulate the fuck out of people to get their money. They go out of their way to make the cheap option like cremation into expensive items. O you wouldnt want your to be uncomfortable in the cardboard box before it burns, how about a $3k upgrade box to be burned?", ">\n\nI love how they're framing it like people are choosing to use credit cards. If this was honestly written it would sound more like \"46% of cardholders are forced to carry debt from month to month as expenses stay high\" or if they wanted to be neutral \"credit card use is high as a result of high expenses\" not this \"people are choosing to be poor\" shit.", ">\n\nThis is the kind of signal the fed is looking for to stop the rate hikes", ">\n\nNot at all surprised. Way too many people spending money they don't have. You're not entitled to have doordash every day because you're too important to get your own food (or even better to cook it). It seems like people are deciding what standard of living they deserve and then worrying about the cost after.", ">\n\nCan you please please please tell my wife this. She’s addicted to door dash and we even have a goddamn supermarket in our building.", ">\n\nI’ve never understood the allure to this. Paying premium prices for below average food that arrives luke warm at best", ">\n\nYou’ve never understood the allure to delivery?", ">\n\nDelivery in concept is fine. Doordash-style delivery is dumb if looked at in context.", ">\n\nWould you get heart surgery from someone who has never done heart surgery before?\nThe credit world is built on statistical analysis. If you have a history of managing debt well, you get a good score, and banks will give you the best rates. If you have a history of not managing debt well, you have a bad score and banks are going to give you high rates (or not lend to you at all) because you're a risk.\nIf you have no history and you're young you can get provisional cards, loans, etc. to start building it up. However, if you are older with no history and you suddenly start asking for credit, that's actually a big red flag.\nLike everything else in life, actions have consequences.", ">\n\nI received a credit card offer from my bank (Bank of America) at midnight on my 18th birthday. On the same day I got approved for a $500 limit credit card. They want to get you in as soon they can and keep you in the cycle of paying off the credit card just to put more stuff on it because all your money went to pay the credit card.", ">\n\nTake the card. Spend 10$ every month and pay off the card every month. Do no more or and no less and at least get a credit rating out of it." ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou.", ">\n\nYea I do that on one of my cards but it's 0% interest for 24 months so why wouldn't I?", ">\n\nNothing more American than trying to accumulate $30 trillion dollars of debt", ">\n\nFraud is the future. Breached forums (Breached.vc) The financial industry and Department of Justice have been subverted by the rich and well connected. \nCompanies like Walmart and Target budget for theft.", ">\n\nIt looks like when big retail eliminates countless cashier positions that provided sustenance to working class Americans a spike in casual theft follows.\nFast food is expanding the use robotics to replace workers too. Doubtless other industries will follow. Elon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.", ">\n\n\nElon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.\n\nI think he has more immediate things to worry about.", ">\n\nWhat do you expect? 7% inflation with 3% raises and a president encouraging no raises to keep inflation down.", ">\n\nCredit card companies spend a hell of a lot of money in congress to make sure that number is as high as possible.", ">\n\nWhat exactly are they spending on and lobbying for?", ">\n\nI doubt they write reports on the stuff, but general rules and regulations (or spins on them) to maximize profits", ">\n\nOh hey, time to buy Visa stock.", ">\n\nYou mean bank stock?", ">\n\n\"At 19.6%, if you made minimum payments toward the average credit card balance — which is $5,474, according to Transunion — it would take you almost 17 years to pay off the debt and cost you more than $7,528 in interest\"", ">\n\nThis is why bankruptcy laws need to be changed! \nWhy is the rich and corporations allowed to wipe their debt clean and start fresh, yet the poor and middle class have to pay back?", ">\n\nThe single best thing the federal government can do is raise minimum wage. At this point, minimum wage needs to be around $25/hr.\nWhat most don't understand is that wages have been under attack since the 60s. Wages are so lean that they barely touch the bottom dollar. For a high volume manufacturer, you could double everyone's wages, and the sell price of goods made would need to increase by less than 1% to cover the added cost. For a low volume, labor intensive manufacturer, the sell price would only go up by 3% to 5%. The only hard hit industries are service industries were labor is the major component of the business. However, if your wages go from $40k a year to $80k a year, and you're rolling in $40,000, you're not going to care one bit that your Uber was $35 instead of $20. Your cereal will cost $0.01 more, and your new $2000 smart fridge will cost you $60 more. And for this financial burden EVERYBODY is making 2x income.\nThis is how far behind wages are because of a 60 year war against them. They almost don't matter to the sell price, but it's also the first thing management targets, because wages are costs and costs are evil.\nUltimately it's a self mutilating cycle of starvation and suffering for literally no good reason.\nWorse yet, we systematically stifle economic growth, buying power, and ultimately GDP. \nThe lack of adequate wages also drivers many social problems like crime and even mental illness. It drivers health issues and increases burdens on society for long term care. It also deters family planning, education, and social diversification.\nFrankly, the masochism of wage stagnation is wild. Why would you ever willfully chose suffering?", ">\n\nCould be worse. Round here I’ve seen credit cards with interest rates that can go up to 586% per year", ">\n\nWe have 3 credit cards that we used for bills and then just paid off immediately with actual cash. Then a funeral for my girlfriends grandma 2500 miles away caused us to max them out going to say goodbye. Now we've had that debt since June unable to catch up due to life's many cruel jokes. 😢", ">\n\nYou could have refused to go to the funeral or asked relatives for financial assistance. Admitting you can't go to a funeral because you can't afford it even if you want to shouldn't be looked down on.", ">\n\nUnfortunately funerals and the funeral industry are a massively exploitative affair designed to emotionally manipulate the fuck out of people to get their money. They go out of their way to make the cheap option like cremation into expensive items. O you wouldnt want your to be uncomfortable in the cardboard box before it burns, how about a $3k upgrade box to be burned?", ">\n\nI love how they're framing it like people are choosing to use credit cards. If this was honestly written it would sound more like \"46% of cardholders are forced to carry debt from month to month as expenses stay high\" or if they wanted to be neutral \"credit card use is high as a result of high expenses\" not this \"people are choosing to be poor\" shit.", ">\n\nThis is the kind of signal the fed is looking for to stop the rate hikes", ">\n\nNot at all surprised. Way too many people spending money they don't have. You're not entitled to have doordash every day because you're too important to get your own food (or even better to cook it). It seems like people are deciding what standard of living they deserve and then worrying about the cost after.", ">\n\nCan you please please please tell my wife this. She’s addicted to door dash and we even have a goddamn supermarket in our building.", ">\n\nI’ve never understood the allure to this. Paying premium prices for below average food that arrives luke warm at best", ">\n\nYou’ve never understood the allure to delivery?", ">\n\nDelivery in concept is fine. Doordash-style delivery is dumb if looked at in context.", ">\n\nWould you get heart surgery from someone who has never done heart surgery before?\nThe credit world is built on statistical analysis. If you have a history of managing debt well, you get a good score, and banks will give you the best rates. If you have a history of not managing debt well, you have a bad score and banks are going to give you high rates (or not lend to you at all) because you're a risk.\nIf you have no history and you're young you can get provisional cards, loans, etc. to start building it up. However, if you are older with no history and you suddenly start asking for credit, that's actually a big red flag.\nLike everything else in life, actions have consequences.", ">\n\nI received a credit card offer from my bank (Bank of America) at midnight on my 18th birthday. On the same day I got approved for a $500 limit credit card. They want to get you in as soon they can and keep you in the cycle of paying off the credit card just to put more stuff on it because all your money went to pay the credit card.", ">\n\nTake the card. Spend 10$ every month and pay off the card every month. Do no more or and no less and at least get a credit rating out of it.", ">\n\nA regular expense that is automatically deducted, like a streaming subscription, is a great way to accomplish this.\nI have a couple of older cards that I don't really use but haven't canceled because they're my oldest cards and I don't want to ding my account age. That's how I keep them active." ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou.", ">\n\nYea I do that on one of my cards but it's 0% interest for 24 months so why wouldn't I?", ">\n\nNothing more American than trying to accumulate $30 trillion dollars of debt", ">\n\nFraud is the future. Breached forums (Breached.vc) The financial industry and Department of Justice have been subverted by the rich and well connected. \nCompanies like Walmart and Target budget for theft.", ">\n\nIt looks like when big retail eliminates countless cashier positions that provided sustenance to working class Americans a spike in casual theft follows.\nFast food is expanding the use robotics to replace workers too. Doubtless other industries will follow. Elon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.", ">\n\n\nElon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.\n\nI think he has more immediate things to worry about.", ">\n\nWhat do you expect? 7% inflation with 3% raises and a president encouraging no raises to keep inflation down.", ">\n\nCredit card companies spend a hell of a lot of money in congress to make sure that number is as high as possible.", ">\n\nWhat exactly are they spending on and lobbying for?", ">\n\nI doubt they write reports on the stuff, but general rules and regulations (or spins on them) to maximize profits", ">\n\nOh hey, time to buy Visa stock.", ">\n\nYou mean bank stock?", ">\n\n\"At 19.6%, if you made minimum payments toward the average credit card balance — which is $5,474, according to Transunion — it would take you almost 17 years to pay off the debt and cost you more than $7,528 in interest\"", ">\n\nThis is why bankruptcy laws need to be changed! \nWhy is the rich and corporations allowed to wipe their debt clean and start fresh, yet the poor and middle class have to pay back?", ">\n\nThe single best thing the federal government can do is raise minimum wage. At this point, minimum wage needs to be around $25/hr.\nWhat most don't understand is that wages have been under attack since the 60s. Wages are so lean that they barely touch the bottom dollar. For a high volume manufacturer, you could double everyone's wages, and the sell price of goods made would need to increase by less than 1% to cover the added cost. For a low volume, labor intensive manufacturer, the sell price would only go up by 3% to 5%. The only hard hit industries are service industries were labor is the major component of the business. However, if your wages go from $40k a year to $80k a year, and you're rolling in $40,000, you're not going to care one bit that your Uber was $35 instead of $20. Your cereal will cost $0.01 more, and your new $2000 smart fridge will cost you $60 more. And for this financial burden EVERYBODY is making 2x income.\nThis is how far behind wages are because of a 60 year war against them. They almost don't matter to the sell price, but it's also the first thing management targets, because wages are costs and costs are evil.\nUltimately it's a self mutilating cycle of starvation and suffering for literally no good reason.\nWorse yet, we systematically stifle economic growth, buying power, and ultimately GDP. \nThe lack of adequate wages also drivers many social problems like crime and even mental illness. It drivers health issues and increases burdens on society for long term care. It also deters family planning, education, and social diversification.\nFrankly, the masochism of wage stagnation is wild. Why would you ever willfully chose suffering?", ">\n\nCould be worse. Round here I’ve seen credit cards with interest rates that can go up to 586% per year", ">\n\nWe have 3 credit cards that we used for bills and then just paid off immediately with actual cash. Then a funeral for my girlfriends grandma 2500 miles away caused us to max them out going to say goodbye. Now we've had that debt since June unable to catch up due to life's many cruel jokes. 😢", ">\n\nYou could have refused to go to the funeral or asked relatives for financial assistance. Admitting you can't go to a funeral because you can't afford it even if you want to shouldn't be looked down on.", ">\n\nUnfortunately funerals and the funeral industry are a massively exploitative affair designed to emotionally manipulate the fuck out of people to get their money. They go out of their way to make the cheap option like cremation into expensive items. O you wouldnt want your to be uncomfortable in the cardboard box before it burns, how about a $3k upgrade box to be burned?", ">\n\nI love how they're framing it like people are choosing to use credit cards. If this was honestly written it would sound more like \"46% of cardholders are forced to carry debt from month to month as expenses stay high\" or if they wanted to be neutral \"credit card use is high as a result of high expenses\" not this \"people are choosing to be poor\" shit.", ">\n\nThis is the kind of signal the fed is looking for to stop the rate hikes", ">\n\nNot at all surprised. Way too many people spending money they don't have. You're not entitled to have doordash every day because you're too important to get your own food (or even better to cook it). It seems like people are deciding what standard of living they deserve and then worrying about the cost after.", ">\n\nCan you please please please tell my wife this. She’s addicted to door dash and we even have a goddamn supermarket in our building.", ">\n\nI’ve never understood the allure to this. Paying premium prices for below average food that arrives luke warm at best", ">\n\nYou’ve never understood the allure to delivery?", ">\n\nDelivery in concept is fine. Doordash-style delivery is dumb if looked at in context.", ">\n\nWould you get heart surgery from someone who has never done heart surgery before?\nThe credit world is built on statistical analysis. If you have a history of managing debt well, you get a good score, and banks will give you the best rates. If you have a history of not managing debt well, you have a bad score and banks are going to give you high rates (or not lend to you at all) because you're a risk.\nIf you have no history and you're young you can get provisional cards, loans, etc. to start building it up. However, if you are older with no history and you suddenly start asking for credit, that's actually a big red flag.\nLike everything else in life, actions have consequences.", ">\n\nI received a credit card offer from my bank (Bank of America) at midnight on my 18th birthday. On the same day I got approved for a $500 limit credit card. They want to get you in as soon they can and keep you in the cycle of paying off the credit card just to put more stuff on it because all your money went to pay the credit card.", ">\n\nTake the card. Spend 10$ every month and pay off the card every month. Do no more or and no less and at least get a credit rating out of it.", ">\n\nA regular expense that is automatically deducted, like a streaming subscription, is a great way to accomplish this.\nI have a couple of older cards that I don't really use but haven't canceled because they're my oldest cards and I don't want to ding my account age. That's how I keep them active.", ">\n\nYou missed the part about an automatic payment! \nSetup at least automatic minimum payment to make sure you never get penalized for missing entirely, and then even better setup FULL automatic payment if you know you can afford to pay off the limit if you ever forgot." ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou.", ">\n\nYea I do that on one of my cards but it's 0% interest for 24 months so why wouldn't I?", ">\n\nNothing more American than trying to accumulate $30 trillion dollars of debt", ">\n\nFraud is the future. Breached forums (Breached.vc) The financial industry and Department of Justice have been subverted by the rich and well connected. \nCompanies like Walmart and Target budget for theft.", ">\n\nIt looks like when big retail eliminates countless cashier positions that provided sustenance to working class Americans a spike in casual theft follows.\nFast food is expanding the use robotics to replace workers too. Doubtless other industries will follow. Elon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.", ">\n\n\nElon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.\n\nI think he has more immediate things to worry about.", ">\n\nWhat do you expect? 7% inflation with 3% raises and a president encouraging no raises to keep inflation down.", ">\n\nCredit card companies spend a hell of a lot of money in congress to make sure that number is as high as possible.", ">\n\nWhat exactly are they spending on and lobbying for?", ">\n\nI doubt they write reports on the stuff, but general rules and regulations (or spins on them) to maximize profits", ">\n\nOh hey, time to buy Visa stock.", ">\n\nYou mean bank stock?", ">\n\n\"At 19.6%, if you made minimum payments toward the average credit card balance — which is $5,474, according to Transunion — it would take you almost 17 years to pay off the debt and cost you more than $7,528 in interest\"", ">\n\nThis is why bankruptcy laws need to be changed! \nWhy is the rich and corporations allowed to wipe their debt clean and start fresh, yet the poor and middle class have to pay back?", ">\n\nThe single best thing the federal government can do is raise minimum wage. At this point, minimum wage needs to be around $25/hr.\nWhat most don't understand is that wages have been under attack since the 60s. Wages are so lean that they barely touch the bottom dollar. For a high volume manufacturer, you could double everyone's wages, and the sell price of goods made would need to increase by less than 1% to cover the added cost. For a low volume, labor intensive manufacturer, the sell price would only go up by 3% to 5%. The only hard hit industries are service industries were labor is the major component of the business. However, if your wages go from $40k a year to $80k a year, and you're rolling in $40,000, you're not going to care one bit that your Uber was $35 instead of $20. Your cereal will cost $0.01 more, and your new $2000 smart fridge will cost you $60 more. And for this financial burden EVERYBODY is making 2x income.\nThis is how far behind wages are because of a 60 year war against them. They almost don't matter to the sell price, but it's also the first thing management targets, because wages are costs and costs are evil.\nUltimately it's a self mutilating cycle of starvation and suffering for literally no good reason.\nWorse yet, we systematically stifle economic growth, buying power, and ultimately GDP. \nThe lack of adequate wages also drivers many social problems like crime and even mental illness. It drivers health issues and increases burdens on society for long term care. It also deters family planning, education, and social diversification.\nFrankly, the masochism of wage stagnation is wild. Why would you ever willfully chose suffering?", ">\n\nCould be worse. Round here I’ve seen credit cards with interest rates that can go up to 586% per year", ">\n\nWe have 3 credit cards that we used for bills and then just paid off immediately with actual cash. Then a funeral for my girlfriends grandma 2500 miles away caused us to max them out going to say goodbye. Now we've had that debt since June unable to catch up due to life's many cruel jokes. 😢", ">\n\nYou could have refused to go to the funeral or asked relatives for financial assistance. Admitting you can't go to a funeral because you can't afford it even if you want to shouldn't be looked down on.", ">\n\nUnfortunately funerals and the funeral industry are a massively exploitative affair designed to emotionally manipulate the fuck out of people to get their money. They go out of their way to make the cheap option like cremation into expensive items. O you wouldnt want your to be uncomfortable in the cardboard box before it burns, how about a $3k upgrade box to be burned?", ">\n\nI love how they're framing it like people are choosing to use credit cards. If this was honestly written it would sound more like \"46% of cardholders are forced to carry debt from month to month as expenses stay high\" or if they wanted to be neutral \"credit card use is high as a result of high expenses\" not this \"people are choosing to be poor\" shit.", ">\n\nThis is the kind of signal the fed is looking for to stop the rate hikes", ">\n\nNot at all surprised. Way too many people spending money they don't have. You're not entitled to have doordash every day because you're too important to get your own food (or even better to cook it). It seems like people are deciding what standard of living they deserve and then worrying about the cost after.", ">\n\nCan you please please please tell my wife this. She’s addicted to door dash and we even have a goddamn supermarket in our building.", ">\n\nI’ve never understood the allure to this. Paying premium prices for below average food that arrives luke warm at best", ">\n\nYou’ve never understood the allure to delivery?", ">\n\nDelivery in concept is fine. Doordash-style delivery is dumb if looked at in context.", ">\n\nWould you get heart surgery from someone who has never done heart surgery before?\nThe credit world is built on statistical analysis. If you have a history of managing debt well, you get a good score, and banks will give you the best rates. If you have a history of not managing debt well, you have a bad score and banks are going to give you high rates (or not lend to you at all) because you're a risk.\nIf you have no history and you're young you can get provisional cards, loans, etc. to start building it up. However, if you are older with no history and you suddenly start asking for credit, that's actually a big red flag.\nLike everything else in life, actions have consequences.", ">\n\nI received a credit card offer from my bank (Bank of America) at midnight on my 18th birthday. On the same day I got approved for a $500 limit credit card. They want to get you in as soon they can and keep you in the cycle of paying off the credit card just to put more stuff on it because all your money went to pay the credit card.", ">\n\nTake the card. Spend 10$ every month and pay off the card every month. Do no more or and no less and at least get a credit rating out of it.", ">\n\nA regular expense that is automatically deducted, like a streaming subscription, is a great way to accomplish this.\nI have a couple of older cards that I don't really use but haven't canceled because they're my oldest cards and I don't want to ding my account age. That's how I keep them active.", ">\n\nYou missed the part about an automatic payment! \nSetup at least automatic minimum payment to make sure you never get penalized for missing entirely, and then even better setup FULL automatic payment if you know you can afford to pay off the limit if you ever forgot.", ">\n\nI've never done automatic payment, as my budget software reminds me to pay it, but that's a good idea." ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou.", ">\n\nYea I do that on one of my cards but it's 0% interest for 24 months so why wouldn't I?", ">\n\nNothing more American than trying to accumulate $30 trillion dollars of debt", ">\n\nFraud is the future. Breached forums (Breached.vc) The financial industry and Department of Justice have been subverted by the rich and well connected. \nCompanies like Walmart and Target budget for theft.", ">\n\nIt looks like when big retail eliminates countless cashier positions that provided sustenance to working class Americans a spike in casual theft follows.\nFast food is expanding the use robotics to replace workers too. Doubtless other industries will follow. Elon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.", ">\n\n\nElon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.\n\nI think he has more immediate things to worry about.", ">\n\nWhat do you expect? 7% inflation with 3% raises and a president encouraging no raises to keep inflation down.", ">\n\nCredit card companies spend a hell of a lot of money in congress to make sure that number is as high as possible.", ">\n\nWhat exactly are they spending on and lobbying for?", ">\n\nI doubt they write reports on the stuff, but general rules and regulations (or spins on them) to maximize profits", ">\n\nOh hey, time to buy Visa stock.", ">\n\nYou mean bank stock?", ">\n\n\"At 19.6%, if you made minimum payments toward the average credit card balance — which is $5,474, according to Transunion — it would take you almost 17 years to pay off the debt and cost you more than $7,528 in interest\"", ">\n\nThis is why bankruptcy laws need to be changed! \nWhy is the rich and corporations allowed to wipe their debt clean and start fresh, yet the poor and middle class have to pay back?", ">\n\nThe single best thing the federal government can do is raise minimum wage. At this point, minimum wage needs to be around $25/hr.\nWhat most don't understand is that wages have been under attack since the 60s. Wages are so lean that they barely touch the bottom dollar. For a high volume manufacturer, you could double everyone's wages, and the sell price of goods made would need to increase by less than 1% to cover the added cost. For a low volume, labor intensive manufacturer, the sell price would only go up by 3% to 5%. The only hard hit industries are service industries were labor is the major component of the business. However, if your wages go from $40k a year to $80k a year, and you're rolling in $40,000, you're not going to care one bit that your Uber was $35 instead of $20. Your cereal will cost $0.01 more, and your new $2000 smart fridge will cost you $60 more. And for this financial burden EVERYBODY is making 2x income.\nThis is how far behind wages are because of a 60 year war against them. They almost don't matter to the sell price, but it's also the first thing management targets, because wages are costs and costs are evil.\nUltimately it's a self mutilating cycle of starvation and suffering for literally no good reason.\nWorse yet, we systematically stifle economic growth, buying power, and ultimately GDP. \nThe lack of adequate wages also drivers many social problems like crime and even mental illness. It drivers health issues and increases burdens on society for long term care. It also deters family planning, education, and social diversification.\nFrankly, the masochism of wage stagnation is wild. Why would you ever willfully chose suffering?", ">\n\nCould be worse. Round here I’ve seen credit cards with interest rates that can go up to 586% per year", ">\n\nWe have 3 credit cards that we used for bills and then just paid off immediately with actual cash. Then a funeral for my girlfriends grandma 2500 miles away caused us to max them out going to say goodbye. Now we've had that debt since June unable to catch up due to life's many cruel jokes. 😢", ">\n\nYou could have refused to go to the funeral or asked relatives for financial assistance. Admitting you can't go to a funeral because you can't afford it even if you want to shouldn't be looked down on.", ">\n\nUnfortunately funerals and the funeral industry are a massively exploitative affair designed to emotionally manipulate the fuck out of people to get their money. They go out of their way to make the cheap option like cremation into expensive items. O you wouldnt want your to be uncomfortable in the cardboard box before it burns, how about a $3k upgrade box to be burned?", ">\n\nI love how they're framing it like people are choosing to use credit cards. If this was honestly written it would sound more like \"46% of cardholders are forced to carry debt from month to month as expenses stay high\" or if they wanted to be neutral \"credit card use is high as a result of high expenses\" not this \"people are choosing to be poor\" shit.", ">\n\nThis is the kind of signal the fed is looking for to stop the rate hikes", ">\n\nNot at all surprised. Way too many people spending money they don't have. You're not entitled to have doordash every day because you're too important to get your own food (or even better to cook it). It seems like people are deciding what standard of living they deserve and then worrying about the cost after.", ">\n\nCan you please please please tell my wife this. She’s addicted to door dash and we even have a goddamn supermarket in our building.", ">\n\nI’ve never understood the allure to this. Paying premium prices for below average food that arrives luke warm at best", ">\n\nYou’ve never understood the allure to delivery?", ">\n\nDelivery in concept is fine. Doordash-style delivery is dumb if looked at in context.", ">\n\nWould you get heart surgery from someone who has never done heart surgery before?\nThe credit world is built on statistical analysis. If you have a history of managing debt well, you get a good score, and banks will give you the best rates. If you have a history of not managing debt well, you have a bad score and banks are going to give you high rates (or not lend to you at all) because you're a risk.\nIf you have no history and you're young you can get provisional cards, loans, etc. to start building it up. However, if you are older with no history and you suddenly start asking for credit, that's actually a big red flag.\nLike everything else in life, actions have consequences.", ">\n\nI received a credit card offer from my bank (Bank of America) at midnight on my 18th birthday. On the same day I got approved for a $500 limit credit card. They want to get you in as soon they can and keep you in the cycle of paying off the credit card just to put more stuff on it because all your money went to pay the credit card.", ">\n\nTake the card. Spend 10$ every month and pay off the card every month. Do no more or and no less and at least get a credit rating out of it.", ">\n\nA regular expense that is automatically deducted, like a streaming subscription, is a great way to accomplish this.\nI have a couple of older cards that I don't really use but haven't canceled because they're my oldest cards and I don't want to ding my account age. That's how I keep them active.", ">\n\nYou missed the part about an automatic payment! \nSetup at least automatic minimum payment to make sure you never get penalized for missing entirely, and then even better setup FULL automatic payment if you know you can afford to pay off the limit if you ever forgot.", ">\n\nI've never done automatic payment, as my budget software reminds me to pay it, but that's a good idea.", ">\n\nLook at this gal with the B word." ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou.", ">\n\nYea I do that on one of my cards but it's 0% interest for 24 months so why wouldn't I?", ">\n\nNothing more American than trying to accumulate $30 trillion dollars of debt", ">\n\nFraud is the future. Breached forums (Breached.vc) The financial industry and Department of Justice have been subverted by the rich and well connected. \nCompanies like Walmart and Target budget for theft.", ">\n\nIt looks like when big retail eliminates countless cashier positions that provided sustenance to working class Americans a spike in casual theft follows.\nFast food is expanding the use robotics to replace workers too. Doubtless other industries will follow. Elon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.", ">\n\n\nElon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.\n\nI think he has more immediate things to worry about.", ">\n\nWhat do you expect? 7% inflation with 3% raises and a president encouraging no raises to keep inflation down.", ">\n\nCredit card companies spend a hell of a lot of money in congress to make sure that number is as high as possible.", ">\n\nWhat exactly are they spending on and lobbying for?", ">\n\nI doubt they write reports on the stuff, but general rules and regulations (or spins on them) to maximize profits", ">\n\nOh hey, time to buy Visa stock.", ">\n\nYou mean bank stock?", ">\n\n\"At 19.6%, if you made minimum payments toward the average credit card balance — which is $5,474, according to Transunion — it would take you almost 17 years to pay off the debt and cost you more than $7,528 in interest\"", ">\n\nThis is why bankruptcy laws need to be changed! \nWhy is the rich and corporations allowed to wipe their debt clean and start fresh, yet the poor and middle class have to pay back?", ">\n\nThe single best thing the federal government can do is raise minimum wage. At this point, minimum wage needs to be around $25/hr.\nWhat most don't understand is that wages have been under attack since the 60s. Wages are so lean that they barely touch the bottom dollar. For a high volume manufacturer, you could double everyone's wages, and the sell price of goods made would need to increase by less than 1% to cover the added cost. For a low volume, labor intensive manufacturer, the sell price would only go up by 3% to 5%. The only hard hit industries are service industries were labor is the major component of the business. However, if your wages go from $40k a year to $80k a year, and you're rolling in $40,000, you're not going to care one bit that your Uber was $35 instead of $20. Your cereal will cost $0.01 more, and your new $2000 smart fridge will cost you $60 more. And for this financial burden EVERYBODY is making 2x income.\nThis is how far behind wages are because of a 60 year war against them. They almost don't matter to the sell price, but it's also the first thing management targets, because wages are costs and costs are evil.\nUltimately it's a self mutilating cycle of starvation and suffering for literally no good reason.\nWorse yet, we systematically stifle economic growth, buying power, and ultimately GDP. \nThe lack of adequate wages also drivers many social problems like crime and even mental illness. It drivers health issues and increases burdens on society for long term care. It also deters family planning, education, and social diversification.\nFrankly, the masochism of wage stagnation is wild. Why would you ever willfully chose suffering?", ">\n\nCould be worse. Round here I’ve seen credit cards with interest rates that can go up to 586% per year", ">\n\nWe have 3 credit cards that we used for bills and then just paid off immediately with actual cash. Then a funeral for my girlfriends grandma 2500 miles away caused us to max them out going to say goodbye. Now we've had that debt since June unable to catch up due to life's many cruel jokes. 😢", ">\n\nYou could have refused to go to the funeral or asked relatives for financial assistance. Admitting you can't go to a funeral because you can't afford it even if you want to shouldn't be looked down on.", ">\n\nUnfortunately funerals and the funeral industry are a massively exploitative affair designed to emotionally manipulate the fuck out of people to get their money. They go out of their way to make the cheap option like cremation into expensive items. O you wouldnt want your to be uncomfortable in the cardboard box before it burns, how about a $3k upgrade box to be burned?", ">\n\nI love how they're framing it like people are choosing to use credit cards. If this was honestly written it would sound more like \"46% of cardholders are forced to carry debt from month to month as expenses stay high\" or if they wanted to be neutral \"credit card use is high as a result of high expenses\" not this \"people are choosing to be poor\" shit.", ">\n\nThis is the kind of signal the fed is looking for to stop the rate hikes", ">\n\nNot at all surprised. Way too many people spending money they don't have. You're not entitled to have doordash every day because you're too important to get your own food (or even better to cook it). It seems like people are deciding what standard of living they deserve and then worrying about the cost after.", ">\n\nCan you please please please tell my wife this. She’s addicted to door dash and we even have a goddamn supermarket in our building.", ">\n\nI’ve never understood the allure to this. Paying premium prices for below average food that arrives luke warm at best", ">\n\nYou’ve never understood the allure to delivery?", ">\n\nDelivery in concept is fine. Doordash-style delivery is dumb if looked at in context.", ">\n\nWould you get heart surgery from someone who has never done heart surgery before?\nThe credit world is built on statistical analysis. If you have a history of managing debt well, you get a good score, and banks will give you the best rates. If you have a history of not managing debt well, you have a bad score and banks are going to give you high rates (or not lend to you at all) because you're a risk.\nIf you have no history and you're young you can get provisional cards, loans, etc. to start building it up. However, if you are older with no history and you suddenly start asking for credit, that's actually a big red flag.\nLike everything else in life, actions have consequences.", ">\n\nI received a credit card offer from my bank (Bank of America) at midnight on my 18th birthday. On the same day I got approved for a $500 limit credit card. They want to get you in as soon they can and keep you in the cycle of paying off the credit card just to put more stuff on it because all your money went to pay the credit card.", ">\n\nTake the card. Spend 10$ every month and pay off the card every month. Do no more or and no less and at least get a credit rating out of it.", ">\n\nA regular expense that is automatically deducted, like a streaming subscription, is a great way to accomplish this.\nI have a couple of older cards that I don't really use but haven't canceled because they're my oldest cards and I don't want to ding my account age. That's how I keep them active.", ">\n\nYou missed the part about an automatic payment! \nSetup at least automatic minimum payment to make sure you never get penalized for missing entirely, and then even better setup FULL automatic payment if you know you can afford to pay off the limit if you ever forgot.", ">\n\nI've never done automatic payment, as my budget software reminds me to pay it, but that's a good idea.", ">\n\nLook at this gal with the B word.", ">\n\nThat is a fuck ton to go out. Like even once a week is a luxury most people can't afford." ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou.", ">\n\nYea I do that on one of my cards but it's 0% interest for 24 months so why wouldn't I?", ">\n\nNothing more American than trying to accumulate $30 trillion dollars of debt", ">\n\nFraud is the future. Breached forums (Breached.vc) The financial industry and Department of Justice have been subverted by the rich and well connected. \nCompanies like Walmart and Target budget for theft.", ">\n\nIt looks like when big retail eliminates countless cashier positions that provided sustenance to working class Americans a spike in casual theft follows.\nFast food is expanding the use robotics to replace workers too. Doubtless other industries will follow. Elon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.", ">\n\n\nElon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.\n\nI think he has more immediate things to worry about.", ">\n\nWhat do you expect? 7% inflation with 3% raises and a president encouraging no raises to keep inflation down.", ">\n\nCredit card companies spend a hell of a lot of money in congress to make sure that number is as high as possible.", ">\n\nWhat exactly are they spending on and lobbying for?", ">\n\nI doubt they write reports on the stuff, but general rules and regulations (or spins on them) to maximize profits", ">\n\nOh hey, time to buy Visa stock.", ">\n\nYou mean bank stock?", ">\n\n\"At 19.6%, if you made minimum payments toward the average credit card balance — which is $5,474, according to Transunion — it would take you almost 17 years to pay off the debt and cost you more than $7,528 in interest\"", ">\n\nThis is why bankruptcy laws need to be changed! \nWhy is the rich and corporations allowed to wipe their debt clean and start fresh, yet the poor and middle class have to pay back?", ">\n\nThe single best thing the federal government can do is raise minimum wage. At this point, minimum wage needs to be around $25/hr.\nWhat most don't understand is that wages have been under attack since the 60s. Wages are so lean that they barely touch the bottom dollar. For a high volume manufacturer, you could double everyone's wages, and the sell price of goods made would need to increase by less than 1% to cover the added cost. For a low volume, labor intensive manufacturer, the sell price would only go up by 3% to 5%. The only hard hit industries are service industries were labor is the major component of the business. However, if your wages go from $40k a year to $80k a year, and you're rolling in $40,000, you're not going to care one bit that your Uber was $35 instead of $20. Your cereal will cost $0.01 more, and your new $2000 smart fridge will cost you $60 more. And for this financial burden EVERYBODY is making 2x income.\nThis is how far behind wages are because of a 60 year war against them. They almost don't matter to the sell price, but it's also the first thing management targets, because wages are costs and costs are evil.\nUltimately it's a self mutilating cycle of starvation and suffering for literally no good reason.\nWorse yet, we systematically stifle economic growth, buying power, and ultimately GDP. \nThe lack of adequate wages also drivers many social problems like crime and even mental illness. It drivers health issues and increases burdens on society for long term care. It also deters family planning, education, and social diversification.\nFrankly, the masochism of wage stagnation is wild. Why would you ever willfully chose suffering?", ">\n\nCould be worse. Round here I’ve seen credit cards with interest rates that can go up to 586% per year", ">\n\nWe have 3 credit cards that we used for bills and then just paid off immediately with actual cash. Then a funeral for my girlfriends grandma 2500 miles away caused us to max them out going to say goodbye. Now we've had that debt since June unable to catch up due to life's many cruel jokes. 😢", ">\n\nYou could have refused to go to the funeral or asked relatives for financial assistance. Admitting you can't go to a funeral because you can't afford it even if you want to shouldn't be looked down on.", ">\n\nUnfortunately funerals and the funeral industry are a massively exploitative affair designed to emotionally manipulate the fuck out of people to get their money. They go out of their way to make the cheap option like cremation into expensive items. O you wouldnt want your to be uncomfortable in the cardboard box before it burns, how about a $3k upgrade box to be burned?", ">\n\nI love how they're framing it like people are choosing to use credit cards. If this was honestly written it would sound more like \"46% of cardholders are forced to carry debt from month to month as expenses stay high\" or if they wanted to be neutral \"credit card use is high as a result of high expenses\" not this \"people are choosing to be poor\" shit.", ">\n\nThis is the kind of signal the fed is looking for to stop the rate hikes", ">\n\nNot at all surprised. Way too many people spending money they don't have. You're not entitled to have doordash every day because you're too important to get your own food (or even better to cook it). It seems like people are deciding what standard of living they deserve and then worrying about the cost after.", ">\n\nCan you please please please tell my wife this. She’s addicted to door dash and we even have a goddamn supermarket in our building.", ">\n\nI’ve never understood the allure to this. Paying premium prices for below average food that arrives luke warm at best", ">\n\nYou’ve never understood the allure to delivery?", ">\n\nDelivery in concept is fine. Doordash-style delivery is dumb if looked at in context.", ">\n\nWould you get heart surgery from someone who has never done heart surgery before?\nThe credit world is built on statistical analysis. If you have a history of managing debt well, you get a good score, and banks will give you the best rates. If you have a history of not managing debt well, you have a bad score and banks are going to give you high rates (or not lend to you at all) because you're a risk.\nIf you have no history and you're young you can get provisional cards, loans, etc. to start building it up. However, if you are older with no history and you suddenly start asking for credit, that's actually a big red flag.\nLike everything else in life, actions have consequences.", ">\n\nI received a credit card offer from my bank (Bank of America) at midnight on my 18th birthday. On the same day I got approved for a $500 limit credit card. They want to get you in as soon they can and keep you in the cycle of paying off the credit card just to put more stuff on it because all your money went to pay the credit card.", ">\n\nTake the card. Spend 10$ every month and pay off the card every month. Do no more or and no less and at least get a credit rating out of it.", ">\n\nA regular expense that is automatically deducted, like a streaming subscription, is a great way to accomplish this.\nI have a couple of older cards that I don't really use but haven't canceled because they're my oldest cards and I don't want to ding my account age. That's how I keep them active.", ">\n\nYou missed the part about an automatic payment! \nSetup at least automatic minimum payment to make sure you never get penalized for missing entirely, and then even better setup FULL automatic payment if you know you can afford to pay off the limit if you ever forgot.", ">\n\nI've never done automatic payment, as my budget software reminds me to pay it, but that's a good idea.", ">\n\nLook at this gal with the B word.", ">\n\nThat is a fuck ton to go out. Like even once a week is a luxury most people can't afford.", ">\n\nYea what the fuck.. I make an ok salary and i am still eating out maybe once or twice every two weeks. Saving and investing is still difficult." ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou.", ">\n\nYea I do that on one of my cards but it's 0% interest for 24 months so why wouldn't I?", ">\n\nNothing more American than trying to accumulate $30 trillion dollars of debt", ">\n\nFraud is the future. Breached forums (Breached.vc) The financial industry and Department of Justice have been subverted by the rich and well connected. \nCompanies like Walmart and Target budget for theft.", ">\n\nIt looks like when big retail eliminates countless cashier positions that provided sustenance to working class Americans a spike in casual theft follows.\nFast food is expanding the use robotics to replace workers too. Doubtless other industries will follow. Elon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.", ">\n\n\nElon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.\n\nI think he has more immediate things to worry about.", ">\n\nWhat do you expect? 7% inflation with 3% raises and a president encouraging no raises to keep inflation down.", ">\n\nCredit card companies spend a hell of a lot of money in congress to make sure that number is as high as possible.", ">\n\nWhat exactly are they spending on and lobbying for?", ">\n\nI doubt they write reports on the stuff, but general rules and regulations (or spins on them) to maximize profits", ">\n\nOh hey, time to buy Visa stock.", ">\n\nYou mean bank stock?", ">\n\n\"At 19.6%, if you made minimum payments toward the average credit card balance — which is $5,474, according to Transunion — it would take you almost 17 years to pay off the debt and cost you more than $7,528 in interest\"", ">\n\nThis is why bankruptcy laws need to be changed! \nWhy is the rich and corporations allowed to wipe their debt clean and start fresh, yet the poor and middle class have to pay back?", ">\n\nThe single best thing the federal government can do is raise minimum wage. At this point, minimum wage needs to be around $25/hr.\nWhat most don't understand is that wages have been under attack since the 60s. Wages are so lean that they barely touch the bottom dollar. For a high volume manufacturer, you could double everyone's wages, and the sell price of goods made would need to increase by less than 1% to cover the added cost. For a low volume, labor intensive manufacturer, the sell price would only go up by 3% to 5%. The only hard hit industries are service industries were labor is the major component of the business. However, if your wages go from $40k a year to $80k a year, and you're rolling in $40,000, you're not going to care one bit that your Uber was $35 instead of $20. Your cereal will cost $0.01 more, and your new $2000 smart fridge will cost you $60 more. And for this financial burden EVERYBODY is making 2x income.\nThis is how far behind wages are because of a 60 year war against them. They almost don't matter to the sell price, but it's also the first thing management targets, because wages are costs and costs are evil.\nUltimately it's a self mutilating cycle of starvation and suffering for literally no good reason.\nWorse yet, we systematically stifle economic growth, buying power, and ultimately GDP. \nThe lack of adequate wages also drivers many social problems like crime and even mental illness. It drivers health issues and increases burdens on society for long term care. It also deters family planning, education, and social diversification.\nFrankly, the masochism of wage stagnation is wild. Why would you ever willfully chose suffering?", ">\n\nCould be worse. Round here I’ve seen credit cards with interest rates that can go up to 586% per year", ">\n\nWe have 3 credit cards that we used for bills and then just paid off immediately with actual cash. Then a funeral for my girlfriends grandma 2500 miles away caused us to max them out going to say goodbye. Now we've had that debt since June unable to catch up due to life's many cruel jokes. 😢", ">\n\nYou could have refused to go to the funeral or asked relatives for financial assistance. Admitting you can't go to a funeral because you can't afford it even if you want to shouldn't be looked down on.", ">\n\nUnfortunately funerals and the funeral industry are a massively exploitative affair designed to emotionally manipulate the fuck out of people to get their money. They go out of their way to make the cheap option like cremation into expensive items. O you wouldnt want your to be uncomfortable in the cardboard box before it burns, how about a $3k upgrade box to be burned?", ">\n\nI love how they're framing it like people are choosing to use credit cards. If this was honestly written it would sound more like \"46% of cardholders are forced to carry debt from month to month as expenses stay high\" or if they wanted to be neutral \"credit card use is high as a result of high expenses\" not this \"people are choosing to be poor\" shit.", ">\n\nThis is the kind of signal the fed is looking for to stop the rate hikes", ">\n\nNot at all surprised. Way too many people spending money they don't have. You're not entitled to have doordash every day because you're too important to get your own food (or even better to cook it). It seems like people are deciding what standard of living they deserve and then worrying about the cost after.", ">\n\nCan you please please please tell my wife this. She’s addicted to door dash and we even have a goddamn supermarket in our building.", ">\n\nI’ve never understood the allure to this. Paying premium prices for below average food that arrives luke warm at best", ">\n\nYou’ve never understood the allure to delivery?", ">\n\nDelivery in concept is fine. Doordash-style delivery is dumb if looked at in context.", ">\n\nWould you get heart surgery from someone who has never done heart surgery before?\nThe credit world is built on statistical analysis. If you have a history of managing debt well, you get a good score, and banks will give you the best rates. If you have a history of not managing debt well, you have a bad score and banks are going to give you high rates (or not lend to you at all) because you're a risk.\nIf you have no history and you're young you can get provisional cards, loans, etc. to start building it up. However, if you are older with no history and you suddenly start asking for credit, that's actually a big red flag.\nLike everything else in life, actions have consequences.", ">\n\nI received a credit card offer from my bank (Bank of America) at midnight on my 18th birthday. On the same day I got approved for a $500 limit credit card. They want to get you in as soon they can and keep you in the cycle of paying off the credit card just to put more stuff on it because all your money went to pay the credit card.", ">\n\nTake the card. Spend 10$ every month and pay off the card every month. Do no more or and no less and at least get a credit rating out of it.", ">\n\nA regular expense that is automatically deducted, like a streaming subscription, is a great way to accomplish this.\nI have a couple of older cards that I don't really use but haven't canceled because they're my oldest cards and I don't want to ding my account age. That's how I keep them active.", ">\n\nYou missed the part about an automatic payment! \nSetup at least automatic minimum payment to make sure you never get penalized for missing entirely, and then even better setup FULL automatic payment if you know you can afford to pay off the limit if you ever forgot.", ">\n\nI've never done automatic payment, as my budget software reminds me to pay it, but that's a good idea.", ">\n\nLook at this gal with the B word.", ">\n\nThat is a fuck ton to go out. Like even once a week is a luxury most people can't afford.", ">\n\nYea what the fuck.. I make an ok salary and i am still eating out maybe once or twice every two weeks. Saving and investing is still difficult.", ">\n\nShopping around for credit cards is very important if you're going to do this. I have a fixed 4.99% mbna card that I'll keep until i die. Low fix apr's with no annual fees is the way to go. If you can keep a 0.00 balance, use credit cards for everything and rack up on bonus points. That takes discipline tho." ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou.", ">\n\nYea I do that on one of my cards but it's 0% interest for 24 months so why wouldn't I?", ">\n\nNothing more American than trying to accumulate $30 trillion dollars of debt", ">\n\nFraud is the future. Breached forums (Breached.vc) The financial industry and Department of Justice have been subverted by the rich and well connected. \nCompanies like Walmart and Target budget for theft.", ">\n\nIt looks like when big retail eliminates countless cashier positions that provided sustenance to working class Americans a spike in casual theft follows.\nFast food is expanding the use robotics to replace workers too. Doubtless other industries will follow. Elon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.", ">\n\n\nElon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.\n\nI think he has more immediate things to worry about.", ">\n\nWhat do you expect? 7% inflation with 3% raises and a president encouraging no raises to keep inflation down.", ">\n\nCredit card companies spend a hell of a lot of money in congress to make sure that number is as high as possible.", ">\n\nWhat exactly are they spending on and lobbying for?", ">\n\nI doubt they write reports on the stuff, but general rules and regulations (or spins on them) to maximize profits", ">\n\nOh hey, time to buy Visa stock.", ">\n\nYou mean bank stock?", ">\n\n\"At 19.6%, if you made minimum payments toward the average credit card balance — which is $5,474, according to Transunion — it would take you almost 17 years to pay off the debt and cost you more than $7,528 in interest\"", ">\n\nThis is why bankruptcy laws need to be changed! \nWhy is the rich and corporations allowed to wipe their debt clean and start fresh, yet the poor and middle class have to pay back?", ">\n\nThe single best thing the federal government can do is raise minimum wage. At this point, minimum wage needs to be around $25/hr.\nWhat most don't understand is that wages have been under attack since the 60s. Wages are so lean that they barely touch the bottom dollar. For a high volume manufacturer, you could double everyone's wages, and the sell price of goods made would need to increase by less than 1% to cover the added cost. For a low volume, labor intensive manufacturer, the sell price would only go up by 3% to 5%. The only hard hit industries are service industries were labor is the major component of the business. However, if your wages go from $40k a year to $80k a year, and you're rolling in $40,000, you're not going to care one bit that your Uber was $35 instead of $20. Your cereal will cost $0.01 more, and your new $2000 smart fridge will cost you $60 more. And for this financial burden EVERYBODY is making 2x income.\nThis is how far behind wages are because of a 60 year war against them. They almost don't matter to the sell price, but it's also the first thing management targets, because wages are costs and costs are evil.\nUltimately it's a self mutilating cycle of starvation and suffering for literally no good reason.\nWorse yet, we systematically stifle economic growth, buying power, and ultimately GDP. \nThe lack of adequate wages also drivers many social problems like crime and even mental illness. It drivers health issues and increases burdens on society for long term care. It also deters family planning, education, and social diversification.\nFrankly, the masochism of wage stagnation is wild. Why would you ever willfully chose suffering?", ">\n\nCould be worse. Round here I’ve seen credit cards with interest rates that can go up to 586% per year", ">\n\nWe have 3 credit cards that we used for bills and then just paid off immediately with actual cash. Then a funeral for my girlfriends grandma 2500 miles away caused us to max them out going to say goodbye. Now we've had that debt since June unable to catch up due to life's many cruel jokes. 😢", ">\n\nYou could have refused to go to the funeral or asked relatives for financial assistance. Admitting you can't go to a funeral because you can't afford it even if you want to shouldn't be looked down on.", ">\n\nUnfortunately funerals and the funeral industry are a massively exploitative affair designed to emotionally manipulate the fuck out of people to get their money. They go out of their way to make the cheap option like cremation into expensive items. O you wouldnt want your to be uncomfortable in the cardboard box before it burns, how about a $3k upgrade box to be burned?", ">\n\nI love how they're framing it like people are choosing to use credit cards. If this was honestly written it would sound more like \"46% of cardholders are forced to carry debt from month to month as expenses stay high\" or if they wanted to be neutral \"credit card use is high as a result of high expenses\" not this \"people are choosing to be poor\" shit.", ">\n\nThis is the kind of signal the fed is looking for to stop the rate hikes", ">\n\nNot at all surprised. Way too many people spending money they don't have. You're not entitled to have doordash every day because you're too important to get your own food (or even better to cook it). It seems like people are deciding what standard of living they deserve and then worrying about the cost after.", ">\n\nCan you please please please tell my wife this. She’s addicted to door dash and we even have a goddamn supermarket in our building.", ">\n\nI’ve never understood the allure to this. Paying premium prices for below average food that arrives luke warm at best", ">\n\nYou’ve never understood the allure to delivery?", ">\n\nDelivery in concept is fine. Doordash-style delivery is dumb if looked at in context.", ">\n\nWould you get heart surgery from someone who has never done heart surgery before?\nThe credit world is built on statistical analysis. If you have a history of managing debt well, you get a good score, and banks will give you the best rates. If you have a history of not managing debt well, you have a bad score and banks are going to give you high rates (or not lend to you at all) because you're a risk.\nIf you have no history and you're young you can get provisional cards, loans, etc. to start building it up. However, if you are older with no history and you suddenly start asking for credit, that's actually a big red flag.\nLike everything else in life, actions have consequences.", ">\n\nI received a credit card offer from my bank (Bank of America) at midnight on my 18th birthday. On the same day I got approved for a $500 limit credit card. They want to get you in as soon they can and keep you in the cycle of paying off the credit card just to put more stuff on it because all your money went to pay the credit card.", ">\n\nTake the card. Spend 10$ every month and pay off the card every month. Do no more or and no less and at least get a credit rating out of it.", ">\n\nA regular expense that is automatically deducted, like a streaming subscription, is a great way to accomplish this.\nI have a couple of older cards that I don't really use but haven't canceled because they're my oldest cards and I don't want to ding my account age. That's how I keep them active.", ">\n\nYou missed the part about an automatic payment! \nSetup at least automatic minimum payment to make sure you never get penalized for missing entirely, and then even better setup FULL automatic payment if you know you can afford to pay off the limit if you ever forgot.", ">\n\nI've never done automatic payment, as my budget software reminds me to pay it, but that's a good idea.", ">\n\nLook at this gal with the B word.", ">\n\nThat is a fuck ton to go out. Like even once a week is a luxury most people can't afford.", ">\n\nYea what the fuck.. I make an ok salary and i am still eating out maybe once or twice every two weeks. Saving and investing is still difficult.", ">\n\nShopping around for credit cards is very important if you're going to do this. I have a fixed 4.99% mbna card that I'll keep until i die. Low fix apr's with no annual fees is the way to go. If you can keep a 0.00 balance, use credit cards for everything and rack up on bonus points. That takes discipline tho.", ">\n\nEveryone needs to consider reducing expenses before using credit cards.\nSell your stuff, divest assets, learn to live with less stuff and things and most importantly, learn to say no to both others and your self. Financial discipline starts with you." ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou.", ">\n\nYea I do that on one of my cards but it's 0% interest for 24 months so why wouldn't I?", ">\n\nNothing more American than trying to accumulate $30 trillion dollars of debt", ">\n\nFraud is the future. Breached forums (Breached.vc) The financial industry and Department of Justice have been subverted by the rich and well connected. \nCompanies like Walmart and Target budget for theft.", ">\n\nIt looks like when big retail eliminates countless cashier positions that provided sustenance to working class Americans a spike in casual theft follows.\nFast food is expanding the use robotics to replace workers too. Doubtless other industries will follow. Elon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.", ">\n\n\nElon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.\n\nI think he has more immediate things to worry about.", ">\n\nWhat do you expect? 7% inflation with 3% raises and a president encouraging no raises to keep inflation down.", ">\n\nCredit card companies spend a hell of a lot of money in congress to make sure that number is as high as possible.", ">\n\nWhat exactly are they spending on and lobbying for?", ">\n\nI doubt they write reports on the stuff, but general rules and regulations (or spins on them) to maximize profits", ">\n\nOh hey, time to buy Visa stock.", ">\n\nYou mean bank stock?", ">\n\n\"At 19.6%, if you made minimum payments toward the average credit card balance — which is $5,474, according to Transunion — it would take you almost 17 years to pay off the debt and cost you more than $7,528 in interest\"", ">\n\nThis is why bankruptcy laws need to be changed! \nWhy is the rich and corporations allowed to wipe their debt clean and start fresh, yet the poor and middle class have to pay back?", ">\n\nThe single best thing the federal government can do is raise minimum wage. At this point, minimum wage needs to be around $25/hr.\nWhat most don't understand is that wages have been under attack since the 60s. Wages are so lean that they barely touch the bottom dollar. For a high volume manufacturer, you could double everyone's wages, and the sell price of goods made would need to increase by less than 1% to cover the added cost. For a low volume, labor intensive manufacturer, the sell price would only go up by 3% to 5%. The only hard hit industries are service industries were labor is the major component of the business. However, if your wages go from $40k a year to $80k a year, and you're rolling in $40,000, you're not going to care one bit that your Uber was $35 instead of $20. Your cereal will cost $0.01 more, and your new $2000 smart fridge will cost you $60 more. And for this financial burden EVERYBODY is making 2x income.\nThis is how far behind wages are because of a 60 year war against them. They almost don't matter to the sell price, but it's also the first thing management targets, because wages are costs and costs are evil.\nUltimately it's a self mutilating cycle of starvation and suffering for literally no good reason.\nWorse yet, we systematically stifle economic growth, buying power, and ultimately GDP. \nThe lack of adequate wages also drivers many social problems like crime and even mental illness. It drivers health issues and increases burdens on society for long term care. It also deters family planning, education, and social diversification.\nFrankly, the masochism of wage stagnation is wild. Why would you ever willfully chose suffering?", ">\n\nCould be worse. Round here I’ve seen credit cards with interest rates that can go up to 586% per year", ">\n\nWe have 3 credit cards that we used for bills and then just paid off immediately with actual cash. Then a funeral for my girlfriends grandma 2500 miles away caused us to max them out going to say goodbye. Now we've had that debt since June unable to catch up due to life's many cruel jokes. 😢", ">\n\nYou could have refused to go to the funeral or asked relatives for financial assistance. Admitting you can't go to a funeral because you can't afford it even if you want to shouldn't be looked down on.", ">\n\nUnfortunately funerals and the funeral industry are a massively exploitative affair designed to emotionally manipulate the fuck out of people to get their money. They go out of their way to make the cheap option like cremation into expensive items. O you wouldnt want your to be uncomfortable in the cardboard box before it burns, how about a $3k upgrade box to be burned?", ">\n\nI love how they're framing it like people are choosing to use credit cards. If this was honestly written it would sound more like \"46% of cardholders are forced to carry debt from month to month as expenses stay high\" or if they wanted to be neutral \"credit card use is high as a result of high expenses\" not this \"people are choosing to be poor\" shit.", ">\n\nThis is the kind of signal the fed is looking for to stop the rate hikes", ">\n\nNot at all surprised. Way too many people spending money they don't have. You're not entitled to have doordash every day because you're too important to get your own food (or even better to cook it). It seems like people are deciding what standard of living they deserve and then worrying about the cost after.", ">\n\nCan you please please please tell my wife this. She’s addicted to door dash and we even have a goddamn supermarket in our building.", ">\n\nI’ve never understood the allure to this. Paying premium prices for below average food that arrives luke warm at best", ">\n\nYou’ve never understood the allure to delivery?", ">\n\nDelivery in concept is fine. Doordash-style delivery is dumb if looked at in context.", ">\n\nWould you get heart surgery from someone who has never done heart surgery before?\nThe credit world is built on statistical analysis. If you have a history of managing debt well, you get a good score, and banks will give you the best rates. If you have a history of not managing debt well, you have a bad score and banks are going to give you high rates (or not lend to you at all) because you're a risk.\nIf you have no history and you're young you can get provisional cards, loans, etc. to start building it up. However, if you are older with no history and you suddenly start asking for credit, that's actually a big red flag.\nLike everything else in life, actions have consequences.", ">\n\nI received a credit card offer from my bank (Bank of America) at midnight on my 18th birthday. On the same day I got approved for a $500 limit credit card. They want to get you in as soon they can and keep you in the cycle of paying off the credit card just to put more stuff on it because all your money went to pay the credit card.", ">\n\nTake the card. Spend 10$ every month and pay off the card every month. Do no more or and no less and at least get a credit rating out of it.", ">\n\nA regular expense that is automatically deducted, like a streaming subscription, is a great way to accomplish this.\nI have a couple of older cards that I don't really use but haven't canceled because they're my oldest cards and I don't want to ding my account age. That's how I keep them active.", ">\n\nYou missed the part about an automatic payment! \nSetup at least automatic minimum payment to make sure you never get penalized for missing entirely, and then even better setup FULL automatic payment if you know you can afford to pay off the limit if you ever forgot.", ">\n\nI've never done automatic payment, as my budget software reminds me to pay it, but that's a good idea.", ">\n\nLook at this gal with the B word.", ">\n\nThat is a fuck ton to go out. Like even once a week is a luxury most people can't afford.", ">\n\nYea what the fuck.. I make an ok salary and i am still eating out maybe once or twice every two weeks. Saving and investing is still difficult.", ">\n\nShopping around for credit cards is very important if you're going to do this. I have a fixed 4.99% mbna card that I'll keep until i die. Low fix apr's with no annual fees is the way to go. If you can keep a 0.00 balance, use credit cards for everything and rack up on bonus points. That takes discipline tho.", ">\n\nEveryone needs to consider reducing expenses before using credit cards.\nSell your stuff, divest assets, learn to live with less stuff and things and most importantly, learn to say no to both others and your self. Financial discipline starts with you.", ">\n\nNo we should actually be protesting and striking. We do not need to lick boots." ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou.", ">\n\nYea I do that on one of my cards but it's 0% interest for 24 months so why wouldn't I?", ">\n\nNothing more American than trying to accumulate $30 trillion dollars of debt", ">\n\nFraud is the future. Breached forums (Breached.vc) The financial industry and Department of Justice have been subverted by the rich and well connected. \nCompanies like Walmart and Target budget for theft.", ">\n\nIt looks like when big retail eliminates countless cashier positions that provided sustenance to working class Americans a spike in casual theft follows.\nFast food is expanding the use robotics to replace workers too. Doubtless other industries will follow. Elon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.", ">\n\n\nElon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.\n\nI think he has more immediate things to worry about.", ">\n\nWhat do you expect? 7% inflation with 3% raises and a president encouraging no raises to keep inflation down.", ">\n\nCredit card companies spend a hell of a lot of money in congress to make sure that number is as high as possible.", ">\n\nWhat exactly are they spending on and lobbying for?", ">\n\nI doubt they write reports on the stuff, but general rules and regulations (or spins on them) to maximize profits", ">\n\nOh hey, time to buy Visa stock.", ">\n\nYou mean bank stock?", ">\n\n\"At 19.6%, if you made minimum payments toward the average credit card balance — which is $5,474, according to Transunion — it would take you almost 17 years to pay off the debt and cost you more than $7,528 in interest\"", ">\n\nThis is why bankruptcy laws need to be changed! \nWhy is the rich and corporations allowed to wipe their debt clean and start fresh, yet the poor and middle class have to pay back?", ">\n\nThe single best thing the federal government can do is raise minimum wage. At this point, minimum wage needs to be around $25/hr.\nWhat most don't understand is that wages have been under attack since the 60s. Wages are so lean that they barely touch the bottom dollar. For a high volume manufacturer, you could double everyone's wages, and the sell price of goods made would need to increase by less than 1% to cover the added cost. For a low volume, labor intensive manufacturer, the sell price would only go up by 3% to 5%. The only hard hit industries are service industries were labor is the major component of the business. However, if your wages go from $40k a year to $80k a year, and you're rolling in $40,000, you're not going to care one bit that your Uber was $35 instead of $20. Your cereal will cost $0.01 more, and your new $2000 smart fridge will cost you $60 more. And for this financial burden EVERYBODY is making 2x income.\nThis is how far behind wages are because of a 60 year war against them. They almost don't matter to the sell price, but it's also the first thing management targets, because wages are costs and costs are evil.\nUltimately it's a self mutilating cycle of starvation and suffering for literally no good reason.\nWorse yet, we systematically stifle economic growth, buying power, and ultimately GDP. \nThe lack of adequate wages also drivers many social problems like crime and even mental illness. It drivers health issues and increases burdens on society for long term care. It also deters family planning, education, and social diversification.\nFrankly, the masochism of wage stagnation is wild. Why would you ever willfully chose suffering?", ">\n\nCould be worse. Round here I’ve seen credit cards with interest rates that can go up to 586% per year", ">\n\nWe have 3 credit cards that we used for bills and then just paid off immediately with actual cash. Then a funeral for my girlfriends grandma 2500 miles away caused us to max them out going to say goodbye. Now we've had that debt since June unable to catch up due to life's many cruel jokes. 😢", ">\n\nYou could have refused to go to the funeral or asked relatives for financial assistance. Admitting you can't go to a funeral because you can't afford it even if you want to shouldn't be looked down on.", ">\n\nUnfortunately funerals and the funeral industry are a massively exploitative affair designed to emotionally manipulate the fuck out of people to get their money. They go out of their way to make the cheap option like cremation into expensive items. O you wouldnt want your to be uncomfortable in the cardboard box before it burns, how about a $3k upgrade box to be burned?", ">\n\nI love how they're framing it like people are choosing to use credit cards. If this was honestly written it would sound more like \"46% of cardholders are forced to carry debt from month to month as expenses stay high\" or if they wanted to be neutral \"credit card use is high as a result of high expenses\" not this \"people are choosing to be poor\" shit.", ">\n\nThis is the kind of signal the fed is looking for to stop the rate hikes", ">\n\nNot at all surprised. Way too many people spending money they don't have. You're not entitled to have doordash every day because you're too important to get your own food (or even better to cook it). It seems like people are deciding what standard of living they deserve and then worrying about the cost after.", ">\n\nCan you please please please tell my wife this. She’s addicted to door dash and we even have a goddamn supermarket in our building.", ">\n\nI’ve never understood the allure to this. Paying premium prices for below average food that arrives luke warm at best", ">\n\nYou’ve never understood the allure to delivery?", ">\n\nDelivery in concept is fine. Doordash-style delivery is dumb if looked at in context.", ">\n\nWould you get heart surgery from someone who has never done heart surgery before?\nThe credit world is built on statistical analysis. If you have a history of managing debt well, you get a good score, and banks will give you the best rates. If you have a history of not managing debt well, you have a bad score and banks are going to give you high rates (or not lend to you at all) because you're a risk.\nIf you have no history and you're young you can get provisional cards, loans, etc. to start building it up. However, if you are older with no history and you suddenly start asking for credit, that's actually a big red flag.\nLike everything else in life, actions have consequences.", ">\n\nI received a credit card offer from my bank (Bank of America) at midnight on my 18th birthday. On the same day I got approved for a $500 limit credit card. They want to get you in as soon they can and keep you in the cycle of paying off the credit card just to put more stuff on it because all your money went to pay the credit card.", ">\n\nTake the card. Spend 10$ every month and pay off the card every month. Do no more or and no less and at least get a credit rating out of it.", ">\n\nA regular expense that is automatically deducted, like a streaming subscription, is a great way to accomplish this.\nI have a couple of older cards that I don't really use but haven't canceled because they're my oldest cards and I don't want to ding my account age. That's how I keep them active.", ">\n\nYou missed the part about an automatic payment! \nSetup at least automatic minimum payment to make sure you never get penalized for missing entirely, and then even better setup FULL automatic payment if you know you can afford to pay off the limit if you ever forgot.", ">\n\nI've never done automatic payment, as my budget software reminds me to pay it, but that's a good idea.", ">\n\nLook at this gal with the B word.", ">\n\nThat is a fuck ton to go out. Like even once a week is a luxury most people can't afford.", ">\n\nYea what the fuck.. I make an ok salary and i am still eating out maybe once or twice every two weeks. Saving and investing is still difficult.", ">\n\nShopping around for credit cards is very important if you're going to do this. I have a fixed 4.99% mbna card that I'll keep until i die. Low fix apr's with no annual fees is the way to go. If you can keep a 0.00 balance, use credit cards for everything and rack up on bonus points. That takes discipline tho.", ">\n\nEveryone needs to consider reducing expenses before using credit cards.\nSell your stuff, divest assets, learn to live with less stuff and things and most importantly, learn to say no to both others and your self. Financial discipline starts with you.", ">\n\nNo we should actually be protesting and striking. We do not need to lick boots.", ">\n\nr/usernamechecksout" ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou.", ">\n\nYea I do that on one of my cards but it's 0% interest for 24 months so why wouldn't I?", ">\n\nNothing more American than trying to accumulate $30 trillion dollars of debt", ">\n\nFraud is the future. Breached forums (Breached.vc) The financial industry and Department of Justice have been subverted by the rich and well connected. \nCompanies like Walmart and Target budget for theft.", ">\n\nIt looks like when big retail eliminates countless cashier positions that provided sustenance to working class Americans a spike in casual theft follows.\nFast food is expanding the use robotics to replace workers too. Doubtless other industries will follow. Elon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.", ">\n\n\nElon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.\n\nI think he has more immediate things to worry about.", ">\n\nWhat do you expect? 7% inflation with 3% raises and a president encouraging no raises to keep inflation down.", ">\n\nCredit card companies spend a hell of a lot of money in congress to make sure that number is as high as possible.", ">\n\nWhat exactly are they spending on and lobbying for?", ">\n\nI doubt they write reports on the stuff, but general rules and regulations (or spins on them) to maximize profits", ">\n\nOh hey, time to buy Visa stock.", ">\n\nYou mean bank stock?", ">\n\n\"At 19.6%, if you made minimum payments toward the average credit card balance — which is $5,474, according to Transunion — it would take you almost 17 years to pay off the debt and cost you more than $7,528 in interest\"", ">\n\nThis is why bankruptcy laws need to be changed! \nWhy is the rich and corporations allowed to wipe their debt clean and start fresh, yet the poor and middle class have to pay back?", ">\n\nThe single best thing the federal government can do is raise minimum wage. At this point, minimum wage needs to be around $25/hr.\nWhat most don't understand is that wages have been under attack since the 60s. Wages are so lean that they barely touch the bottom dollar. For a high volume manufacturer, you could double everyone's wages, and the sell price of goods made would need to increase by less than 1% to cover the added cost. For a low volume, labor intensive manufacturer, the sell price would only go up by 3% to 5%. The only hard hit industries are service industries were labor is the major component of the business. However, if your wages go from $40k a year to $80k a year, and you're rolling in $40,000, you're not going to care one bit that your Uber was $35 instead of $20. Your cereal will cost $0.01 more, and your new $2000 smart fridge will cost you $60 more. And for this financial burden EVERYBODY is making 2x income.\nThis is how far behind wages are because of a 60 year war against them. They almost don't matter to the sell price, but it's also the first thing management targets, because wages are costs and costs are evil.\nUltimately it's a self mutilating cycle of starvation and suffering for literally no good reason.\nWorse yet, we systematically stifle economic growth, buying power, and ultimately GDP. \nThe lack of adequate wages also drivers many social problems like crime and even mental illness. It drivers health issues and increases burdens on society for long term care. It also deters family planning, education, and social diversification.\nFrankly, the masochism of wage stagnation is wild. Why would you ever willfully chose suffering?", ">\n\nCould be worse. Round here I’ve seen credit cards with interest rates that can go up to 586% per year", ">\n\nWe have 3 credit cards that we used for bills and then just paid off immediately with actual cash. Then a funeral for my girlfriends grandma 2500 miles away caused us to max them out going to say goodbye. Now we've had that debt since June unable to catch up due to life's many cruel jokes. 😢", ">\n\nYou could have refused to go to the funeral or asked relatives for financial assistance. Admitting you can't go to a funeral because you can't afford it even if you want to shouldn't be looked down on.", ">\n\nUnfortunately funerals and the funeral industry are a massively exploitative affair designed to emotionally manipulate the fuck out of people to get their money. They go out of their way to make the cheap option like cremation into expensive items. O you wouldnt want your to be uncomfortable in the cardboard box before it burns, how about a $3k upgrade box to be burned?", ">\n\nI love how they're framing it like people are choosing to use credit cards. If this was honestly written it would sound more like \"46% of cardholders are forced to carry debt from month to month as expenses stay high\" or if they wanted to be neutral \"credit card use is high as a result of high expenses\" not this \"people are choosing to be poor\" shit.", ">\n\nThis is the kind of signal the fed is looking for to stop the rate hikes", ">\n\nNot at all surprised. Way too many people spending money they don't have. You're not entitled to have doordash every day because you're too important to get your own food (or even better to cook it). It seems like people are deciding what standard of living they deserve and then worrying about the cost after.", ">\n\nCan you please please please tell my wife this. She’s addicted to door dash and we even have a goddamn supermarket in our building.", ">\n\nI’ve never understood the allure to this. Paying premium prices for below average food that arrives luke warm at best", ">\n\nYou’ve never understood the allure to delivery?", ">\n\nDelivery in concept is fine. Doordash-style delivery is dumb if looked at in context.", ">\n\nWould you get heart surgery from someone who has never done heart surgery before?\nThe credit world is built on statistical analysis. If you have a history of managing debt well, you get a good score, and banks will give you the best rates. If you have a history of not managing debt well, you have a bad score and banks are going to give you high rates (or not lend to you at all) because you're a risk.\nIf you have no history and you're young you can get provisional cards, loans, etc. to start building it up. However, if you are older with no history and you suddenly start asking for credit, that's actually a big red flag.\nLike everything else in life, actions have consequences.", ">\n\nI received a credit card offer from my bank (Bank of America) at midnight on my 18th birthday. On the same day I got approved for a $500 limit credit card. They want to get you in as soon they can and keep you in the cycle of paying off the credit card just to put more stuff on it because all your money went to pay the credit card.", ">\n\nTake the card. Spend 10$ every month and pay off the card every month. Do no more or and no less and at least get a credit rating out of it.", ">\n\nA regular expense that is automatically deducted, like a streaming subscription, is a great way to accomplish this.\nI have a couple of older cards that I don't really use but haven't canceled because they're my oldest cards and I don't want to ding my account age. That's how I keep them active.", ">\n\nYou missed the part about an automatic payment! \nSetup at least automatic minimum payment to make sure you never get penalized for missing entirely, and then even better setup FULL automatic payment if you know you can afford to pay off the limit if you ever forgot.", ">\n\nI've never done automatic payment, as my budget software reminds me to pay it, but that's a good idea.", ">\n\nLook at this gal with the B word.", ">\n\nThat is a fuck ton to go out. Like even once a week is a luxury most people can't afford.", ">\n\nYea what the fuck.. I make an ok salary and i am still eating out maybe once or twice every two weeks. Saving and investing is still difficult.", ">\n\nShopping around for credit cards is very important if you're going to do this. I have a fixed 4.99% mbna card that I'll keep until i die. Low fix apr's with no annual fees is the way to go. If you can keep a 0.00 balance, use credit cards for everything and rack up on bonus points. That takes discipline tho.", ">\n\nEveryone needs to consider reducing expenses before using credit cards.\nSell your stuff, divest assets, learn to live with less stuff and things and most importantly, learn to say no to both others and your self. Financial discipline starts with you.", ">\n\nNo we should actually be protesting and striking. We do not need to lick boots.", ">\n\nr/usernamechecksout", ">\n\nMonth to month?! I've carried the same debt for years! Who are these rich money bags that were able to pay off thier credit card in a month and then had to do it again the next month?!" ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou.", ">\n\nYea I do that on one of my cards but it's 0% interest for 24 months so why wouldn't I?", ">\n\nNothing more American than trying to accumulate $30 trillion dollars of debt", ">\n\nFraud is the future. Breached forums (Breached.vc) The financial industry and Department of Justice have been subverted by the rich and well connected. \nCompanies like Walmart and Target budget for theft.", ">\n\nIt looks like when big retail eliminates countless cashier positions that provided sustenance to working class Americans a spike in casual theft follows.\nFast food is expanding the use robotics to replace workers too. Doubtless other industries will follow. Elon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.", ">\n\n\nElon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.\n\nI think he has more immediate things to worry about.", ">\n\nWhat do you expect? 7% inflation with 3% raises and a president encouraging no raises to keep inflation down.", ">\n\nCredit card companies spend a hell of a lot of money in congress to make sure that number is as high as possible.", ">\n\nWhat exactly are they spending on and lobbying for?", ">\n\nI doubt they write reports on the stuff, but general rules and regulations (or spins on them) to maximize profits", ">\n\nOh hey, time to buy Visa stock.", ">\n\nYou mean bank stock?", ">\n\n\"At 19.6%, if you made minimum payments toward the average credit card balance — which is $5,474, according to Transunion — it would take you almost 17 years to pay off the debt and cost you more than $7,528 in interest\"", ">\n\nThis is why bankruptcy laws need to be changed! \nWhy is the rich and corporations allowed to wipe their debt clean and start fresh, yet the poor and middle class have to pay back?", ">\n\nThe single best thing the federal government can do is raise minimum wage. At this point, minimum wage needs to be around $25/hr.\nWhat most don't understand is that wages have been under attack since the 60s. Wages are so lean that they barely touch the bottom dollar. For a high volume manufacturer, you could double everyone's wages, and the sell price of goods made would need to increase by less than 1% to cover the added cost. For a low volume, labor intensive manufacturer, the sell price would only go up by 3% to 5%. The only hard hit industries are service industries were labor is the major component of the business. However, if your wages go from $40k a year to $80k a year, and you're rolling in $40,000, you're not going to care one bit that your Uber was $35 instead of $20. Your cereal will cost $0.01 more, and your new $2000 smart fridge will cost you $60 more. And for this financial burden EVERYBODY is making 2x income.\nThis is how far behind wages are because of a 60 year war against them. They almost don't matter to the sell price, but it's also the first thing management targets, because wages are costs and costs are evil.\nUltimately it's a self mutilating cycle of starvation and suffering for literally no good reason.\nWorse yet, we systematically stifle economic growth, buying power, and ultimately GDP. \nThe lack of adequate wages also drivers many social problems like crime and even mental illness. It drivers health issues and increases burdens on society for long term care. It also deters family planning, education, and social diversification.\nFrankly, the masochism of wage stagnation is wild. Why would you ever willfully chose suffering?", ">\n\nCould be worse. Round here I’ve seen credit cards with interest rates that can go up to 586% per year", ">\n\nWe have 3 credit cards that we used for bills and then just paid off immediately with actual cash. Then a funeral for my girlfriends grandma 2500 miles away caused us to max them out going to say goodbye. Now we've had that debt since June unable to catch up due to life's many cruel jokes. 😢", ">\n\nYou could have refused to go to the funeral or asked relatives for financial assistance. Admitting you can't go to a funeral because you can't afford it even if you want to shouldn't be looked down on.", ">\n\nUnfortunately funerals and the funeral industry are a massively exploitative affair designed to emotionally manipulate the fuck out of people to get their money. They go out of their way to make the cheap option like cremation into expensive items. O you wouldnt want your to be uncomfortable in the cardboard box before it burns, how about a $3k upgrade box to be burned?", ">\n\nI love how they're framing it like people are choosing to use credit cards. If this was honestly written it would sound more like \"46% of cardholders are forced to carry debt from month to month as expenses stay high\" or if they wanted to be neutral \"credit card use is high as a result of high expenses\" not this \"people are choosing to be poor\" shit.", ">\n\nThis is the kind of signal the fed is looking for to stop the rate hikes", ">\n\nNot at all surprised. Way too many people spending money they don't have. You're not entitled to have doordash every day because you're too important to get your own food (or even better to cook it). It seems like people are deciding what standard of living they deserve and then worrying about the cost after.", ">\n\nCan you please please please tell my wife this. She’s addicted to door dash and we even have a goddamn supermarket in our building.", ">\n\nI’ve never understood the allure to this. Paying premium prices for below average food that arrives luke warm at best", ">\n\nYou’ve never understood the allure to delivery?", ">\n\nDelivery in concept is fine. Doordash-style delivery is dumb if looked at in context.", ">\n\nWould you get heart surgery from someone who has never done heart surgery before?\nThe credit world is built on statistical analysis. If you have a history of managing debt well, you get a good score, and banks will give you the best rates. If you have a history of not managing debt well, you have a bad score and banks are going to give you high rates (or not lend to you at all) because you're a risk.\nIf you have no history and you're young you can get provisional cards, loans, etc. to start building it up. However, if you are older with no history and you suddenly start asking for credit, that's actually a big red flag.\nLike everything else in life, actions have consequences.", ">\n\nI received a credit card offer from my bank (Bank of America) at midnight on my 18th birthday. On the same day I got approved for a $500 limit credit card. They want to get you in as soon they can and keep you in the cycle of paying off the credit card just to put more stuff on it because all your money went to pay the credit card.", ">\n\nTake the card. Spend 10$ every month and pay off the card every month. Do no more or and no less and at least get a credit rating out of it.", ">\n\nA regular expense that is automatically deducted, like a streaming subscription, is a great way to accomplish this.\nI have a couple of older cards that I don't really use but haven't canceled because they're my oldest cards and I don't want to ding my account age. That's how I keep them active.", ">\n\nYou missed the part about an automatic payment! \nSetup at least automatic minimum payment to make sure you never get penalized for missing entirely, and then even better setup FULL automatic payment if you know you can afford to pay off the limit if you ever forgot.", ">\n\nI've never done automatic payment, as my budget software reminds me to pay it, but that's a good idea.", ">\n\nLook at this gal with the B word.", ">\n\nThat is a fuck ton to go out. Like even once a week is a luxury most people can't afford.", ">\n\nYea what the fuck.. I make an ok salary and i am still eating out maybe once or twice every two weeks. Saving and investing is still difficult.", ">\n\nShopping around for credit cards is very important if you're going to do this. I have a fixed 4.99% mbna card that I'll keep until i die. Low fix apr's with no annual fees is the way to go. If you can keep a 0.00 balance, use credit cards for everything and rack up on bonus points. That takes discipline tho.", ">\n\nEveryone needs to consider reducing expenses before using credit cards.\nSell your stuff, divest assets, learn to live with less stuff and things and most importantly, learn to say no to both others and your self. Financial discipline starts with you.", ">\n\nNo we should actually be protesting and striking. We do not need to lick boots.", ">\n\nr/usernamechecksout", ">\n\nMonth to month?! I've carried the same debt for years! Who are these rich money bags that were able to pay off thier credit card in a month and then had to do it again the next month?!", ">\n\nI would rather go hungry, than use a credit card for an expense i can’t afford. I pay off my balance as soon as it shows up on my account. Keeps things very simple. I’m not taking a loan, it’s my money I’m spending.\nBut I well understand the credit trap, and am terrified of it. It’s easy to slip." ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou.", ">\n\nYea I do that on one of my cards but it's 0% interest for 24 months so why wouldn't I?", ">\n\nNothing more American than trying to accumulate $30 trillion dollars of debt", ">\n\nFraud is the future. Breached forums (Breached.vc) The financial industry and Department of Justice have been subverted by the rich and well connected. \nCompanies like Walmart and Target budget for theft.", ">\n\nIt looks like when big retail eliminates countless cashier positions that provided sustenance to working class Americans a spike in casual theft follows.\nFast food is expanding the use robotics to replace workers too. Doubtless other industries will follow. Elon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.", ">\n\n\nElon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.\n\nI think he has more immediate things to worry about.", ">\n\nWhat do you expect? 7% inflation with 3% raises and a president encouraging no raises to keep inflation down.", ">\n\nCredit card companies spend a hell of a lot of money in congress to make sure that number is as high as possible.", ">\n\nWhat exactly are they spending on and lobbying for?", ">\n\nI doubt they write reports on the stuff, but general rules and regulations (or spins on them) to maximize profits", ">\n\nOh hey, time to buy Visa stock.", ">\n\nYou mean bank stock?", ">\n\n\"At 19.6%, if you made minimum payments toward the average credit card balance — which is $5,474, according to Transunion — it would take you almost 17 years to pay off the debt and cost you more than $7,528 in interest\"", ">\n\nThis is why bankruptcy laws need to be changed! \nWhy is the rich and corporations allowed to wipe their debt clean and start fresh, yet the poor and middle class have to pay back?", ">\n\nThe single best thing the federal government can do is raise minimum wage. At this point, minimum wage needs to be around $25/hr.\nWhat most don't understand is that wages have been under attack since the 60s. Wages are so lean that they barely touch the bottom dollar. For a high volume manufacturer, you could double everyone's wages, and the sell price of goods made would need to increase by less than 1% to cover the added cost. For a low volume, labor intensive manufacturer, the sell price would only go up by 3% to 5%. The only hard hit industries are service industries were labor is the major component of the business. However, if your wages go from $40k a year to $80k a year, and you're rolling in $40,000, you're not going to care one bit that your Uber was $35 instead of $20. Your cereal will cost $0.01 more, and your new $2000 smart fridge will cost you $60 more. And for this financial burden EVERYBODY is making 2x income.\nThis is how far behind wages are because of a 60 year war against them. They almost don't matter to the sell price, but it's also the first thing management targets, because wages are costs and costs are evil.\nUltimately it's a self mutilating cycle of starvation and suffering for literally no good reason.\nWorse yet, we systematically stifle economic growth, buying power, and ultimately GDP. \nThe lack of adequate wages also drivers many social problems like crime and even mental illness. It drivers health issues and increases burdens on society for long term care. It also deters family planning, education, and social diversification.\nFrankly, the masochism of wage stagnation is wild. Why would you ever willfully chose suffering?", ">\n\nCould be worse. Round here I’ve seen credit cards with interest rates that can go up to 586% per year", ">\n\nWe have 3 credit cards that we used for bills and then just paid off immediately with actual cash. Then a funeral for my girlfriends grandma 2500 miles away caused us to max them out going to say goodbye. Now we've had that debt since June unable to catch up due to life's many cruel jokes. 😢", ">\n\nYou could have refused to go to the funeral or asked relatives for financial assistance. Admitting you can't go to a funeral because you can't afford it even if you want to shouldn't be looked down on.", ">\n\nUnfortunately funerals and the funeral industry are a massively exploitative affair designed to emotionally manipulate the fuck out of people to get their money. They go out of their way to make the cheap option like cremation into expensive items. O you wouldnt want your to be uncomfortable in the cardboard box before it burns, how about a $3k upgrade box to be burned?", ">\n\nI love how they're framing it like people are choosing to use credit cards. If this was honestly written it would sound more like \"46% of cardholders are forced to carry debt from month to month as expenses stay high\" or if they wanted to be neutral \"credit card use is high as a result of high expenses\" not this \"people are choosing to be poor\" shit.", ">\n\nThis is the kind of signal the fed is looking for to stop the rate hikes", ">\n\nNot at all surprised. Way too many people spending money they don't have. You're not entitled to have doordash every day because you're too important to get your own food (or even better to cook it). It seems like people are deciding what standard of living they deserve and then worrying about the cost after.", ">\n\nCan you please please please tell my wife this. She’s addicted to door dash and we even have a goddamn supermarket in our building.", ">\n\nI’ve never understood the allure to this. Paying premium prices for below average food that arrives luke warm at best", ">\n\nYou’ve never understood the allure to delivery?", ">\n\nDelivery in concept is fine. Doordash-style delivery is dumb if looked at in context.", ">\n\nWould you get heart surgery from someone who has never done heart surgery before?\nThe credit world is built on statistical analysis. If you have a history of managing debt well, you get a good score, and banks will give you the best rates. If you have a history of not managing debt well, you have a bad score and banks are going to give you high rates (or not lend to you at all) because you're a risk.\nIf you have no history and you're young you can get provisional cards, loans, etc. to start building it up. However, if you are older with no history and you suddenly start asking for credit, that's actually a big red flag.\nLike everything else in life, actions have consequences.", ">\n\nI received a credit card offer from my bank (Bank of America) at midnight on my 18th birthday. On the same day I got approved for a $500 limit credit card. They want to get you in as soon they can and keep you in the cycle of paying off the credit card just to put more stuff on it because all your money went to pay the credit card.", ">\n\nTake the card. Spend 10$ every month and pay off the card every month. Do no more or and no less and at least get a credit rating out of it.", ">\n\nA regular expense that is automatically deducted, like a streaming subscription, is a great way to accomplish this.\nI have a couple of older cards that I don't really use but haven't canceled because they're my oldest cards and I don't want to ding my account age. That's how I keep them active.", ">\n\nYou missed the part about an automatic payment! \nSetup at least automatic minimum payment to make sure you never get penalized for missing entirely, and then even better setup FULL automatic payment if you know you can afford to pay off the limit if you ever forgot.", ">\n\nI've never done automatic payment, as my budget software reminds me to pay it, but that's a good idea.", ">\n\nLook at this gal with the B word.", ">\n\nThat is a fuck ton to go out. Like even once a week is a luxury most people can't afford.", ">\n\nYea what the fuck.. I make an ok salary and i am still eating out maybe once or twice every two weeks. Saving and investing is still difficult.", ">\n\nShopping around for credit cards is very important if you're going to do this. I have a fixed 4.99% mbna card that I'll keep until i die. Low fix apr's with no annual fees is the way to go. If you can keep a 0.00 balance, use credit cards for everything and rack up on bonus points. That takes discipline tho.", ">\n\nEveryone needs to consider reducing expenses before using credit cards.\nSell your stuff, divest assets, learn to live with less stuff and things and most importantly, learn to say no to both others and your self. Financial discipline starts with you.", ">\n\nNo we should actually be protesting and striking. We do not need to lick boots.", ">\n\nr/usernamechecksout", ">\n\nMonth to month?! I've carried the same debt for years! Who are these rich money bags that were able to pay off thier credit card in a month and then had to do it again the next month?!", ">\n\nI would rather go hungry, than use a credit card for an expense i can’t afford. I pay off my balance as soon as it shows up on my account. Keeps things very simple. I’m not taking a loan, it’s my money I’m spending.\nBut I well understand the credit trap, and am terrified of it. It’s easy to slip.", ">\n\nNo need to be over dramatic." ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou.", ">\n\nYea I do that on one of my cards but it's 0% interest for 24 months so why wouldn't I?", ">\n\nNothing more American than trying to accumulate $30 trillion dollars of debt", ">\n\nFraud is the future. Breached forums (Breached.vc) The financial industry and Department of Justice have been subverted by the rich and well connected. \nCompanies like Walmart and Target budget for theft.", ">\n\nIt looks like when big retail eliminates countless cashier positions that provided sustenance to working class Americans a spike in casual theft follows.\nFast food is expanding the use robotics to replace workers too. Doubtless other industries will follow. Elon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.", ">\n\n\nElon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.\n\nI think he has more immediate things to worry about.", ">\n\nWhat do you expect? 7% inflation with 3% raises and a president encouraging no raises to keep inflation down.", ">\n\nCredit card companies spend a hell of a lot of money in congress to make sure that number is as high as possible.", ">\n\nWhat exactly are they spending on and lobbying for?", ">\n\nI doubt they write reports on the stuff, but general rules and regulations (or spins on them) to maximize profits", ">\n\nOh hey, time to buy Visa stock.", ">\n\nYou mean bank stock?", ">\n\n\"At 19.6%, if you made minimum payments toward the average credit card balance — which is $5,474, according to Transunion — it would take you almost 17 years to pay off the debt and cost you more than $7,528 in interest\"", ">\n\nThis is why bankruptcy laws need to be changed! \nWhy is the rich and corporations allowed to wipe their debt clean and start fresh, yet the poor and middle class have to pay back?", ">\n\nThe single best thing the federal government can do is raise minimum wage. At this point, minimum wage needs to be around $25/hr.\nWhat most don't understand is that wages have been under attack since the 60s. Wages are so lean that they barely touch the bottom dollar. For a high volume manufacturer, you could double everyone's wages, and the sell price of goods made would need to increase by less than 1% to cover the added cost. For a low volume, labor intensive manufacturer, the sell price would only go up by 3% to 5%. The only hard hit industries are service industries were labor is the major component of the business. However, if your wages go from $40k a year to $80k a year, and you're rolling in $40,000, you're not going to care one bit that your Uber was $35 instead of $20. Your cereal will cost $0.01 more, and your new $2000 smart fridge will cost you $60 more. And for this financial burden EVERYBODY is making 2x income.\nThis is how far behind wages are because of a 60 year war against them. They almost don't matter to the sell price, but it's also the first thing management targets, because wages are costs and costs are evil.\nUltimately it's a self mutilating cycle of starvation and suffering for literally no good reason.\nWorse yet, we systematically stifle economic growth, buying power, and ultimately GDP. \nThe lack of adequate wages also drivers many social problems like crime and even mental illness. It drivers health issues and increases burdens on society for long term care. It also deters family planning, education, and social diversification.\nFrankly, the masochism of wage stagnation is wild. Why would you ever willfully chose suffering?", ">\n\nCould be worse. Round here I’ve seen credit cards with interest rates that can go up to 586% per year", ">\n\nWe have 3 credit cards that we used for bills and then just paid off immediately with actual cash. Then a funeral for my girlfriends grandma 2500 miles away caused us to max them out going to say goodbye. Now we've had that debt since June unable to catch up due to life's many cruel jokes. 😢", ">\n\nYou could have refused to go to the funeral or asked relatives for financial assistance. Admitting you can't go to a funeral because you can't afford it even if you want to shouldn't be looked down on.", ">\n\nUnfortunately funerals and the funeral industry are a massively exploitative affair designed to emotionally manipulate the fuck out of people to get their money. They go out of their way to make the cheap option like cremation into expensive items. O you wouldnt want your to be uncomfortable in the cardboard box before it burns, how about a $3k upgrade box to be burned?", ">\n\nI love how they're framing it like people are choosing to use credit cards. If this was honestly written it would sound more like \"46% of cardholders are forced to carry debt from month to month as expenses stay high\" or if they wanted to be neutral \"credit card use is high as a result of high expenses\" not this \"people are choosing to be poor\" shit.", ">\n\nThis is the kind of signal the fed is looking for to stop the rate hikes", ">\n\nNot at all surprised. Way too many people spending money they don't have. You're not entitled to have doordash every day because you're too important to get your own food (or even better to cook it). It seems like people are deciding what standard of living they deserve and then worrying about the cost after.", ">\n\nCan you please please please tell my wife this. She’s addicted to door dash and we even have a goddamn supermarket in our building.", ">\n\nI’ve never understood the allure to this. Paying premium prices for below average food that arrives luke warm at best", ">\n\nYou’ve never understood the allure to delivery?", ">\n\nDelivery in concept is fine. Doordash-style delivery is dumb if looked at in context.", ">\n\nWould you get heart surgery from someone who has never done heart surgery before?\nThe credit world is built on statistical analysis. If you have a history of managing debt well, you get a good score, and banks will give you the best rates. If you have a history of not managing debt well, you have a bad score and banks are going to give you high rates (or not lend to you at all) because you're a risk.\nIf you have no history and you're young you can get provisional cards, loans, etc. to start building it up. However, if you are older with no history and you suddenly start asking for credit, that's actually a big red flag.\nLike everything else in life, actions have consequences.", ">\n\nI received a credit card offer from my bank (Bank of America) at midnight on my 18th birthday. On the same day I got approved for a $500 limit credit card. They want to get you in as soon they can and keep you in the cycle of paying off the credit card just to put more stuff on it because all your money went to pay the credit card.", ">\n\nTake the card. Spend 10$ every month and pay off the card every month. Do no more or and no less and at least get a credit rating out of it.", ">\n\nA regular expense that is automatically deducted, like a streaming subscription, is a great way to accomplish this.\nI have a couple of older cards that I don't really use but haven't canceled because they're my oldest cards and I don't want to ding my account age. That's how I keep them active.", ">\n\nYou missed the part about an automatic payment! \nSetup at least automatic minimum payment to make sure you never get penalized for missing entirely, and then even better setup FULL automatic payment if you know you can afford to pay off the limit if you ever forgot.", ">\n\nI've never done automatic payment, as my budget software reminds me to pay it, but that's a good idea.", ">\n\nLook at this gal with the B word.", ">\n\nThat is a fuck ton to go out. Like even once a week is a luxury most people can't afford.", ">\n\nYea what the fuck.. I make an ok salary and i am still eating out maybe once or twice every two weeks. Saving and investing is still difficult.", ">\n\nShopping around for credit cards is very important if you're going to do this. I have a fixed 4.99% mbna card that I'll keep until i die. Low fix apr's with no annual fees is the way to go. If you can keep a 0.00 balance, use credit cards for everything and rack up on bonus points. That takes discipline tho.", ">\n\nEveryone needs to consider reducing expenses before using credit cards.\nSell your stuff, divest assets, learn to live with less stuff and things and most importantly, learn to say no to both others and your self. Financial discipline starts with you.", ">\n\nNo we should actually be protesting and striking. We do not need to lick boots.", ">\n\nr/usernamechecksout", ">\n\nMonth to month?! I've carried the same debt for years! Who are these rich money bags that were able to pay off thier credit card in a month and then had to do it again the next month?!", ">\n\nI would rather go hungry, than use a credit card for an expense i can’t afford. I pay off my balance as soon as it shows up on my account. Keeps things very simple. I’m not taking a loan, it’s my money I’m spending.\nBut I well understand the credit trap, and am terrified of it. It’s easy to slip.", ">\n\nNo need to be over dramatic.", ">\n\nIf you treat your financial well-being seriously… it’s being “diligent” not dramatic. \nNot being trapped in debt your whole life is a serious thing. People can kill themselves over debt. It can ruin lives." ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou.", ">\n\nYea I do that on one of my cards but it's 0% interest for 24 months so why wouldn't I?", ">\n\nNothing more American than trying to accumulate $30 trillion dollars of debt", ">\n\nFraud is the future. Breached forums (Breached.vc) The financial industry and Department of Justice have been subverted by the rich and well connected. \nCompanies like Walmart and Target budget for theft.", ">\n\nIt looks like when big retail eliminates countless cashier positions that provided sustenance to working class Americans a spike in casual theft follows.\nFast food is expanding the use robotics to replace workers too. Doubtless other industries will follow. Elon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.", ">\n\n\nElon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.\n\nI think he has more immediate things to worry about.", ">\n\nWhat do you expect? 7% inflation with 3% raises and a president encouraging no raises to keep inflation down.", ">\n\nCredit card companies spend a hell of a lot of money in congress to make sure that number is as high as possible.", ">\n\nWhat exactly are they spending on and lobbying for?", ">\n\nI doubt they write reports on the stuff, but general rules and regulations (or spins on them) to maximize profits", ">\n\nOh hey, time to buy Visa stock.", ">\n\nYou mean bank stock?", ">\n\n\"At 19.6%, if you made minimum payments toward the average credit card balance — which is $5,474, according to Transunion — it would take you almost 17 years to pay off the debt and cost you more than $7,528 in interest\"", ">\n\nThis is why bankruptcy laws need to be changed! \nWhy is the rich and corporations allowed to wipe their debt clean and start fresh, yet the poor and middle class have to pay back?", ">\n\nThe single best thing the federal government can do is raise minimum wage. At this point, minimum wage needs to be around $25/hr.\nWhat most don't understand is that wages have been under attack since the 60s. Wages are so lean that they barely touch the bottom dollar. For a high volume manufacturer, you could double everyone's wages, and the sell price of goods made would need to increase by less than 1% to cover the added cost. For a low volume, labor intensive manufacturer, the sell price would only go up by 3% to 5%. The only hard hit industries are service industries were labor is the major component of the business. However, if your wages go from $40k a year to $80k a year, and you're rolling in $40,000, you're not going to care one bit that your Uber was $35 instead of $20. Your cereal will cost $0.01 more, and your new $2000 smart fridge will cost you $60 more. And for this financial burden EVERYBODY is making 2x income.\nThis is how far behind wages are because of a 60 year war against them. They almost don't matter to the sell price, but it's also the first thing management targets, because wages are costs and costs are evil.\nUltimately it's a self mutilating cycle of starvation and suffering for literally no good reason.\nWorse yet, we systematically stifle economic growth, buying power, and ultimately GDP. \nThe lack of adequate wages also drivers many social problems like crime and even mental illness. It drivers health issues and increases burdens on society for long term care. It also deters family planning, education, and social diversification.\nFrankly, the masochism of wage stagnation is wild. Why would you ever willfully chose suffering?", ">\n\nCould be worse. Round here I’ve seen credit cards with interest rates that can go up to 586% per year", ">\n\nWe have 3 credit cards that we used for bills and then just paid off immediately with actual cash. Then a funeral for my girlfriends grandma 2500 miles away caused us to max them out going to say goodbye. Now we've had that debt since June unable to catch up due to life's many cruel jokes. 😢", ">\n\nYou could have refused to go to the funeral or asked relatives for financial assistance. Admitting you can't go to a funeral because you can't afford it even if you want to shouldn't be looked down on.", ">\n\nUnfortunately funerals and the funeral industry are a massively exploitative affair designed to emotionally manipulate the fuck out of people to get their money. They go out of their way to make the cheap option like cremation into expensive items. O you wouldnt want your to be uncomfortable in the cardboard box before it burns, how about a $3k upgrade box to be burned?", ">\n\nI love how they're framing it like people are choosing to use credit cards. If this was honestly written it would sound more like \"46% of cardholders are forced to carry debt from month to month as expenses stay high\" or if they wanted to be neutral \"credit card use is high as a result of high expenses\" not this \"people are choosing to be poor\" shit.", ">\n\nThis is the kind of signal the fed is looking for to stop the rate hikes", ">\n\nNot at all surprised. Way too many people spending money they don't have. You're not entitled to have doordash every day because you're too important to get your own food (or even better to cook it). It seems like people are deciding what standard of living they deserve and then worrying about the cost after.", ">\n\nCan you please please please tell my wife this. She’s addicted to door dash and we even have a goddamn supermarket in our building.", ">\n\nI’ve never understood the allure to this. Paying premium prices for below average food that arrives luke warm at best", ">\n\nYou’ve never understood the allure to delivery?", ">\n\nDelivery in concept is fine. Doordash-style delivery is dumb if looked at in context.", ">\n\nWould you get heart surgery from someone who has never done heart surgery before?\nThe credit world is built on statistical analysis. If you have a history of managing debt well, you get a good score, and banks will give you the best rates. If you have a history of not managing debt well, you have a bad score and banks are going to give you high rates (or not lend to you at all) because you're a risk.\nIf you have no history and you're young you can get provisional cards, loans, etc. to start building it up. However, if you are older with no history and you suddenly start asking for credit, that's actually a big red flag.\nLike everything else in life, actions have consequences.", ">\n\nI received a credit card offer from my bank (Bank of America) at midnight on my 18th birthday. On the same day I got approved for a $500 limit credit card. They want to get you in as soon they can and keep you in the cycle of paying off the credit card just to put more stuff on it because all your money went to pay the credit card.", ">\n\nTake the card. Spend 10$ every month and pay off the card every month. Do no more or and no less and at least get a credit rating out of it.", ">\n\nA regular expense that is automatically deducted, like a streaming subscription, is a great way to accomplish this.\nI have a couple of older cards that I don't really use but haven't canceled because they're my oldest cards and I don't want to ding my account age. That's how I keep them active.", ">\n\nYou missed the part about an automatic payment! \nSetup at least automatic minimum payment to make sure you never get penalized for missing entirely, and then even better setup FULL automatic payment if you know you can afford to pay off the limit if you ever forgot.", ">\n\nI've never done automatic payment, as my budget software reminds me to pay it, but that's a good idea.", ">\n\nLook at this gal with the B word.", ">\n\nThat is a fuck ton to go out. Like even once a week is a luxury most people can't afford.", ">\n\nYea what the fuck.. I make an ok salary and i am still eating out maybe once or twice every two weeks. Saving and investing is still difficult.", ">\n\nShopping around for credit cards is very important if you're going to do this. I have a fixed 4.99% mbna card that I'll keep until i die. Low fix apr's with no annual fees is the way to go. If you can keep a 0.00 balance, use credit cards for everything and rack up on bonus points. That takes discipline tho.", ">\n\nEveryone needs to consider reducing expenses before using credit cards.\nSell your stuff, divest assets, learn to live with less stuff and things and most importantly, learn to say no to both others and your self. Financial discipline starts with you.", ">\n\nNo we should actually be protesting and striking. We do not need to lick boots.", ">\n\nr/usernamechecksout", ">\n\nMonth to month?! I've carried the same debt for years! Who are these rich money bags that were able to pay off thier credit card in a month and then had to do it again the next month?!", ">\n\nI would rather go hungry, than use a credit card for an expense i can’t afford. I pay off my balance as soon as it shows up on my account. Keeps things very simple. I’m not taking a loan, it’s my money I’m spending.\nBut I well understand the credit trap, and am terrified of it. It’s easy to slip.", ">\n\nNo need to be over dramatic.", ">\n\nIf you treat your financial well-being seriously… it’s being “diligent” not dramatic. \nNot being trapped in debt your whole life is a serious thing. People can kill themselves over debt. It can ruin lives.", ">\n\nYou’re still doing it. You can pay down credit card debt, especially if it’s a grocery bill or two. It will not ruin you and there is no reason to be terrified." ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou.", ">\n\nYea I do that on one of my cards but it's 0% interest for 24 months so why wouldn't I?", ">\n\nNothing more American than trying to accumulate $30 trillion dollars of debt", ">\n\nFraud is the future. Breached forums (Breached.vc) The financial industry and Department of Justice have been subverted by the rich and well connected. \nCompanies like Walmart and Target budget for theft.", ">\n\nIt looks like when big retail eliminates countless cashier positions that provided sustenance to working class Americans a spike in casual theft follows.\nFast food is expanding the use robotics to replace workers too. Doubtless other industries will follow. Elon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.", ">\n\n\nElon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.\n\nI think he has more immediate things to worry about.", ">\n\nWhat do you expect? 7% inflation with 3% raises and a president encouraging no raises to keep inflation down.", ">\n\nCredit card companies spend a hell of a lot of money in congress to make sure that number is as high as possible.", ">\n\nWhat exactly are they spending on and lobbying for?", ">\n\nI doubt they write reports on the stuff, but general rules and regulations (or spins on them) to maximize profits", ">\n\nOh hey, time to buy Visa stock.", ">\n\nYou mean bank stock?", ">\n\n\"At 19.6%, if you made minimum payments toward the average credit card balance — which is $5,474, according to Transunion — it would take you almost 17 years to pay off the debt and cost you more than $7,528 in interest\"", ">\n\nThis is why bankruptcy laws need to be changed! \nWhy is the rich and corporations allowed to wipe their debt clean and start fresh, yet the poor and middle class have to pay back?", ">\n\nThe single best thing the federal government can do is raise minimum wage. At this point, minimum wage needs to be around $25/hr.\nWhat most don't understand is that wages have been under attack since the 60s. Wages are so lean that they barely touch the bottom dollar. For a high volume manufacturer, you could double everyone's wages, and the sell price of goods made would need to increase by less than 1% to cover the added cost. For a low volume, labor intensive manufacturer, the sell price would only go up by 3% to 5%. The only hard hit industries are service industries were labor is the major component of the business. However, if your wages go from $40k a year to $80k a year, and you're rolling in $40,000, you're not going to care one bit that your Uber was $35 instead of $20. Your cereal will cost $0.01 more, and your new $2000 smart fridge will cost you $60 more. And for this financial burden EVERYBODY is making 2x income.\nThis is how far behind wages are because of a 60 year war against them. They almost don't matter to the sell price, but it's also the first thing management targets, because wages are costs and costs are evil.\nUltimately it's a self mutilating cycle of starvation and suffering for literally no good reason.\nWorse yet, we systematically stifle economic growth, buying power, and ultimately GDP. \nThe lack of adequate wages also drivers many social problems like crime and even mental illness. It drivers health issues and increases burdens on society for long term care. It also deters family planning, education, and social diversification.\nFrankly, the masochism of wage stagnation is wild. Why would you ever willfully chose suffering?", ">\n\nCould be worse. Round here I’ve seen credit cards with interest rates that can go up to 586% per year", ">\n\nWe have 3 credit cards that we used for bills and then just paid off immediately with actual cash. Then a funeral for my girlfriends grandma 2500 miles away caused us to max them out going to say goodbye. Now we've had that debt since June unable to catch up due to life's many cruel jokes. 😢", ">\n\nYou could have refused to go to the funeral or asked relatives for financial assistance. Admitting you can't go to a funeral because you can't afford it even if you want to shouldn't be looked down on.", ">\n\nUnfortunately funerals and the funeral industry are a massively exploitative affair designed to emotionally manipulate the fuck out of people to get their money. They go out of their way to make the cheap option like cremation into expensive items. O you wouldnt want your to be uncomfortable in the cardboard box before it burns, how about a $3k upgrade box to be burned?", ">\n\nI love how they're framing it like people are choosing to use credit cards. If this was honestly written it would sound more like \"46% of cardholders are forced to carry debt from month to month as expenses stay high\" or if they wanted to be neutral \"credit card use is high as a result of high expenses\" not this \"people are choosing to be poor\" shit.", ">\n\nThis is the kind of signal the fed is looking for to stop the rate hikes", ">\n\nNot at all surprised. Way too many people spending money they don't have. You're not entitled to have doordash every day because you're too important to get your own food (or even better to cook it). It seems like people are deciding what standard of living they deserve and then worrying about the cost after.", ">\n\nCan you please please please tell my wife this. She’s addicted to door dash and we even have a goddamn supermarket in our building.", ">\n\nI’ve never understood the allure to this. Paying premium prices for below average food that arrives luke warm at best", ">\n\nYou’ve never understood the allure to delivery?", ">\n\nDelivery in concept is fine. Doordash-style delivery is dumb if looked at in context.", ">\n\nWould you get heart surgery from someone who has never done heart surgery before?\nThe credit world is built on statistical analysis. If you have a history of managing debt well, you get a good score, and banks will give you the best rates. If you have a history of not managing debt well, you have a bad score and banks are going to give you high rates (or not lend to you at all) because you're a risk.\nIf you have no history and you're young you can get provisional cards, loans, etc. to start building it up. However, if you are older with no history and you suddenly start asking for credit, that's actually a big red flag.\nLike everything else in life, actions have consequences.", ">\n\nI received a credit card offer from my bank (Bank of America) at midnight on my 18th birthday. On the same day I got approved for a $500 limit credit card. They want to get you in as soon they can and keep you in the cycle of paying off the credit card just to put more stuff on it because all your money went to pay the credit card.", ">\n\nTake the card. Spend 10$ every month and pay off the card every month. Do no more or and no less and at least get a credit rating out of it.", ">\n\nA regular expense that is automatically deducted, like a streaming subscription, is a great way to accomplish this.\nI have a couple of older cards that I don't really use but haven't canceled because they're my oldest cards and I don't want to ding my account age. That's how I keep them active.", ">\n\nYou missed the part about an automatic payment! \nSetup at least automatic minimum payment to make sure you never get penalized for missing entirely, and then even better setup FULL automatic payment if you know you can afford to pay off the limit if you ever forgot.", ">\n\nI've never done automatic payment, as my budget software reminds me to pay it, but that's a good idea.", ">\n\nLook at this gal with the B word.", ">\n\nThat is a fuck ton to go out. Like even once a week is a luxury most people can't afford.", ">\n\nYea what the fuck.. I make an ok salary and i am still eating out maybe once or twice every two weeks. Saving and investing is still difficult.", ">\n\nShopping around for credit cards is very important if you're going to do this. I have a fixed 4.99% mbna card that I'll keep until i die. Low fix apr's with no annual fees is the way to go. If you can keep a 0.00 balance, use credit cards for everything and rack up on bonus points. That takes discipline tho.", ">\n\nEveryone needs to consider reducing expenses before using credit cards.\nSell your stuff, divest assets, learn to live with less stuff and things and most importantly, learn to say no to both others and your self. Financial discipline starts with you.", ">\n\nNo we should actually be protesting and striking. We do not need to lick boots.", ">\n\nr/usernamechecksout", ">\n\nMonth to month?! I've carried the same debt for years! Who are these rich money bags that were able to pay off thier credit card in a month and then had to do it again the next month?!", ">\n\nI would rather go hungry, than use a credit card for an expense i can’t afford. I pay off my balance as soon as it shows up on my account. Keeps things very simple. I’m not taking a loan, it’s my money I’m spending.\nBut I well understand the credit trap, and am terrified of it. It’s easy to slip.", ">\n\nNo need to be over dramatic.", ">\n\nIf you treat your financial well-being seriously… it’s being “diligent” not dramatic. \nNot being trapped in debt your whole life is a serious thing. People can kill themselves over debt. It can ruin lives.", ">\n\nYou’re still doing it. You can pay down credit card debt, especially if it’s a grocery bill or two. It will not ruin you and there is no reason to be terrified.", ">\n\nI don’t think you realize how habits are formed. \nAnd I don’t think it’s a good look to for you to dismiss good financial health as “being dramatic”. \nCredit cards are a curse to many, but if you’re smart they benefit you." ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou.", ">\n\nYea I do that on one of my cards but it's 0% interest for 24 months so why wouldn't I?", ">\n\nNothing more American than trying to accumulate $30 trillion dollars of debt", ">\n\nFraud is the future. Breached forums (Breached.vc) The financial industry and Department of Justice have been subverted by the rich and well connected. \nCompanies like Walmart and Target budget for theft.", ">\n\nIt looks like when big retail eliminates countless cashier positions that provided sustenance to working class Americans a spike in casual theft follows.\nFast food is expanding the use robotics to replace workers too. Doubtless other industries will follow. Elon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.", ">\n\n\nElon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.\n\nI think he has more immediate things to worry about.", ">\n\nWhat do you expect? 7% inflation with 3% raises and a president encouraging no raises to keep inflation down.", ">\n\nCredit card companies spend a hell of a lot of money in congress to make sure that number is as high as possible.", ">\n\nWhat exactly are they spending on and lobbying for?", ">\n\nI doubt they write reports on the stuff, but general rules and regulations (or spins on them) to maximize profits", ">\n\nOh hey, time to buy Visa stock.", ">\n\nYou mean bank stock?", ">\n\n\"At 19.6%, if you made minimum payments toward the average credit card balance — which is $5,474, according to Transunion — it would take you almost 17 years to pay off the debt and cost you more than $7,528 in interest\"", ">\n\nThis is why bankruptcy laws need to be changed! \nWhy is the rich and corporations allowed to wipe their debt clean and start fresh, yet the poor and middle class have to pay back?", ">\n\nThe single best thing the federal government can do is raise minimum wage. At this point, minimum wage needs to be around $25/hr.\nWhat most don't understand is that wages have been under attack since the 60s. Wages are so lean that they barely touch the bottom dollar. For a high volume manufacturer, you could double everyone's wages, and the sell price of goods made would need to increase by less than 1% to cover the added cost. For a low volume, labor intensive manufacturer, the sell price would only go up by 3% to 5%. The only hard hit industries are service industries were labor is the major component of the business. However, if your wages go from $40k a year to $80k a year, and you're rolling in $40,000, you're not going to care one bit that your Uber was $35 instead of $20. Your cereal will cost $0.01 more, and your new $2000 smart fridge will cost you $60 more. And for this financial burden EVERYBODY is making 2x income.\nThis is how far behind wages are because of a 60 year war against them. They almost don't matter to the sell price, but it's also the first thing management targets, because wages are costs and costs are evil.\nUltimately it's a self mutilating cycle of starvation and suffering for literally no good reason.\nWorse yet, we systematically stifle economic growth, buying power, and ultimately GDP. \nThe lack of adequate wages also drivers many social problems like crime and even mental illness. It drivers health issues and increases burdens on society for long term care. It also deters family planning, education, and social diversification.\nFrankly, the masochism of wage stagnation is wild. Why would you ever willfully chose suffering?", ">\n\nCould be worse. Round here I’ve seen credit cards with interest rates that can go up to 586% per year", ">\n\nWe have 3 credit cards that we used for bills and then just paid off immediately with actual cash. Then a funeral for my girlfriends grandma 2500 miles away caused us to max them out going to say goodbye. Now we've had that debt since June unable to catch up due to life's many cruel jokes. 😢", ">\n\nYou could have refused to go to the funeral or asked relatives for financial assistance. Admitting you can't go to a funeral because you can't afford it even if you want to shouldn't be looked down on.", ">\n\nUnfortunately funerals and the funeral industry are a massively exploitative affair designed to emotionally manipulate the fuck out of people to get their money. They go out of their way to make the cheap option like cremation into expensive items. O you wouldnt want your to be uncomfortable in the cardboard box before it burns, how about a $3k upgrade box to be burned?", ">\n\nI love how they're framing it like people are choosing to use credit cards. If this was honestly written it would sound more like \"46% of cardholders are forced to carry debt from month to month as expenses stay high\" or if they wanted to be neutral \"credit card use is high as a result of high expenses\" not this \"people are choosing to be poor\" shit.", ">\n\nThis is the kind of signal the fed is looking for to stop the rate hikes", ">\n\nNot at all surprised. Way too many people spending money they don't have. You're not entitled to have doordash every day because you're too important to get your own food (or even better to cook it). It seems like people are deciding what standard of living they deserve and then worrying about the cost after.", ">\n\nCan you please please please tell my wife this. She’s addicted to door dash and we even have a goddamn supermarket in our building.", ">\n\nI’ve never understood the allure to this. Paying premium prices for below average food that arrives luke warm at best", ">\n\nYou’ve never understood the allure to delivery?", ">\n\nDelivery in concept is fine. Doordash-style delivery is dumb if looked at in context.", ">\n\nWould you get heart surgery from someone who has never done heart surgery before?\nThe credit world is built on statistical analysis. If you have a history of managing debt well, you get a good score, and banks will give you the best rates. If you have a history of not managing debt well, you have a bad score and banks are going to give you high rates (or not lend to you at all) because you're a risk.\nIf you have no history and you're young you can get provisional cards, loans, etc. to start building it up. However, if you are older with no history and you suddenly start asking for credit, that's actually a big red flag.\nLike everything else in life, actions have consequences.", ">\n\nI received a credit card offer from my bank (Bank of America) at midnight on my 18th birthday. On the same day I got approved for a $500 limit credit card. They want to get you in as soon they can and keep you in the cycle of paying off the credit card just to put more stuff on it because all your money went to pay the credit card.", ">\n\nTake the card. Spend 10$ every month and pay off the card every month. Do no more or and no less and at least get a credit rating out of it.", ">\n\nA regular expense that is automatically deducted, like a streaming subscription, is a great way to accomplish this.\nI have a couple of older cards that I don't really use but haven't canceled because they're my oldest cards and I don't want to ding my account age. That's how I keep them active.", ">\n\nYou missed the part about an automatic payment! \nSetup at least automatic minimum payment to make sure you never get penalized for missing entirely, and then even better setup FULL automatic payment if you know you can afford to pay off the limit if you ever forgot.", ">\n\nI've never done automatic payment, as my budget software reminds me to pay it, but that's a good idea.", ">\n\nLook at this gal with the B word.", ">\n\nThat is a fuck ton to go out. Like even once a week is a luxury most people can't afford.", ">\n\nYea what the fuck.. I make an ok salary and i am still eating out maybe once or twice every two weeks. Saving and investing is still difficult.", ">\n\nShopping around for credit cards is very important if you're going to do this. I have a fixed 4.99% mbna card that I'll keep until i die. Low fix apr's with no annual fees is the way to go. If you can keep a 0.00 balance, use credit cards for everything and rack up on bonus points. That takes discipline tho.", ">\n\nEveryone needs to consider reducing expenses before using credit cards.\nSell your stuff, divest assets, learn to live with less stuff and things and most importantly, learn to say no to both others and your self. Financial discipline starts with you.", ">\n\nNo we should actually be protesting and striking. We do not need to lick boots.", ">\n\nr/usernamechecksout", ">\n\nMonth to month?! I've carried the same debt for years! Who are these rich money bags that were able to pay off thier credit card in a month and then had to do it again the next month?!", ">\n\nI would rather go hungry, than use a credit card for an expense i can’t afford. I pay off my balance as soon as it shows up on my account. Keeps things very simple. I’m not taking a loan, it’s my money I’m spending.\nBut I well understand the credit trap, and am terrified of it. It’s easy to slip.", ">\n\nNo need to be over dramatic.", ">\n\nIf you treat your financial well-being seriously… it’s being “diligent” not dramatic. \nNot being trapped in debt your whole life is a serious thing. People can kill themselves over debt. It can ruin lives.", ">\n\nYou’re still doing it. You can pay down credit card debt, especially if it’s a grocery bill or two. It will not ruin you and there is no reason to be terrified.", ">\n\nI don’t think you realize how habits are formed. \nAnd I don’t think it’s a good look to for you to dismiss good financial health as “being dramatic”. \nCredit cards are a curse to many, but if you’re smart they benefit you.", ">\n\nIt’s not good advice to tell people they should be so terrified of credit card debt and it’s a better alternative to go hungry. Buy a bag of rice/beans/potatoes and some chicken and eat. Credit card debt isn’t good, but you’re being dramatic." ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou.", ">\n\nYea I do that on one of my cards but it's 0% interest for 24 months so why wouldn't I?", ">\n\nNothing more American than trying to accumulate $30 trillion dollars of debt", ">\n\nFraud is the future. Breached forums (Breached.vc) The financial industry and Department of Justice have been subverted by the rich and well connected. \nCompanies like Walmart and Target budget for theft.", ">\n\nIt looks like when big retail eliminates countless cashier positions that provided sustenance to working class Americans a spike in casual theft follows.\nFast food is expanding the use robotics to replace workers too. Doubtless other industries will follow. Elon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.", ">\n\n\nElon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.\n\nI think he has more immediate things to worry about.", ">\n\nWhat do you expect? 7% inflation with 3% raises and a president encouraging no raises to keep inflation down.", ">\n\nCredit card companies spend a hell of a lot of money in congress to make sure that number is as high as possible.", ">\n\nWhat exactly are they spending on and lobbying for?", ">\n\nI doubt they write reports on the stuff, but general rules and regulations (or spins on them) to maximize profits", ">\n\nOh hey, time to buy Visa stock.", ">\n\nYou mean bank stock?", ">\n\n\"At 19.6%, if you made minimum payments toward the average credit card balance — which is $5,474, according to Transunion — it would take you almost 17 years to pay off the debt and cost you more than $7,528 in interest\"", ">\n\nThis is why bankruptcy laws need to be changed! \nWhy is the rich and corporations allowed to wipe their debt clean and start fresh, yet the poor and middle class have to pay back?", ">\n\nThe single best thing the federal government can do is raise minimum wage. At this point, minimum wage needs to be around $25/hr.\nWhat most don't understand is that wages have been under attack since the 60s. Wages are so lean that they barely touch the bottom dollar. For a high volume manufacturer, you could double everyone's wages, and the sell price of goods made would need to increase by less than 1% to cover the added cost. For a low volume, labor intensive manufacturer, the sell price would only go up by 3% to 5%. The only hard hit industries are service industries were labor is the major component of the business. However, if your wages go from $40k a year to $80k a year, and you're rolling in $40,000, you're not going to care one bit that your Uber was $35 instead of $20. Your cereal will cost $0.01 more, and your new $2000 smart fridge will cost you $60 more. And for this financial burden EVERYBODY is making 2x income.\nThis is how far behind wages are because of a 60 year war against them. They almost don't matter to the sell price, but it's also the first thing management targets, because wages are costs and costs are evil.\nUltimately it's a self mutilating cycle of starvation and suffering for literally no good reason.\nWorse yet, we systematically stifle economic growth, buying power, and ultimately GDP. \nThe lack of adequate wages also drivers many social problems like crime and even mental illness. It drivers health issues and increases burdens on society for long term care. It also deters family planning, education, and social diversification.\nFrankly, the masochism of wage stagnation is wild. Why would you ever willfully chose suffering?", ">\n\nCould be worse. Round here I’ve seen credit cards with interest rates that can go up to 586% per year", ">\n\nWe have 3 credit cards that we used for bills and then just paid off immediately with actual cash. Then a funeral for my girlfriends grandma 2500 miles away caused us to max them out going to say goodbye. Now we've had that debt since June unable to catch up due to life's many cruel jokes. 😢", ">\n\nYou could have refused to go to the funeral or asked relatives for financial assistance. Admitting you can't go to a funeral because you can't afford it even if you want to shouldn't be looked down on.", ">\n\nUnfortunately funerals and the funeral industry are a massively exploitative affair designed to emotionally manipulate the fuck out of people to get their money. They go out of their way to make the cheap option like cremation into expensive items. O you wouldnt want your to be uncomfortable in the cardboard box before it burns, how about a $3k upgrade box to be burned?", ">\n\nI love how they're framing it like people are choosing to use credit cards. If this was honestly written it would sound more like \"46% of cardholders are forced to carry debt from month to month as expenses stay high\" or if they wanted to be neutral \"credit card use is high as a result of high expenses\" not this \"people are choosing to be poor\" shit.", ">\n\nThis is the kind of signal the fed is looking for to stop the rate hikes", ">\n\nNot at all surprised. Way too many people spending money they don't have. You're not entitled to have doordash every day because you're too important to get your own food (or even better to cook it). It seems like people are deciding what standard of living they deserve and then worrying about the cost after.", ">\n\nCan you please please please tell my wife this. She’s addicted to door dash and we even have a goddamn supermarket in our building.", ">\n\nI’ve never understood the allure to this. Paying premium prices for below average food that arrives luke warm at best", ">\n\nYou’ve never understood the allure to delivery?", ">\n\nDelivery in concept is fine. Doordash-style delivery is dumb if looked at in context.", ">\n\nWould you get heart surgery from someone who has never done heart surgery before?\nThe credit world is built on statistical analysis. If you have a history of managing debt well, you get a good score, and banks will give you the best rates. If you have a history of not managing debt well, you have a bad score and banks are going to give you high rates (or not lend to you at all) because you're a risk.\nIf you have no history and you're young you can get provisional cards, loans, etc. to start building it up. However, if you are older with no history and you suddenly start asking for credit, that's actually a big red flag.\nLike everything else in life, actions have consequences.", ">\n\nI received a credit card offer from my bank (Bank of America) at midnight on my 18th birthday. On the same day I got approved for a $500 limit credit card. They want to get you in as soon they can and keep you in the cycle of paying off the credit card just to put more stuff on it because all your money went to pay the credit card.", ">\n\nTake the card. Spend 10$ every month and pay off the card every month. Do no more or and no less and at least get a credit rating out of it.", ">\n\nA regular expense that is automatically deducted, like a streaming subscription, is a great way to accomplish this.\nI have a couple of older cards that I don't really use but haven't canceled because they're my oldest cards and I don't want to ding my account age. That's how I keep them active.", ">\n\nYou missed the part about an automatic payment! \nSetup at least automatic minimum payment to make sure you never get penalized for missing entirely, and then even better setup FULL automatic payment if you know you can afford to pay off the limit if you ever forgot.", ">\n\nI've never done automatic payment, as my budget software reminds me to pay it, but that's a good idea.", ">\n\nLook at this gal with the B word.", ">\n\nThat is a fuck ton to go out. Like even once a week is a luxury most people can't afford.", ">\n\nYea what the fuck.. I make an ok salary and i am still eating out maybe once or twice every two weeks. Saving and investing is still difficult.", ">\n\nShopping around for credit cards is very important if you're going to do this. I have a fixed 4.99% mbna card that I'll keep until i die. Low fix apr's with no annual fees is the way to go. If you can keep a 0.00 balance, use credit cards for everything and rack up on bonus points. That takes discipline tho.", ">\n\nEveryone needs to consider reducing expenses before using credit cards.\nSell your stuff, divest assets, learn to live with less stuff and things and most importantly, learn to say no to both others and your self. Financial discipline starts with you.", ">\n\nNo we should actually be protesting and striking. We do not need to lick boots.", ">\n\nr/usernamechecksout", ">\n\nMonth to month?! I've carried the same debt for years! Who are these rich money bags that were able to pay off thier credit card in a month and then had to do it again the next month?!", ">\n\nI would rather go hungry, than use a credit card for an expense i can’t afford. I pay off my balance as soon as it shows up on my account. Keeps things very simple. I’m not taking a loan, it’s my money I’m spending.\nBut I well understand the credit trap, and am terrified of it. It’s easy to slip.", ">\n\nNo need to be over dramatic.", ">\n\nIf you treat your financial well-being seriously… it’s being “diligent” not dramatic. \nNot being trapped in debt your whole life is a serious thing. People can kill themselves over debt. It can ruin lives.", ">\n\nYou’re still doing it. You can pay down credit card debt, especially if it’s a grocery bill or two. It will not ruin you and there is no reason to be terrified.", ">\n\nI don’t think you realize how habits are formed. \nAnd I don’t think it’s a good look to for you to dismiss good financial health as “being dramatic”. \nCredit cards are a curse to many, but if you’re smart they benefit you.", ">\n\nIt’s not good advice to tell people they should be so terrified of credit card debt and it’s a better alternative to go hungry. Buy a bag of rice/beans/potatoes and some chicken and eat. Credit card debt isn’t good, but you’re being dramatic.", ">\n\nAgain… I don’t think you understand how habits are formed. And I would go hungry ( or eat far cheaper, obviously ) than buy what I want on a credit card if I didn’t think I could pay it off in time. It’s literally how they get you. \nNo wonder people get caught in the credit card debt trap with people like you having flippant attitudes. \nDenial of gratification or delayed gratification is a thing. It’ll save you a lot in the long run." ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou.", ">\n\nYea I do that on one of my cards but it's 0% interest for 24 months so why wouldn't I?", ">\n\nNothing more American than trying to accumulate $30 trillion dollars of debt", ">\n\nFraud is the future. Breached forums (Breached.vc) The financial industry and Department of Justice have been subverted by the rich and well connected. \nCompanies like Walmart and Target budget for theft.", ">\n\nIt looks like when big retail eliminates countless cashier positions that provided sustenance to working class Americans a spike in casual theft follows.\nFast food is expanding the use robotics to replace workers too. Doubtless other industries will follow. Elon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.", ">\n\n\nElon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.\n\nI think he has more immediate things to worry about.", ">\n\nWhat do you expect? 7% inflation with 3% raises and a president encouraging no raises to keep inflation down.", ">\n\nCredit card companies spend a hell of a lot of money in congress to make sure that number is as high as possible.", ">\n\nWhat exactly are they spending on and lobbying for?", ">\n\nI doubt they write reports on the stuff, but general rules and regulations (or spins on them) to maximize profits", ">\n\nOh hey, time to buy Visa stock.", ">\n\nYou mean bank stock?", ">\n\n\"At 19.6%, if you made minimum payments toward the average credit card balance — which is $5,474, according to Transunion — it would take you almost 17 years to pay off the debt and cost you more than $7,528 in interest\"", ">\n\nThis is why bankruptcy laws need to be changed! \nWhy is the rich and corporations allowed to wipe their debt clean and start fresh, yet the poor and middle class have to pay back?", ">\n\nThe single best thing the federal government can do is raise minimum wage. At this point, minimum wage needs to be around $25/hr.\nWhat most don't understand is that wages have been under attack since the 60s. Wages are so lean that they barely touch the bottom dollar. For a high volume manufacturer, you could double everyone's wages, and the sell price of goods made would need to increase by less than 1% to cover the added cost. For a low volume, labor intensive manufacturer, the sell price would only go up by 3% to 5%. The only hard hit industries are service industries were labor is the major component of the business. However, if your wages go from $40k a year to $80k a year, and you're rolling in $40,000, you're not going to care one bit that your Uber was $35 instead of $20. Your cereal will cost $0.01 more, and your new $2000 smart fridge will cost you $60 more. And for this financial burden EVERYBODY is making 2x income.\nThis is how far behind wages are because of a 60 year war against them. They almost don't matter to the sell price, but it's also the first thing management targets, because wages are costs and costs are evil.\nUltimately it's a self mutilating cycle of starvation and suffering for literally no good reason.\nWorse yet, we systematically stifle economic growth, buying power, and ultimately GDP. \nThe lack of adequate wages also drivers many social problems like crime and even mental illness. It drivers health issues and increases burdens on society for long term care. It also deters family planning, education, and social diversification.\nFrankly, the masochism of wage stagnation is wild. Why would you ever willfully chose suffering?", ">\n\nCould be worse. Round here I’ve seen credit cards with interest rates that can go up to 586% per year", ">\n\nWe have 3 credit cards that we used for bills and then just paid off immediately with actual cash. Then a funeral for my girlfriends grandma 2500 miles away caused us to max them out going to say goodbye. Now we've had that debt since June unable to catch up due to life's many cruel jokes. 😢", ">\n\nYou could have refused to go to the funeral or asked relatives for financial assistance. Admitting you can't go to a funeral because you can't afford it even if you want to shouldn't be looked down on.", ">\n\nUnfortunately funerals and the funeral industry are a massively exploitative affair designed to emotionally manipulate the fuck out of people to get their money. They go out of their way to make the cheap option like cremation into expensive items. O you wouldnt want your to be uncomfortable in the cardboard box before it burns, how about a $3k upgrade box to be burned?", ">\n\nI love how they're framing it like people are choosing to use credit cards. If this was honestly written it would sound more like \"46% of cardholders are forced to carry debt from month to month as expenses stay high\" or if they wanted to be neutral \"credit card use is high as a result of high expenses\" not this \"people are choosing to be poor\" shit.", ">\n\nThis is the kind of signal the fed is looking for to stop the rate hikes", ">\n\nNot at all surprised. Way too many people spending money they don't have. You're not entitled to have doordash every day because you're too important to get your own food (or even better to cook it). It seems like people are deciding what standard of living they deserve and then worrying about the cost after.", ">\n\nCan you please please please tell my wife this. She’s addicted to door dash and we even have a goddamn supermarket in our building.", ">\n\nI’ve never understood the allure to this. Paying premium prices for below average food that arrives luke warm at best", ">\n\nYou’ve never understood the allure to delivery?", ">\n\nDelivery in concept is fine. Doordash-style delivery is dumb if looked at in context.", ">\n\nWould you get heart surgery from someone who has never done heart surgery before?\nThe credit world is built on statistical analysis. If you have a history of managing debt well, you get a good score, and banks will give you the best rates. If you have a history of not managing debt well, you have a bad score and banks are going to give you high rates (or not lend to you at all) because you're a risk.\nIf you have no history and you're young you can get provisional cards, loans, etc. to start building it up. However, if you are older with no history and you suddenly start asking for credit, that's actually a big red flag.\nLike everything else in life, actions have consequences.", ">\n\nI received a credit card offer from my bank (Bank of America) at midnight on my 18th birthday. On the same day I got approved for a $500 limit credit card. They want to get you in as soon they can and keep you in the cycle of paying off the credit card just to put more stuff on it because all your money went to pay the credit card.", ">\n\nTake the card. Spend 10$ every month and pay off the card every month. Do no more or and no less and at least get a credit rating out of it.", ">\n\nA regular expense that is automatically deducted, like a streaming subscription, is a great way to accomplish this.\nI have a couple of older cards that I don't really use but haven't canceled because they're my oldest cards and I don't want to ding my account age. That's how I keep them active.", ">\n\nYou missed the part about an automatic payment! \nSetup at least automatic minimum payment to make sure you never get penalized for missing entirely, and then even better setup FULL automatic payment if you know you can afford to pay off the limit if you ever forgot.", ">\n\nI've never done automatic payment, as my budget software reminds me to pay it, but that's a good idea.", ">\n\nLook at this gal with the B word.", ">\n\nThat is a fuck ton to go out. Like even once a week is a luxury most people can't afford.", ">\n\nYea what the fuck.. I make an ok salary and i am still eating out maybe once or twice every two weeks. Saving and investing is still difficult.", ">\n\nShopping around for credit cards is very important if you're going to do this. I have a fixed 4.99% mbna card that I'll keep until i die. Low fix apr's with no annual fees is the way to go. If you can keep a 0.00 balance, use credit cards for everything and rack up on bonus points. That takes discipline tho.", ">\n\nEveryone needs to consider reducing expenses before using credit cards.\nSell your stuff, divest assets, learn to live with less stuff and things and most importantly, learn to say no to both others and your self. Financial discipline starts with you.", ">\n\nNo we should actually be protesting and striking. We do not need to lick boots.", ">\n\nr/usernamechecksout", ">\n\nMonth to month?! I've carried the same debt for years! Who are these rich money bags that were able to pay off thier credit card in a month and then had to do it again the next month?!", ">\n\nI would rather go hungry, than use a credit card for an expense i can’t afford. I pay off my balance as soon as it shows up on my account. Keeps things very simple. I’m not taking a loan, it’s my money I’m spending.\nBut I well understand the credit trap, and am terrified of it. It’s easy to slip.", ">\n\nNo need to be over dramatic.", ">\n\nIf you treat your financial well-being seriously… it’s being “diligent” not dramatic. \nNot being trapped in debt your whole life is a serious thing. People can kill themselves over debt. It can ruin lives.", ">\n\nYou’re still doing it. You can pay down credit card debt, especially if it’s a grocery bill or two. It will not ruin you and there is no reason to be terrified.", ">\n\nI don’t think you realize how habits are formed. \nAnd I don’t think it’s a good look to for you to dismiss good financial health as “being dramatic”. \nCredit cards are a curse to many, but if you’re smart they benefit you.", ">\n\nIt’s not good advice to tell people they should be so terrified of credit card debt and it’s a better alternative to go hungry. Buy a bag of rice/beans/potatoes and some chicken and eat. Credit card debt isn’t good, but you’re being dramatic.", ">\n\nAgain… I don’t think you understand how habits are formed. And I would go hungry ( or eat far cheaper, obviously ) than buy what I want on a credit card if I didn’t think I could pay it off in time. It’s literally how they get you. \nNo wonder people get caught in the credit card debt trap with people like you having flippant attitudes. \nDenial of gratification or delayed gratification is a thing. It’ll save you a lot in the long run.", ">\n\nI understand what you’re saying I just don’t agree. Delayed gratification lol… we’re talking about being able to eat not buying a new laptop. You can float a grocery bill on a credit card, especially if the alternative is going hungry. The idea that you should be terrified by that amount of debt is ridiculous. It’s fine to warn about credit cards but again, don’t be so dramatic." ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou.", ">\n\nYea I do that on one of my cards but it's 0% interest for 24 months so why wouldn't I?", ">\n\nNothing more American than trying to accumulate $30 trillion dollars of debt", ">\n\nFraud is the future. Breached forums (Breached.vc) The financial industry and Department of Justice have been subverted by the rich and well connected. \nCompanies like Walmart and Target budget for theft.", ">\n\nIt looks like when big retail eliminates countless cashier positions that provided sustenance to working class Americans a spike in casual theft follows.\nFast food is expanding the use robotics to replace workers too. Doubtless other industries will follow. Elon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.", ">\n\n\nElon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.\n\nI think he has more immediate things to worry about.", ">\n\nWhat do you expect? 7% inflation with 3% raises and a president encouraging no raises to keep inflation down.", ">\n\nCredit card companies spend a hell of a lot of money in congress to make sure that number is as high as possible.", ">\n\nWhat exactly are they spending on and lobbying for?", ">\n\nI doubt they write reports on the stuff, but general rules and regulations (or spins on them) to maximize profits", ">\n\nOh hey, time to buy Visa stock.", ">\n\nYou mean bank stock?", ">\n\n\"At 19.6%, if you made minimum payments toward the average credit card balance — which is $5,474, according to Transunion — it would take you almost 17 years to pay off the debt and cost you more than $7,528 in interest\"", ">\n\nThis is why bankruptcy laws need to be changed! \nWhy is the rich and corporations allowed to wipe their debt clean and start fresh, yet the poor and middle class have to pay back?", ">\n\nThe single best thing the federal government can do is raise minimum wage. At this point, minimum wage needs to be around $25/hr.\nWhat most don't understand is that wages have been under attack since the 60s. Wages are so lean that they barely touch the bottom dollar. For a high volume manufacturer, you could double everyone's wages, and the sell price of goods made would need to increase by less than 1% to cover the added cost. For a low volume, labor intensive manufacturer, the sell price would only go up by 3% to 5%. The only hard hit industries are service industries were labor is the major component of the business. However, if your wages go from $40k a year to $80k a year, and you're rolling in $40,000, you're not going to care one bit that your Uber was $35 instead of $20. Your cereal will cost $0.01 more, and your new $2000 smart fridge will cost you $60 more. And for this financial burden EVERYBODY is making 2x income.\nThis is how far behind wages are because of a 60 year war against them. They almost don't matter to the sell price, but it's also the first thing management targets, because wages are costs and costs are evil.\nUltimately it's a self mutilating cycle of starvation and suffering for literally no good reason.\nWorse yet, we systematically stifle economic growth, buying power, and ultimately GDP. \nThe lack of adequate wages also drivers many social problems like crime and even mental illness. It drivers health issues and increases burdens on society for long term care. It also deters family planning, education, and social diversification.\nFrankly, the masochism of wage stagnation is wild. Why would you ever willfully chose suffering?", ">\n\nCould be worse. Round here I’ve seen credit cards with interest rates that can go up to 586% per year", ">\n\nWe have 3 credit cards that we used for bills and then just paid off immediately with actual cash. Then a funeral for my girlfriends grandma 2500 miles away caused us to max them out going to say goodbye. Now we've had that debt since June unable to catch up due to life's many cruel jokes. 😢", ">\n\nYou could have refused to go to the funeral or asked relatives for financial assistance. Admitting you can't go to a funeral because you can't afford it even if you want to shouldn't be looked down on.", ">\n\nUnfortunately funerals and the funeral industry are a massively exploitative affair designed to emotionally manipulate the fuck out of people to get their money. They go out of their way to make the cheap option like cremation into expensive items. O you wouldnt want your to be uncomfortable in the cardboard box before it burns, how about a $3k upgrade box to be burned?", ">\n\nI love how they're framing it like people are choosing to use credit cards. If this was honestly written it would sound more like \"46% of cardholders are forced to carry debt from month to month as expenses stay high\" or if they wanted to be neutral \"credit card use is high as a result of high expenses\" not this \"people are choosing to be poor\" shit.", ">\n\nThis is the kind of signal the fed is looking for to stop the rate hikes", ">\n\nNot at all surprised. Way too many people spending money they don't have. You're not entitled to have doordash every day because you're too important to get your own food (or even better to cook it). It seems like people are deciding what standard of living they deserve and then worrying about the cost after.", ">\n\nCan you please please please tell my wife this. She’s addicted to door dash and we even have a goddamn supermarket in our building.", ">\n\nI’ve never understood the allure to this. Paying premium prices for below average food that arrives luke warm at best", ">\n\nYou’ve never understood the allure to delivery?", ">\n\nDelivery in concept is fine. Doordash-style delivery is dumb if looked at in context.", ">\n\nWould you get heart surgery from someone who has never done heart surgery before?\nThe credit world is built on statistical analysis. If you have a history of managing debt well, you get a good score, and banks will give you the best rates. If you have a history of not managing debt well, you have a bad score and banks are going to give you high rates (or not lend to you at all) because you're a risk.\nIf you have no history and you're young you can get provisional cards, loans, etc. to start building it up. However, if you are older with no history and you suddenly start asking for credit, that's actually a big red flag.\nLike everything else in life, actions have consequences.", ">\n\nI received a credit card offer from my bank (Bank of America) at midnight on my 18th birthday. On the same day I got approved for a $500 limit credit card. They want to get you in as soon they can and keep you in the cycle of paying off the credit card just to put more stuff on it because all your money went to pay the credit card.", ">\n\nTake the card. Spend 10$ every month and pay off the card every month. Do no more or and no less and at least get a credit rating out of it.", ">\n\nA regular expense that is automatically deducted, like a streaming subscription, is a great way to accomplish this.\nI have a couple of older cards that I don't really use but haven't canceled because they're my oldest cards and I don't want to ding my account age. That's how I keep them active.", ">\n\nYou missed the part about an automatic payment! \nSetup at least automatic minimum payment to make sure you never get penalized for missing entirely, and then even better setup FULL automatic payment if you know you can afford to pay off the limit if you ever forgot.", ">\n\nI've never done automatic payment, as my budget software reminds me to pay it, but that's a good idea.", ">\n\nLook at this gal with the B word.", ">\n\nThat is a fuck ton to go out. Like even once a week is a luxury most people can't afford.", ">\n\nYea what the fuck.. I make an ok salary and i am still eating out maybe once or twice every two weeks. Saving and investing is still difficult.", ">\n\nShopping around for credit cards is very important if you're going to do this. I have a fixed 4.99% mbna card that I'll keep until i die. Low fix apr's with no annual fees is the way to go. If you can keep a 0.00 balance, use credit cards for everything and rack up on bonus points. That takes discipline tho.", ">\n\nEveryone needs to consider reducing expenses before using credit cards.\nSell your stuff, divest assets, learn to live with less stuff and things and most importantly, learn to say no to both others and your self. Financial discipline starts with you.", ">\n\nNo we should actually be protesting and striking. We do not need to lick boots.", ">\n\nr/usernamechecksout", ">\n\nMonth to month?! I've carried the same debt for years! Who are these rich money bags that were able to pay off thier credit card in a month and then had to do it again the next month?!", ">\n\nI would rather go hungry, than use a credit card for an expense i can’t afford. I pay off my balance as soon as it shows up on my account. Keeps things very simple. I’m not taking a loan, it’s my money I’m spending.\nBut I well understand the credit trap, and am terrified of it. It’s easy to slip.", ">\n\nNo need to be over dramatic.", ">\n\nIf you treat your financial well-being seriously… it’s being “diligent” not dramatic. \nNot being trapped in debt your whole life is a serious thing. People can kill themselves over debt. It can ruin lives.", ">\n\nYou’re still doing it. You can pay down credit card debt, especially if it’s a grocery bill or two. It will not ruin you and there is no reason to be terrified.", ">\n\nI don’t think you realize how habits are formed. \nAnd I don’t think it’s a good look to for you to dismiss good financial health as “being dramatic”. \nCredit cards are a curse to many, but if you’re smart they benefit you.", ">\n\nIt’s not good advice to tell people they should be so terrified of credit card debt and it’s a better alternative to go hungry. Buy a bag of rice/beans/potatoes and some chicken and eat. Credit card debt isn’t good, but you’re being dramatic.", ">\n\nAgain… I don’t think you understand how habits are formed. And I would go hungry ( or eat far cheaper, obviously ) than buy what I want on a credit card if I didn’t think I could pay it off in time. It’s literally how they get you. \nNo wonder people get caught in the credit card debt trap with people like you having flippant attitudes. \nDenial of gratification or delayed gratification is a thing. It’ll save you a lot in the long run.", ">\n\nI understand what you’re saying I just don’t agree. Delayed gratification lol… we’re talking about being able to eat not buying a new laptop. You can float a grocery bill on a credit card, especially if the alternative is going hungry. The idea that you should be terrified by that amount of debt is ridiculous. It’s fine to warn about credit cards but again, don’t be so dramatic.", ">\n\nAs a European I will never understand why you guys even bother with credit cards for the following reasons:\n\nWhy not use debit? It's mone you actually own and you don't have to deal with paying it back or forgetting about it.\nWhy does your credit score system work like that? It feels so alien to me, why don't they just rank it based on how well you repay other debts like car payments, student loan payments, phone payments, spotify etc?\nWhy isn't a credit card automatically locked if you fail to pay last month's balance until you repaid the debt?\n\nIf someone could enlighten me on this I'd actually be grateful." ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou.", ">\n\nYea I do that on one of my cards but it's 0% interest for 24 months so why wouldn't I?", ">\n\nNothing more American than trying to accumulate $30 trillion dollars of debt", ">\n\nFraud is the future. Breached forums (Breached.vc) The financial industry and Department of Justice have been subverted by the rich and well connected. \nCompanies like Walmart and Target budget for theft.", ">\n\nIt looks like when big retail eliminates countless cashier positions that provided sustenance to working class Americans a spike in casual theft follows.\nFast food is expanding the use robotics to replace workers too. Doubtless other industries will follow. Elon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.", ">\n\n\nElon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.\n\nI think he has more immediate things to worry about.", ">\n\nWhat do you expect? 7% inflation with 3% raises and a president encouraging no raises to keep inflation down.", ">\n\nCredit card companies spend a hell of a lot of money in congress to make sure that number is as high as possible.", ">\n\nWhat exactly are they spending on and lobbying for?", ">\n\nI doubt they write reports on the stuff, but general rules and regulations (or spins on them) to maximize profits", ">\n\nOh hey, time to buy Visa stock.", ">\n\nYou mean bank stock?", ">\n\n\"At 19.6%, if you made minimum payments toward the average credit card balance — which is $5,474, according to Transunion — it would take you almost 17 years to pay off the debt and cost you more than $7,528 in interest\"", ">\n\nThis is why bankruptcy laws need to be changed! \nWhy is the rich and corporations allowed to wipe their debt clean and start fresh, yet the poor and middle class have to pay back?", ">\n\nThe single best thing the federal government can do is raise minimum wage. At this point, minimum wage needs to be around $25/hr.\nWhat most don't understand is that wages have been under attack since the 60s. Wages are so lean that they barely touch the bottom dollar. For a high volume manufacturer, you could double everyone's wages, and the sell price of goods made would need to increase by less than 1% to cover the added cost. For a low volume, labor intensive manufacturer, the sell price would only go up by 3% to 5%. The only hard hit industries are service industries were labor is the major component of the business. However, if your wages go from $40k a year to $80k a year, and you're rolling in $40,000, you're not going to care one bit that your Uber was $35 instead of $20. Your cereal will cost $0.01 more, and your new $2000 smart fridge will cost you $60 more. And for this financial burden EVERYBODY is making 2x income.\nThis is how far behind wages are because of a 60 year war against them. They almost don't matter to the sell price, but it's also the first thing management targets, because wages are costs and costs are evil.\nUltimately it's a self mutilating cycle of starvation and suffering for literally no good reason.\nWorse yet, we systematically stifle economic growth, buying power, and ultimately GDP. \nThe lack of adequate wages also drivers many social problems like crime and even mental illness. It drivers health issues and increases burdens on society for long term care. It also deters family planning, education, and social diversification.\nFrankly, the masochism of wage stagnation is wild. Why would you ever willfully chose suffering?", ">\n\nCould be worse. Round here I’ve seen credit cards with interest rates that can go up to 586% per year", ">\n\nWe have 3 credit cards that we used for bills and then just paid off immediately with actual cash. Then a funeral for my girlfriends grandma 2500 miles away caused us to max them out going to say goodbye. Now we've had that debt since June unable to catch up due to life's many cruel jokes. 😢", ">\n\nYou could have refused to go to the funeral or asked relatives for financial assistance. Admitting you can't go to a funeral because you can't afford it even if you want to shouldn't be looked down on.", ">\n\nUnfortunately funerals and the funeral industry are a massively exploitative affair designed to emotionally manipulate the fuck out of people to get their money. They go out of their way to make the cheap option like cremation into expensive items. O you wouldnt want your to be uncomfortable in the cardboard box before it burns, how about a $3k upgrade box to be burned?", ">\n\nI love how they're framing it like people are choosing to use credit cards. If this was honestly written it would sound more like \"46% of cardholders are forced to carry debt from month to month as expenses stay high\" or if they wanted to be neutral \"credit card use is high as a result of high expenses\" not this \"people are choosing to be poor\" shit.", ">\n\nThis is the kind of signal the fed is looking for to stop the rate hikes", ">\n\nNot at all surprised. Way too many people spending money they don't have. You're not entitled to have doordash every day because you're too important to get your own food (or even better to cook it). It seems like people are deciding what standard of living they deserve and then worrying about the cost after.", ">\n\nCan you please please please tell my wife this. She’s addicted to door dash and we even have a goddamn supermarket in our building.", ">\n\nI’ve never understood the allure to this. Paying premium prices for below average food that arrives luke warm at best", ">\n\nYou’ve never understood the allure to delivery?", ">\n\nDelivery in concept is fine. Doordash-style delivery is dumb if looked at in context.", ">\n\nWould you get heart surgery from someone who has never done heart surgery before?\nThe credit world is built on statistical analysis. If you have a history of managing debt well, you get a good score, and banks will give you the best rates. If you have a history of not managing debt well, you have a bad score and banks are going to give you high rates (or not lend to you at all) because you're a risk.\nIf you have no history and you're young you can get provisional cards, loans, etc. to start building it up. However, if you are older with no history and you suddenly start asking for credit, that's actually a big red flag.\nLike everything else in life, actions have consequences.", ">\n\nI received a credit card offer from my bank (Bank of America) at midnight on my 18th birthday. On the same day I got approved for a $500 limit credit card. They want to get you in as soon they can and keep you in the cycle of paying off the credit card just to put more stuff on it because all your money went to pay the credit card.", ">\n\nTake the card. Spend 10$ every month and pay off the card every month. Do no more or and no less and at least get a credit rating out of it.", ">\n\nA regular expense that is automatically deducted, like a streaming subscription, is a great way to accomplish this.\nI have a couple of older cards that I don't really use but haven't canceled because they're my oldest cards and I don't want to ding my account age. That's how I keep them active.", ">\n\nYou missed the part about an automatic payment! \nSetup at least automatic minimum payment to make sure you never get penalized for missing entirely, and then even better setup FULL automatic payment if you know you can afford to pay off the limit if you ever forgot.", ">\n\nI've never done automatic payment, as my budget software reminds me to pay it, but that's a good idea.", ">\n\nLook at this gal with the B word.", ">\n\nThat is a fuck ton to go out. Like even once a week is a luxury most people can't afford.", ">\n\nYea what the fuck.. I make an ok salary and i am still eating out maybe once or twice every two weeks. Saving and investing is still difficult.", ">\n\nShopping around for credit cards is very important if you're going to do this. I have a fixed 4.99% mbna card that I'll keep until i die. Low fix apr's with no annual fees is the way to go. If you can keep a 0.00 balance, use credit cards for everything and rack up on bonus points. That takes discipline tho.", ">\n\nEveryone needs to consider reducing expenses before using credit cards.\nSell your stuff, divest assets, learn to live with less stuff and things and most importantly, learn to say no to both others and your self. Financial discipline starts with you.", ">\n\nNo we should actually be protesting and striking. We do not need to lick boots.", ">\n\nr/usernamechecksout", ">\n\nMonth to month?! I've carried the same debt for years! Who are these rich money bags that were able to pay off thier credit card in a month and then had to do it again the next month?!", ">\n\nI would rather go hungry, than use a credit card for an expense i can’t afford. I pay off my balance as soon as it shows up on my account. Keeps things very simple. I’m not taking a loan, it’s my money I’m spending.\nBut I well understand the credit trap, and am terrified of it. It’s easy to slip.", ">\n\nNo need to be over dramatic.", ">\n\nIf you treat your financial well-being seriously… it’s being “diligent” not dramatic. \nNot being trapped in debt your whole life is a serious thing. People can kill themselves over debt. It can ruin lives.", ">\n\nYou’re still doing it. You can pay down credit card debt, especially if it’s a grocery bill or two. It will not ruin you and there is no reason to be terrified.", ">\n\nI don’t think you realize how habits are formed. \nAnd I don’t think it’s a good look to for you to dismiss good financial health as “being dramatic”. \nCredit cards are a curse to many, but if you’re smart they benefit you.", ">\n\nIt’s not good advice to tell people they should be so terrified of credit card debt and it’s a better alternative to go hungry. Buy a bag of rice/beans/potatoes and some chicken and eat. Credit card debt isn’t good, but you’re being dramatic.", ">\n\nAgain… I don’t think you understand how habits are formed. And I would go hungry ( or eat far cheaper, obviously ) than buy what I want on a credit card if I didn’t think I could pay it off in time. It’s literally how they get you. \nNo wonder people get caught in the credit card debt trap with people like you having flippant attitudes. \nDenial of gratification or delayed gratification is a thing. It’ll save you a lot in the long run.", ">\n\nI understand what you’re saying I just don’t agree. Delayed gratification lol… we’re talking about being able to eat not buying a new laptop. You can float a grocery bill on a credit card, especially if the alternative is going hungry. The idea that you should be terrified by that amount of debt is ridiculous. It’s fine to warn about credit cards but again, don’t be so dramatic.", ">\n\nAs a European I will never understand why you guys even bother with credit cards for the following reasons:\n\nWhy not use debit? It's mone you actually own and you don't have to deal with paying it back or forgetting about it.\nWhy does your credit score system work like that? It feels so alien to me, why don't they just rank it based on how well you repay other debts like car payments, student loan payments, phone payments, spotify etc?\nWhy isn't a credit card automatically locked if you fail to pay last month's balance until you repaid the debt?\n\nIf someone could enlighten me on this I'd actually be grateful.", ">\n\nI got one because apparently having a credit history makes you look better when applying for bigger loans (house loans, personal loans for car repair, etc)." ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou.", ">\n\nYea I do that on one of my cards but it's 0% interest for 24 months so why wouldn't I?", ">\n\nNothing more American than trying to accumulate $30 trillion dollars of debt", ">\n\nFraud is the future. Breached forums (Breached.vc) The financial industry and Department of Justice have been subverted by the rich and well connected. \nCompanies like Walmart and Target budget for theft.", ">\n\nIt looks like when big retail eliminates countless cashier positions that provided sustenance to working class Americans a spike in casual theft follows.\nFast food is expanding the use robotics to replace workers too. Doubtless other industries will follow. Elon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.", ">\n\n\nElon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.\n\nI think he has more immediate things to worry about.", ">\n\nWhat do you expect? 7% inflation with 3% raises and a president encouraging no raises to keep inflation down.", ">\n\nCredit card companies spend a hell of a lot of money in congress to make sure that number is as high as possible.", ">\n\nWhat exactly are they spending on and lobbying for?", ">\n\nI doubt they write reports on the stuff, but general rules and regulations (or spins on them) to maximize profits", ">\n\nOh hey, time to buy Visa stock.", ">\n\nYou mean bank stock?", ">\n\n\"At 19.6%, if you made minimum payments toward the average credit card balance — which is $5,474, according to Transunion — it would take you almost 17 years to pay off the debt and cost you more than $7,528 in interest\"", ">\n\nThis is why bankruptcy laws need to be changed! \nWhy is the rich and corporations allowed to wipe their debt clean and start fresh, yet the poor and middle class have to pay back?", ">\n\nThe single best thing the federal government can do is raise minimum wage. At this point, minimum wage needs to be around $25/hr.\nWhat most don't understand is that wages have been under attack since the 60s. Wages are so lean that they barely touch the bottom dollar. For a high volume manufacturer, you could double everyone's wages, and the sell price of goods made would need to increase by less than 1% to cover the added cost. For a low volume, labor intensive manufacturer, the sell price would only go up by 3% to 5%. The only hard hit industries are service industries were labor is the major component of the business. However, if your wages go from $40k a year to $80k a year, and you're rolling in $40,000, you're not going to care one bit that your Uber was $35 instead of $20. Your cereal will cost $0.01 more, and your new $2000 smart fridge will cost you $60 more. And for this financial burden EVERYBODY is making 2x income.\nThis is how far behind wages are because of a 60 year war against them. They almost don't matter to the sell price, but it's also the first thing management targets, because wages are costs and costs are evil.\nUltimately it's a self mutilating cycle of starvation and suffering for literally no good reason.\nWorse yet, we systematically stifle economic growth, buying power, and ultimately GDP. \nThe lack of adequate wages also drivers many social problems like crime and even mental illness. It drivers health issues and increases burdens on society for long term care. It also deters family planning, education, and social diversification.\nFrankly, the masochism of wage stagnation is wild. Why would you ever willfully chose suffering?", ">\n\nCould be worse. Round here I’ve seen credit cards with interest rates that can go up to 586% per year", ">\n\nWe have 3 credit cards that we used for bills and then just paid off immediately with actual cash. Then a funeral for my girlfriends grandma 2500 miles away caused us to max them out going to say goodbye. Now we've had that debt since June unable to catch up due to life's many cruel jokes. 😢", ">\n\nYou could have refused to go to the funeral or asked relatives for financial assistance. Admitting you can't go to a funeral because you can't afford it even if you want to shouldn't be looked down on.", ">\n\nUnfortunately funerals and the funeral industry are a massively exploitative affair designed to emotionally manipulate the fuck out of people to get their money. They go out of their way to make the cheap option like cremation into expensive items. O you wouldnt want your to be uncomfortable in the cardboard box before it burns, how about a $3k upgrade box to be burned?", ">\n\nI love how they're framing it like people are choosing to use credit cards. If this was honestly written it would sound more like \"46% of cardholders are forced to carry debt from month to month as expenses stay high\" or if they wanted to be neutral \"credit card use is high as a result of high expenses\" not this \"people are choosing to be poor\" shit.", ">\n\nThis is the kind of signal the fed is looking for to stop the rate hikes", ">\n\nNot at all surprised. Way too many people spending money they don't have. You're not entitled to have doordash every day because you're too important to get your own food (or even better to cook it). It seems like people are deciding what standard of living they deserve and then worrying about the cost after.", ">\n\nCan you please please please tell my wife this. She’s addicted to door dash and we even have a goddamn supermarket in our building.", ">\n\nI’ve never understood the allure to this. Paying premium prices for below average food that arrives luke warm at best", ">\n\nYou’ve never understood the allure to delivery?", ">\n\nDelivery in concept is fine. Doordash-style delivery is dumb if looked at in context.", ">\n\nWould you get heart surgery from someone who has never done heart surgery before?\nThe credit world is built on statistical analysis. If you have a history of managing debt well, you get a good score, and banks will give you the best rates. If you have a history of not managing debt well, you have a bad score and banks are going to give you high rates (or not lend to you at all) because you're a risk.\nIf you have no history and you're young you can get provisional cards, loans, etc. to start building it up. However, if you are older with no history and you suddenly start asking for credit, that's actually a big red flag.\nLike everything else in life, actions have consequences.", ">\n\nI received a credit card offer from my bank (Bank of America) at midnight on my 18th birthday. On the same day I got approved for a $500 limit credit card. They want to get you in as soon they can and keep you in the cycle of paying off the credit card just to put more stuff on it because all your money went to pay the credit card.", ">\n\nTake the card. Spend 10$ every month and pay off the card every month. Do no more or and no less and at least get a credit rating out of it.", ">\n\nA regular expense that is automatically deducted, like a streaming subscription, is a great way to accomplish this.\nI have a couple of older cards that I don't really use but haven't canceled because they're my oldest cards and I don't want to ding my account age. That's how I keep them active.", ">\n\nYou missed the part about an automatic payment! \nSetup at least automatic minimum payment to make sure you never get penalized for missing entirely, and then even better setup FULL automatic payment if you know you can afford to pay off the limit if you ever forgot.", ">\n\nI've never done automatic payment, as my budget software reminds me to pay it, but that's a good idea.", ">\n\nLook at this gal with the B word.", ">\n\nThat is a fuck ton to go out. Like even once a week is a luxury most people can't afford.", ">\n\nYea what the fuck.. I make an ok salary and i am still eating out maybe once or twice every two weeks. Saving and investing is still difficult.", ">\n\nShopping around for credit cards is very important if you're going to do this. I have a fixed 4.99% mbna card that I'll keep until i die. Low fix apr's with no annual fees is the way to go. If you can keep a 0.00 balance, use credit cards for everything and rack up on bonus points. That takes discipline tho.", ">\n\nEveryone needs to consider reducing expenses before using credit cards.\nSell your stuff, divest assets, learn to live with less stuff and things and most importantly, learn to say no to both others and your self. Financial discipline starts with you.", ">\n\nNo we should actually be protesting and striking. We do not need to lick boots.", ">\n\nr/usernamechecksout", ">\n\nMonth to month?! I've carried the same debt for years! Who are these rich money bags that were able to pay off thier credit card in a month and then had to do it again the next month?!", ">\n\nI would rather go hungry, than use a credit card for an expense i can’t afford. I pay off my balance as soon as it shows up on my account. Keeps things very simple. I’m not taking a loan, it’s my money I’m spending.\nBut I well understand the credit trap, and am terrified of it. It’s easy to slip.", ">\n\nNo need to be over dramatic.", ">\n\nIf you treat your financial well-being seriously… it’s being “diligent” not dramatic. \nNot being trapped in debt your whole life is a serious thing. People can kill themselves over debt. It can ruin lives.", ">\n\nYou’re still doing it. You can pay down credit card debt, especially if it’s a grocery bill or two. It will not ruin you and there is no reason to be terrified.", ">\n\nI don’t think you realize how habits are formed. \nAnd I don’t think it’s a good look to for you to dismiss good financial health as “being dramatic”. \nCredit cards are a curse to many, but if you’re smart they benefit you.", ">\n\nIt’s not good advice to tell people they should be so terrified of credit card debt and it’s a better alternative to go hungry. Buy a bag of rice/beans/potatoes and some chicken and eat. Credit card debt isn’t good, but you’re being dramatic.", ">\n\nAgain… I don’t think you understand how habits are formed. And I would go hungry ( or eat far cheaper, obviously ) than buy what I want on a credit card if I didn’t think I could pay it off in time. It’s literally how they get you. \nNo wonder people get caught in the credit card debt trap with people like you having flippant attitudes. \nDenial of gratification or delayed gratification is a thing. It’ll save you a lot in the long run.", ">\n\nI understand what you’re saying I just don’t agree. Delayed gratification lol… we’re talking about being able to eat not buying a new laptop. You can float a grocery bill on a credit card, especially if the alternative is going hungry. The idea that you should be terrified by that amount of debt is ridiculous. It’s fine to warn about credit cards but again, don’t be so dramatic.", ">\n\nAs a European I will never understand why you guys even bother with credit cards for the following reasons:\n\nWhy not use debit? It's mone you actually own and you don't have to deal with paying it back or forgetting about it.\nWhy does your credit score system work like that? It feels so alien to me, why don't they just rank it based on how well you repay other debts like car payments, student loan payments, phone payments, spotify etc?\nWhy isn't a credit card automatically locked if you fail to pay last month's balance until you repaid the debt?\n\nIf someone could enlighten me on this I'd actually be grateful.", ">\n\nI got one because apparently having a credit history makes you look better when applying for bigger loans (house loans, personal loans for car repair, etc).", ">\n\nBut does it actually make that easier?" ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou.", ">\n\nYea I do that on one of my cards but it's 0% interest for 24 months so why wouldn't I?", ">\n\nNothing more American than trying to accumulate $30 trillion dollars of debt", ">\n\nFraud is the future. Breached forums (Breached.vc) The financial industry and Department of Justice have been subverted by the rich and well connected. \nCompanies like Walmart and Target budget for theft.", ">\n\nIt looks like when big retail eliminates countless cashier positions that provided sustenance to working class Americans a spike in casual theft follows.\nFast food is expanding the use robotics to replace workers too. Doubtless other industries will follow. Elon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.", ">\n\n\nElon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.\n\nI think he has more immediate things to worry about.", ">\n\nWhat do you expect? 7% inflation with 3% raises and a president encouraging no raises to keep inflation down.", ">\n\nCredit card companies spend a hell of a lot of money in congress to make sure that number is as high as possible.", ">\n\nWhat exactly are they spending on and lobbying for?", ">\n\nI doubt they write reports on the stuff, but general rules and regulations (or spins on them) to maximize profits", ">\n\nOh hey, time to buy Visa stock.", ">\n\nYou mean bank stock?", ">\n\n\"At 19.6%, if you made minimum payments toward the average credit card balance — which is $5,474, according to Transunion — it would take you almost 17 years to pay off the debt and cost you more than $7,528 in interest\"", ">\n\nThis is why bankruptcy laws need to be changed! \nWhy is the rich and corporations allowed to wipe their debt clean and start fresh, yet the poor and middle class have to pay back?", ">\n\nThe single best thing the federal government can do is raise minimum wage. At this point, minimum wage needs to be around $25/hr.\nWhat most don't understand is that wages have been under attack since the 60s. Wages are so lean that they barely touch the bottom dollar. For a high volume manufacturer, you could double everyone's wages, and the sell price of goods made would need to increase by less than 1% to cover the added cost. For a low volume, labor intensive manufacturer, the sell price would only go up by 3% to 5%. The only hard hit industries are service industries were labor is the major component of the business. However, if your wages go from $40k a year to $80k a year, and you're rolling in $40,000, you're not going to care one bit that your Uber was $35 instead of $20. Your cereal will cost $0.01 more, and your new $2000 smart fridge will cost you $60 more. And for this financial burden EVERYBODY is making 2x income.\nThis is how far behind wages are because of a 60 year war against them. They almost don't matter to the sell price, but it's also the first thing management targets, because wages are costs and costs are evil.\nUltimately it's a self mutilating cycle of starvation and suffering for literally no good reason.\nWorse yet, we systematically stifle economic growth, buying power, and ultimately GDP. \nThe lack of adequate wages also drivers many social problems like crime and even mental illness. It drivers health issues and increases burdens on society for long term care. It also deters family planning, education, and social diversification.\nFrankly, the masochism of wage stagnation is wild. Why would you ever willfully chose suffering?", ">\n\nCould be worse. Round here I’ve seen credit cards with interest rates that can go up to 586% per year", ">\n\nWe have 3 credit cards that we used for bills and then just paid off immediately with actual cash. Then a funeral for my girlfriends grandma 2500 miles away caused us to max them out going to say goodbye. Now we've had that debt since June unable to catch up due to life's many cruel jokes. 😢", ">\n\nYou could have refused to go to the funeral or asked relatives for financial assistance. Admitting you can't go to a funeral because you can't afford it even if you want to shouldn't be looked down on.", ">\n\nUnfortunately funerals and the funeral industry are a massively exploitative affair designed to emotionally manipulate the fuck out of people to get their money. They go out of their way to make the cheap option like cremation into expensive items. O you wouldnt want your to be uncomfortable in the cardboard box before it burns, how about a $3k upgrade box to be burned?", ">\n\nI love how they're framing it like people are choosing to use credit cards. If this was honestly written it would sound more like \"46% of cardholders are forced to carry debt from month to month as expenses stay high\" or if they wanted to be neutral \"credit card use is high as a result of high expenses\" not this \"people are choosing to be poor\" shit.", ">\n\nThis is the kind of signal the fed is looking for to stop the rate hikes", ">\n\nNot at all surprised. Way too many people spending money they don't have. You're not entitled to have doordash every day because you're too important to get your own food (or even better to cook it). It seems like people are deciding what standard of living they deserve and then worrying about the cost after.", ">\n\nCan you please please please tell my wife this. She’s addicted to door dash and we even have a goddamn supermarket in our building.", ">\n\nI’ve never understood the allure to this. Paying premium prices for below average food that arrives luke warm at best", ">\n\nYou’ve never understood the allure to delivery?", ">\n\nDelivery in concept is fine. Doordash-style delivery is dumb if looked at in context.", ">\n\nWould you get heart surgery from someone who has never done heart surgery before?\nThe credit world is built on statistical analysis. If you have a history of managing debt well, you get a good score, and banks will give you the best rates. If you have a history of not managing debt well, you have a bad score and banks are going to give you high rates (or not lend to you at all) because you're a risk.\nIf you have no history and you're young you can get provisional cards, loans, etc. to start building it up. However, if you are older with no history and you suddenly start asking for credit, that's actually a big red flag.\nLike everything else in life, actions have consequences.", ">\n\nI received a credit card offer from my bank (Bank of America) at midnight on my 18th birthday. On the same day I got approved for a $500 limit credit card. They want to get you in as soon they can and keep you in the cycle of paying off the credit card just to put more stuff on it because all your money went to pay the credit card.", ">\n\nTake the card. Spend 10$ every month and pay off the card every month. Do no more or and no less and at least get a credit rating out of it.", ">\n\nA regular expense that is automatically deducted, like a streaming subscription, is a great way to accomplish this.\nI have a couple of older cards that I don't really use but haven't canceled because they're my oldest cards and I don't want to ding my account age. That's how I keep them active.", ">\n\nYou missed the part about an automatic payment! \nSetup at least automatic minimum payment to make sure you never get penalized for missing entirely, and then even better setup FULL automatic payment if you know you can afford to pay off the limit if you ever forgot.", ">\n\nI've never done automatic payment, as my budget software reminds me to pay it, but that's a good idea.", ">\n\nLook at this gal with the B word.", ">\n\nThat is a fuck ton to go out. Like even once a week is a luxury most people can't afford.", ">\n\nYea what the fuck.. I make an ok salary and i am still eating out maybe once or twice every two weeks. Saving and investing is still difficult.", ">\n\nShopping around for credit cards is very important if you're going to do this. I have a fixed 4.99% mbna card that I'll keep until i die. Low fix apr's with no annual fees is the way to go. If you can keep a 0.00 balance, use credit cards for everything and rack up on bonus points. That takes discipline tho.", ">\n\nEveryone needs to consider reducing expenses before using credit cards.\nSell your stuff, divest assets, learn to live with less stuff and things and most importantly, learn to say no to both others and your self. Financial discipline starts with you.", ">\n\nNo we should actually be protesting and striking. We do not need to lick boots.", ">\n\nr/usernamechecksout", ">\n\nMonth to month?! I've carried the same debt for years! Who are these rich money bags that were able to pay off thier credit card in a month and then had to do it again the next month?!", ">\n\nI would rather go hungry, than use a credit card for an expense i can’t afford. I pay off my balance as soon as it shows up on my account. Keeps things very simple. I’m not taking a loan, it’s my money I’m spending.\nBut I well understand the credit trap, and am terrified of it. It’s easy to slip.", ">\n\nNo need to be over dramatic.", ">\n\nIf you treat your financial well-being seriously… it’s being “diligent” not dramatic. \nNot being trapped in debt your whole life is a serious thing. People can kill themselves over debt. It can ruin lives.", ">\n\nYou’re still doing it. You can pay down credit card debt, especially if it’s a grocery bill or two. It will not ruin you and there is no reason to be terrified.", ">\n\nI don’t think you realize how habits are formed. \nAnd I don’t think it’s a good look to for you to dismiss good financial health as “being dramatic”. \nCredit cards are a curse to many, but if you’re smart they benefit you.", ">\n\nIt’s not good advice to tell people they should be so terrified of credit card debt and it’s a better alternative to go hungry. Buy a bag of rice/beans/potatoes and some chicken and eat. Credit card debt isn’t good, but you’re being dramatic.", ">\n\nAgain… I don’t think you understand how habits are formed. And I would go hungry ( or eat far cheaper, obviously ) than buy what I want on a credit card if I didn’t think I could pay it off in time. It’s literally how they get you. \nNo wonder people get caught in the credit card debt trap with people like you having flippant attitudes. \nDenial of gratification or delayed gratification is a thing. It’ll save you a lot in the long run.", ">\n\nI understand what you’re saying I just don’t agree. Delayed gratification lol… we’re talking about being able to eat not buying a new laptop. You can float a grocery bill on a credit card, especially if the alternative is going hungry. The idea that you should be terrified by that amount of debt is ridiculous. It’s fine to warn about credit cards but again, don’t be so dramatic.", ">\n\nAs a European I will never understand why you guys even bother with credit cards for the following reasons:\n\nWhy not use debit? It's mone you actually own and you don't have to deal with paying it back or forgetting about it.\nWhy does your credit score system work like that? It feels so alien to me, why don't they just rank it based on how well you repay other debts like car payments, student loan payments, phone payments, spotify etc?\nWhy isn't a credit card automatically locked if you fail to pay last month's balance until you repaid the debt?\n\nIf someone could enlighten me on this I'd actually be grateful.", ">\n\nI got one because apparently having a credit history makes you look better when applying for bigger loans (house loans, personal loans for car repair, etc).", ">\n\nBut does it actually make that easier?", ">\n\nI have no idea, haven't needed to take out any loans, but since I'm using it as slush rather than taking on debt that I can't pay immediately, the practical impact is minimal for me. I'll let you know if I ever have the money for a deposit on a house, probably 2040 or so." ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou.", ">\n\nYea I do that on one of my cards but it's 0% interest for 24 months so why wouldn't I?", ">\n\nNothing more American than trying to accumulate $30 trillion dollars of debt", ">\n\nFraud is the future. Breached forums (Breached.vc) The financial industry and Department of Justice have been subverted by the rich and well connected. \nCompanies like Walmart and Target budget for theft.", ">\n\nIt looks like when big retail eliminates countless cashier positions that provided sustenance to working class Americans a spike in casual theft follows.\nFast food is expanding the use robotics to replace workers too. Doubtless other industries will follow. Elon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.", ">\n\n\nElon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.\n\nI think he has more immediate things to worry about.", ">\n\nWhat do you expect? 7% inflation with 3% raises and a president encouraging no raises to keep inflation down.", ">\n\nCredit card companies spend a hell of a lot of money in congress to make sure that number is as high as possible.", ">\n\nWhat exactly are they spending on and lobbying for?", ">\n\nI doubt they write reports on the stuff, but general rules and regulations (or spins on them) to maximize profits", ">\n\nOh hey, time to buy Visa stock.", ">\n\nYou mean bank stock?", ">\n\n\"At 19.6%, if you made minimum payments toward the average credit card balance — which is $5,474, according to Transunion — it would take you almost 17 years to pay off the debt and cost you more than $7,528 in interest\"", ">\n\nThis is why bankruptcy laws need to be changed! \nWhy is the rich and corporations allowed to wipe their debt clean and start fresh, yet the poor and middle class have to pay back?", ">\n\nThe single best thing the federal government can do is raise minimum wage. At this point, minimum wage needs to be around $25/hr.\nWhat most don't understand is that wages have been under attack since the 60s. Wages are so lean that they barely touch the bottom dollar. For a high volume manufacturer, you could double everyone's wages, and the sell price of goods made would need to increase by less than 1% to cover the added cost. For a low volume, labor intensive manufacturer, the sell price would only go up by 3% to 5%. The only hard hit industries are service industries were labor is the major component of the business. However, if your wages go from $40k a year to $80k a year, and you're rolling in $40,000, you're not going to care one bit that your Uber was $35 instead of $20. Your cereal will cost $0.01 more, and your new $2000 smart fridge will cost you $60 more. And for this financial burden EVERYBODY is making 2x income.\nThis is how far behind wages are because of a 60 year war against them. They almost don't matter to the sell price, but it's also the first thing management targets, because wages are costs and costs are evil.\nUltimately it's a self mutilating cycle of starvation and suffering for literally no good reason.\nWorse yet, we systematically stifle economic growth, buying power, and ultimately GDP. \nThe lack of adequate wages also drivers many social problems like crime and even mental illness. It drivers health issues and increases burdens on society for long term care. It also deters family planning, education, and social diversification.\nFrankly, the masochism of wage stagnation is wild. Why would you ever willfully chose suffering?", ">\n\nCould be worse. Round here I’ve seen credit cards with interest rates that can go up to 586% per year", ">\n\nWe have 3 credit cards that we used for bills and then just paid off immediately with actual cash. Then a funeral for my girlfriends grandma 2500 miles away caused us to max them out going to say goodbye. Now we've had that debt since June unable to catch up due to life's many cruel jokes. 😢", ">\n\nYou could have refused to go to the funeral or asked relatives for financial assistance. Admitting you can't go to a funeral because you can't afford it even if you want to shouldn't be looked down on.", ">\n\nUnfortunately funerals and the funeral industry are a massively exploitative affair designed to emotionally manipulate the fuck out of people to get their money. They go out of their way to make the cheap option like cremation into expensive items. O you wouldnt want your to be uncomfortable in the cardboard box before it burns, how about a $3k upgrade box to be burned?", ">\n\nI love how they're framing it like people are choosing to use credit cards. If this was honestly written it would sound more like \"46% of cardholders are forced to carry debt from month to month as expenses stay high\" or if they wanted to be neutral \"credit card use is high as a result of high expenses\" not this \"people are choosing to be poor\" shit.", ">\n\nThis is the kind of signal the fed is looking for to stop the rate hikes", ">\n\nNot at all surprised. Way too many people spending money they don't have. You're not entitled to have doordash every day because you're too important to get your own food (or even better to cook it). It seems like people are deciding what standard of living they deserve and then worrying about the cost after.", ">\n\nCan you please please please tell my wife this. She’s addicted to door dash and we even have a goddamn supermarket in our building.", ">\n\nI’ve never understood the allure to this. Paying premium prices for below average food that arrives luke warm at best", ">\n\nYou’ve never understood the allure to delivery?", ">\n\nDelivery in concept is fine. Doordash-style delivery is dumb if looked at in context.", ">\n\nWould you get heart surgery from someone who has never done heart surgery before?\nThe credit world is built on statistical analysis. If you have a history of managing debt well, you get a good score, and banks will give you the best rates. If you have a history of not managing debt well, you have a bad score and banks are going to give you high rates (or not lend to you at all) because you're a risk.\nIf you have no history and you're young you can get provisional cards, loans, etc. to start building it up. However, if you are older with no history and you suddenly start asking for credit, that's actually a big red flag.\nLike everything else in life, actions have consequences.", ">\n\nI received a credit card offer from my bank (Bank of America) at midnight on my 18th birthday. On the same day I got approved for a $500 limit credit card. They want to get you in as soon they can and keep you in the cycle of paying off the credit card just to put more stuff on it because all your money went to pay the credit card.", ">\n\nTake the card. Spend 10$ every month and pay off the card every month. Do no more or and no less and at least get a credit rating out of it.", ">\n\nA regular expense that is automatically deducted, like a streaming subscription, is a great way to accomplish this.\nI have a couple of older cards that I don't really use but haven't canceled because they're my oldest cards and I don't want to ding my account age. That's how I keep them active.", ">\n\nYou missed the part about an automatic payment! \nSetup at least automatic minimum payment to make sure you never get penalized for missing entirely, and then even better setup FULL automatic payment if you know you can afford to pay off the limit if you ever forgot.", ">\n\nI've never done automatic payment, as my budget software reminds me to pay it, but that's a good idea.", ">\n\nLook at this gal with the B word.", ">\n\nThat is a fuck ton to go out. Like even once a week is a luxury most people can't afford.", ">\n\nYea what the fuck.. I make an ok salary and i am still eating out maybe once or twice every two weeks. Saving and investing is still difficult.", ">\n\nShopping around for credit cards is very important if you're going to do this. I have a fixed 4.99% mbna card that I'll keep until i die. Low fix apr's with no annual fees is the way to go. If you can keep a 0.00 balance, use credit cards for everything and rack up on bonus points. That takes discipline tho.", ">\n\nEveryone needs to consider reducing expenses before using credit cards.\nSell your stuff, divest assets, learn to live with less stuff and things and most importantly, learn to say no to both others and your self. Financial discipline starts with you.", ">\n\nNo we should actually be protesting and striking. We do not need to lick boots.", ">\n\nr/usernamechecksout", ">\n\nMonth to month?! I've carried the same debt for years! Who are these rich money bags that were able to pay off thier credit card in a month and then had to do it again the next month?!", ">\n\nI would rather go hungry, than use a credit card for an expense i can’t afford. I pay off my balance as soon as it shows up on my account. Keeps things very simple. I’m not taking a loan, it’s my money I’m spending.\nBut I well understand the credit trap, and am terrified of it. It’s easy to slip.", ">\n\nNo need to be over dramatic.", ">\n\nIf you treat your financial well-being seriously… it’s being “diligent” not dramatic. \nNot being trapped in debt your whole life is a serious thing. People can kill themselves over debt. It can ruin lives.", ">\n\nYou’re still doing it. You can pay down credit card debt, especially if it’s a grocery bill or two. It will not ruin you and there is no reason to be terrified.", ">\n\nI don’t think you realize how habits are formed. \nAnd I don’t think it’s a good look to for you to dismiss good financial health as “being dramatic”. \nCredit cards are a curse to many, but if you’re smart they benefit you.", ">\n\nIt’s not good advice to tell people they should be so terrified of credit card debt and it’s a better alternative to go hungry. Buy a bag of rice/beans/potatoes and some chicken and eat. Credit card debt isn’t good, but you’re being dramatic.", ">\n\nAgain… I don’t think you understand how habits are formed. And I would go hungry ( or eat far cheaper, obviously ) than buy what I want on a credit card if I didn’t think I could pay it off in time. It’s literally how they get you. \nNo wonder people get caught in the credit card debt trap with people like you having flippant attitudes. \nDenial of gratification or delayed gratification is a thing. It’ll save you a lot in the long run.", ">\n\nI understand what you’re saying I just don’t agree. Delayed gratification lol… we’re talking about being able to eat not buying a new laptop. You can float a grocery bill on a credit card, especially if the alternative is going hungry. The idea that you should be terrified by that amount of debt is ridiculous. It’s fine to warn about credit cards but again, don’t be so dramatic.", ">\n\nAs a European I will never understand why you guys even bother with credit cards for the following reasons:\n\nWhy not use debit? It's mone you actually own and you don't have to deal with paying it back or forgetting about it.\nWhy does your credit score system work like that? It feels so alien to me, why don't they just rank it based on how well you repay other debts like car payments, student loan payments, phone payments, spotify etc?\nWhy isn't a credit card automatically locked if you fail to pay last month's balance until you repaid the debt?\n\nIf someone could enlighten me on this I'd actually be grateful.", ">\n\nI got one because apparently having a credit history makes you look better when applying for bigger loans (house loans, personal loans for car repair, etc).", ">\n\nBut does it actually make that easier?", ">\n\nI have no idea, haven't needed to take out any loans, but since I'm using it as slush rather than taking on debt that I can't pay immediately, the practical impact is minimal for me. I'll let you know if I ever have the money for a deposit on a house, probably 2040 or so.", ">\n\nWell, atleast those problems are universal in our modern world! Maybe I can show you around in my 50square feet tinyhouse somewhere near 2035 lmao" ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou.", ">\n\nYea I do that on one of my cards but it's 0% interest for 24 months so why wouldn't I?", ">\n\nNothing more American than trying to accumulate $30 trillion dollars of debt", ">\n\nFraud is the future. Breached forums (Breached.vc) The financial industry and Department of Justice have been subverted by the rich and well connected. \nCompanies like Walmart and Target budget for theft.", ">\n\nIt looks like when big retail eliminates countless cashier positions that provided sustenance to working class Americans a spike in casual theft follows.\nFast food is expanding the use robotics to replace workers too. Doubtless other industries will follow. Elon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.", ">\n\n\nElon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.\n\nI think he has more immediate things to worry about.", ">\n\nWhat do you expect? 7% inflation with 3% raises and a president encouraging no raises to keep inflation down.", ">\n\nCredit card companies spend a hell of a lot of money in congress to make sure that number is as high as possible.", ">\n\nWhat exactly are they spending on and lobbying for?", ">\n\nI doubt they write reports on the stuff, but general rules and regulations (or spins on them) to maximize profits", ">\n\nOh hey, time to buy Visa stock.", ">\n\nYou mean bank stock?", ">\n\n\"At 19.6%, if you made minimum payments toward the average credit card balance — which is $5,474, according to Transunion — it would take you almost 17 years to pay off the debt and cost you more than $7,528 in interest\"", ">\n\nThis is why bankruptcy laws need to be changed! \nWhy is the rich and corporations allowed to wipe their debt clean and start fresh, yet the poor and middle class have to pay back?", ">\n\nThe single best thing the federal government can do is raise minimum wage. At this point, minimum wage needs to be around $25/hr.\nWhat most don't understand is that wages have been under attack since the 60s. Wages are so lean that they barely touch the bottom dollar. For a high volume manufacturer, you could double everyone's wages, and the sell price of goods made would need to increase by less than 1% to cover the added cost. For a low volume, labor intensive manufacturer, the sell price would only go up by 3% to 5%. The only hard hit industries are service industries were labor is the major component of the business. However, if your wages go from $40k a year to $80k a year, and you're rolling in $40,000, you're not going to care one bit that your Uber was $35 instead of $20. Your cereal will cost $0.01 more, and your new $2000 smart fridge will cost you $60 more. And for this financial burden EVERYBODY is making 2x income.\nThis is how far behind wages are because of a 60 year war against them. They almost don't matter to the sell price, but it's also the first thing management targets, because wages are costs and costs are evil.\nUltimately it's a self mutilating cycle of starvation and suffering for literally no good reason.\nWorse yet, we systematically stifle economic growth, buying power, and ultimately GDP. \nThe lack of adequate wages also drivers many social problems like crime and even mental illness. It drivers health issues and increases burdens on society for long term care. It also deters family planning, education, and social diversification.\nFrankly, the masochism of wage stagnation is wild. Why would you ever willfully chose suffering?", ">\n\nCould be worse. Round here I’ve seen credit cards with interest rates that can go up to 586% per year", ">\n\nWe have 3 credit cards that we used for bills and then just paid off immediately with actual cash. Then a funeral for my girlfriends grandma 2500 miles away caused us to max them out going to say goodbye. Now we've had that debt since June unable to catch up due to life's many cruel jokes. 😢", ">\n\nYou could have refused to go to the funeral or asked relatives for financial assistance. Admitting you can't go to a funeral because you can't afford it even if you want to shouldn't be looked down on.", ">\n\nUnfortunately funerals and the funeral industry are a massively exploitative affair designed to emotionally manipulate the fuck out of people to get their money. They go out of their way to make the cheap option like cremation into expensive items. O you wouldnt want your to be uncomfortable in the cardboard box before it burns, how about a $3k upgrade box to be burned?", ">\n\nI love how they're framing it like people are choosing to use credit cards. If this was honestly written it would sound more like \"46% of cardholders are forced to carry debt from month to month as expenses stay high\" or if they wanted to be neutral \"credit card use is high as a result of high expenses\" not this \"people are choosing to be poor\" shit.", ">\n\nThis is the kind of signal the fed is looking for to stop the rate hikes", ">\n\nNot at all surprised. Way too many people spending money they don't have. You're not entitled to have doordash every day because you're too important to get your own food (or even better to cook it). It seems like people are deciding what standard of living they deserve and then worrying about the cost after.", ">\n\nCan you please please please tell my wife this. She’s addicted to door dash and we even have a goddamn supermarket in our building.", ">\n\nI’ve never understood the allure to this. Paying premium prices for below average food that arrives luke warm at best", ">\n\nYou’ve never understood the allure to delivery?", ">\n\nDelivery in concept is fine. Doordash-style delivery is dumb if looked at in context.", ">\n\nWould you get heart surgery from someone who has never done heart surgery before?\nThe credit world is built on statistical analysis. If you have a history of managing debt well, you get a good score, and banks will give you the best rates. If you have a history of not managing debt well, you have a bad score and banks are going to give you high rates (or not lend to you at all) because you're a risk.\nIf you have no history and you're young you can get provisional cards, loans, etc. to start building it up. However, if you are older with no history and you suddenly start asking for credit, that's actually a big red flag.\nLike everything else in life, actions have consequences.", ">\n\nI received a credit card offer from my bank (Bank of America) at midnight on my 18th birthday. On the same day I got approved for a $500 limit credit card. They want to get you in as soon they can and keep you in the cycle of paying off the credit card just to put more stuff on it because all your money went to pay the credit card.", ">\n\nTake the card. Spend 10$ every month and pay off the card every month. Do no more or and no less and at least get a credit rating out of it.", ">\n\nA regular expense that is automatically deducted, like a streaming subscription, is a great way to accomplish this.\nI have a couple of older cards that I don't really use but haven't canceled because they're my oldest cards and I don't want to ding my account age. That's how I keep them active.", ">\n\nYou missed the part about an automatic payment! \nSetup at least automatic minimum payment to make sure you never get penalized for missing entirely, and then even better setup FULL automatic payment if you know you can afford to pay off the limit if you ever forgot.", ">\n\nI've never done automatic payment, as my budget software reminds me to pay it, but that's a good idea.", ">\n\nLook at this gal with the B word.", ">\n\nThat is a fuck ton to go out. Like even once a week is a luxury most people can't afford.", ">\n\nYea what the fuck.. I make an ok salary and i am still eating out maybe once or twice every two weeks. Saving and investing is still difficult.", ">\n\nShopping around for credit cards is very important if you're going to do this. I have a fixed 4.99% mbna card that I'll keep until i die. Low fix apr's with no annual fees is the way to go. If you can keep a 0.00 balance, use credit cards for everything and rack up on bonus points. That takes discipline tho.", ">\n\nEveryone needs to consider reducing expenses before using credit cards.\nSell your stuff, divest assets, learn to live with less stuff and things and most importantly, learn to say no to both others and your self. Financial discipline starts with you.", ">\n\nNo we should actually be protesting and striking. We do not need to lick boots.", ">\n\nr/usernamechecksout", ">\n\nMonth to month?! I've carried the same debt for years! Who are these rich money bags that were able to pay off thier credit card in a month and then had to do it again the next month?!", ">\n\nI would rather go hungry, than use a credit card for an expense i can’t afford. I pay off my balance as soon as it shows up on my account. Keeps things very simple. I’m not taking a loan, it’s my money I’m spending.\nBut I well understand the credit trap, and am terrified of it. It’s easy to slip.", ">\n\nNo need to be over dramatic.", ">\n\nIf you treat your financial well-being seriously… it’s being “diligent” not dramatic. \nNot being trapped in debt your whole life is a serious thing. People can kill themselves over debt. It can ruin lives.", ">\n\nYou’re still doing it. You can pay down credit card debt, especially if it’s a grocery bill or two. It will not ruin you and there is no reason to be terrified.", ">\n\nI don’t think you realize how habits are formed. \nAnd I don’t think it’s a good look to for you to dismiss good financial health as “being dramatic”. \nCredit cards are a curse to many, but if you’re smart they benefit you.", ">\n\nIt’s not good advice to tell people they should be so terrified of credit card debt and it’s a better alternative to go hungry. Buy a bag of rice/beans/potatoes and some chicken and eat. Credit card debt isn’t good, but you’re being dramatic.", ">\n\nAgain… I don’t think you understand how habits are formed. And I would go hungry ( or eat far cheaper, obviously ) than buy what I want on a credit card if I didn’t think I could pay it off in time. It’s literally how they get you. \nNo wonder people get caught in the credit card debt trap with people like you having flippant attitudes. \nDenial of gratification or delayed gratification is a thing. It’ll save you a lot in the long run.", ">\n\nI understand what you’re saying I just don’t agree. Delayed gratification lol… we’re talking about being able to eat not buying a new laptop. You can float a grocery bill on a credit card, especially if the alternative is going hungry. The idea that you should be terrified by that amount of debt is ridiculous. It’s fine to warn about credit cards but again, don’t be so dramatic.", ">\n\nAs a European I will never understand why you guys even bother with credit cards for the following reasons:\n\nWhy not use debit? It's mone you actually own and you don't have to deal with paying it back or forgetting about it.\nWhy does your credit score system work like that? It feels so alien to me, why don't they just rank it based on how well you repay other debts like car payments, student loan payments, phone payments, spotify etc?\nWhy isn't a credit card automatically locked if you fail to pay last month's balance until you repaid the debt?\n\nIf someone could enlighten me on this I'd actually be grateful.", ">\n\nI got one because apparently having a credit history makes you look better when applying for bigger loans (house loans, personal loans for car repair, etc).", ">\n\nBut does it actually make that easier?", ">\n\nI have no idea, haven't needed to take out any loans, but since I'm using it as slush rather than taking on debt that I can't pay immediately, the practical impact is minimal for me. I'll let you know if I ever have the money for a deposit on a house, probably 2040 or so.", ">\n\nWell, atleast those problems are universal in our modern world! Maybe I can show you around in my 50square feet tinyhouse somewhere near 2035 lmao", ">\n\nSounds good :D" ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou.", ">\n\nYea I do that on one of my cards but it's 0% interest for 24 months so why wouldn't I?", ">\n\nNothing more American than trying to accumulate $30 trillion dollars of debt", ">\n\nFraud is the future. Breached forums (Breached.vc) The financial industry and Department of Justice have been subverted by the rich and well connected. \nCompanies like Walmart and Target budget for theft.", ">\n\nIt looks like when big retail eliminates countless cashier positions that provided sustenance to working class Americans a spike in casual theft follows.\nFast food is expanding the use robotics to replace workers too. Doubtless other industries will follow. Elon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.", ">\n\n\nElon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.\n\nI think he has more immediate things to worry about.", ">\n\nWhat do you expect? 7% inflation with 3% raises and a president encouraging no raises to keep inflation down.", ">\n\nCredit card companies spend a hell of a lot of money in congress to make sure that number is as high as possible.", ">\n\nWhat exactly are they spending on and lobbying for?", ">\n\nI doubt they write reports on the stuff, but general rules and regulations (or spins on them) to maximize profits", ">\n\nOh hey, time to buy Visa stock.", ">\n\nYou mean bank stock?", ">\n\n\"At 19.6%, if you made minimum payments toward the average credit card balance — which is $5,474, according to Transunion — it would take you almost 17 years to pay off the debt and cost you more than $7,528 in interest\"", ">\n\nThis is why bankruptcy laws need to be changed! \nWhy is the rich and corporations allowed to wipe their debt clean and start fresh, yet the poor and middle class have to pay back?", ">\n\nThe single best thing the federal government can do is raise minimum wage. At this point, minimum wage needs to be around $25/hr.\nWhat most don't understand is that wages have been under attack since the 60s. Wages are so lean that they barely touch the bottom dollar. For a high volume manufacturer, you could double everyone's wages, and the sell price of goods made would need to increase by less than 1% to cover the added cost. For a low volume, labor intensive manufacturer, the sell price would only go up by 3% to 5%. The only hard hit industries are service industries were labor is the major component of the business. However, if your wages go from $40k a year to $80k a year, and you're rolling in $40,000, you're not going to care one bit that your Uber was $35 instead of $20. Your cereal will cost $0.01 more, and your new $2000 smart fridge will cost you $60 more. And for this financial burden EVERYBODY is making 2x income.\nThis is how far behind wages are because of a 60 year war against them. They almost don't matter to the sell price, but it's also the first thing management targets, because wages are costs and costs are evil.\nUltimately it's a self mutilating cycle of starvation and suffering for literally no good reason.\nWorse yet, we systematically stifle economic growth, buying power, and ultimately GDP. \nThe lack of adequate wages also drivers many social problems like crime and even mental illness. It drivers health issues and increases burdens on society for long term care. It also deters family planning, education, and social diversification.\nFrankly, the masochism of wage stagnation is wild. Why would you ever willfully chose suffering?", ">\n\nCould be worse. Round here I’ve seen credit cards with interest rates that can go up to 586% per year", ">\n\nWe have 3 credit cards that we used for bills and then just paid off immediately with actual cash. Then a funeral for my girlfriends grandma 2500 miles away caused us to max them out going to say goodbye. Now we've had that debt since June unable to catch up due to life's many cruel jokes. 😢", ">\n\nYou could have refused to go to the funeral or asked relatives for financial assistance. Admitting you can't go to a funeral because you can't afford it even if you want to shouldn't be looked down on.", ">\n\nUnfortunately funerals and the funeral industry are a massively exploitative affair designed to emotionally manipulate the fuck out of people to get their money. They go out of their way to make the cheap option like cremation into expensive items. O you wouldnt want your to be uncomfortable in the cardboard box before it burns, how about a $3k upgrade box to be burned?", ">\n\nI love how they're framing it like people are choosing to use credit cards. If this was honestly written it would sound more like \"46% of cardholders are forced to carry debt from month to month as expenses stay high\" or if they wanted to be neutral \"credit card use is high as a result of high expenses\" not this \"people are choosing to be poor\" shit.", ">\n\nThis is the kind of signal the fed is looking for to stop the rate hikes", ">\n\nNot at all surprised. Way too many people spending money they don't have. You're not entitled to have doordash every day because you're too important to get your own food (or even better to cook it). It seems like people are deciding what standard of living they deserve and then worrying about the cost after.", ">\n\nCan you please please please tell my wife this. She’s addicted to door dash and we even have a goddamn supermarket in our building.", ">\n\nI’ve never understood the allure to this. Paying premium prices for below average food that arrives luke warm at best", ">\n\nYou’ve never understood the allure to delivery?", ">\n\nDelivery in concept is fine. Doordash-style delivery is dumb if looked at in context.", ">\n\nWould you get heart surgery from someone who has never done heart surgery before?\nThe credit world is built on statistical analysis. If you have a history of managing debt well, you get a good score, and banks will give you the best rates. If you have a history of not managing debt well, you have a bad score and banks are going to give you high rates (or not lend to you at all) because you're a risk.\nIf you have no history and you're young you can get provisional cards, loans, etc. to start building it up. However, if you are older with no history and you suddenly start asking for credit, that's actually a big red flag.\nLike everything else in life, actions have consequences.", ">\n\nI received a credit card offer from my bank (Bank of America) at midnight on my 18th birthday. On the same day I got approved for a $500 limit credit card. They want to get you in as soon they can and keep you in the cycle of paying off the credit card just to put more stuff on it because all your money went to pay the credit card.", ">\n\nTake the card. Spend 10$ every month and pay off the card every month. Do no more or and no less and at least get a credit rating out of it.", ">\n\nA regular expense that is automatically deducted, like a streaming subscription, is a great way to accomplish this.\nI have a couple of older cards that I don't really use but haven't canceled because they're my oldest cards and I don't want to ding my account age. That's how I keep them active.", ">\n\nYou missed the part about an automatic payment! \nSetup at least automatic minimum payment to make sure you never get penalized for missing entirely, and then even better setup FULL automatic payment if you know you can afford to pay off the limit if you ever forgot.", ">\n\nI've never done automatic payment, as my budget software reminds me to pay it, but that's a good idea.", ">\n\nLook at this gal with the B word.", ">\n\nThat is a fuck ton to go out. Like even once a week is a luxury most people can't afford.", ">\n\nYea what the fuck.. I make an ok salary and i am still eating out maybe once or twice every two weeks. Saving and investing is still difficult.", ">\n\nShopping around for credit cards is very important if you're going to do this. I have a fixed 4.99% mbna card that I'll keep until i die. Low fix apr's with no annual fees is the way to go. If you can keep a 0.00 balance, use credit cards for everything and rack up on bonus points. That takes discipline tho.", ">\n\nEveryone needs to consider reducing expenses before using credit cards.\nSell your stuff, divest assets, learn to live with less stuff and things and most importantly, learn to say no to both others and your self. Financial discipline starts with you.", ">\n\nNo we should actually be protesting and striking. We do not need to lick boots.", ">\n\nr/usernamechecksout", ">\n\nMonth to month?! I've carried the same debt for years! Who are these rich money bags that were able to pay off thier credit card in a month and then had to do it again the next month?!", ">\n\nI would rather go hungry, than use a credit card for an expense i can’t afford. I pay off my balance as soon as it shows up on my account. Keeps things very simple. I’m not taking a loan, it’s my money I’m spending.\nBut I well understand the credit trap, and am terrified of it. It’s easy to slip.", ">\n\nNo need to be over dramatic.", ">\n\nIf you treat your financial well-being seriously… it’s being “diligent” not dramatic. \nNot being trapped in debt your whole life is a serious thing. People can kill themselves over debt. It can ruin lives.", ">\n\nYou’re still doing it. You can pay down credit card debt, especially if it’s a grocery bill or two. It will not ruin you and there is no reason to be terrified.", ">\n\nI don’t think you realize how habits are formed. \nAnd I don’t think it’s a good look to for you to dismiss good financial health as “being dramatic”. \nCredit cards are a curse to many, but if you’re smart they benefit you.", ">\n\nIt’s not good advice to tell people they should be so terrified of credit card debt and it’s a better alternative to go hungry. Buy a bag of rice/beans/potatoes and some chicken and eat. Credit card debt isn’t good, but you’re being dramatic.", ">\n\nAgain… I don’t think you understand how habits are formed. And I would go hungry ( or eat far cheaper, obviously ) than buy what I want on a credit card if I didn’t think I could pay it off in time. It’s literally how they get you. \nNo wonder people get caught in the credit card debt trap with people like you having flippant attitudes. \nDenial of gratification or delayed gratification is a thing. It’ll save you a lot in the long run.", ">\n\nI understand what you’re saying I just don’t agree. Delayed gratification lol… we’re talking about being able to eat not buying a new laptop. You can float a grocery bill on a credit card, especially if the alternative is going hungry. The idea that you should be terrified by that amount of debt is ridiculous. It’s fine to warn about credit cards but again, don’t be so dramatic.", ">\n\nAs a European I will never understand why you guys even bother with credit cards for the following reasons:\n\nWhy not use debit? It's mone you actually own and you don't have to deal with paying it back or forgetting about it.\nWhy does your credit score system work like that? It feels so alien to me, why don't they just rank it based on how well you repay other debts like car payments, student loan payments, phone payments, spotify etc?\nWhy isn't a credit card automatically locked if you fail to pay last month's balance until you repaid the debt?\n\nIf someone could enlighten me on this I'd actually be grateful.", ">\n\nI got one because apparently having a credit history makes you look better when applying for bigger loans (house loans, personal loans for car repair, etc).", ">\n\nBut does it actually make that easier?", ">\n\nI have no idea, haven't needed to take out any loans, but since I'm using it as slush rather than taking on debt that I can't pay immediately, the practical impact is minimal for me. I'll let you know if I ever have the money for a deposit on a house, probably 2040 or so.", ">\n\nWell, atleast those problems are universal in our modern world! Maybe I can show you around in my 50square feet tinyhouse somewhere near 2035 lmao", ">\n\nSounds good :D", ">\n\nI'll never understand why people would carry credit card debt. It's basically the most expensive borrowing you can do." ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou.", ">\n\nYea I do that on one of my cards but it's 0% interest for 24 months so why wouldn't I?", ">\n\nNothing more American than trying to accumulate $30 trillion dollars of debt", ">\n\nFraud is the future. Breached forums (Breached.vc) The financial industry and Department of Justice have been subverted by the rich and well connected. \nCompanies like Walmart and Target budget for theft.", ">\n\nIt looks like when big retail eliminates countless cashier positions that provided sustenance to working class Americans a spike in casual theft follows.\nFast food is expanding the use robotics to replace workers too. Doubtless other industries will follow. Elon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.", ">\n\n\nElon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.\n\nI think he has more immediate things to worry about.", ">\n\nWhat do you expect? 7% inflation with 3% raises and a president encouraging no raises to keep inflation down.", ">\n\nCredit card companies spend a hell of a lot of money in congress to make sure that number is as high as possible.", ">\n\nWhat exactly are they spending on and lobbying for?", ">\n\nI doubt they write reports on the stuff, but general rules and regulations (or spins on them) to maximize profits", ">\n\nOh hey, time to buy Visa stock.", ">\n\nYou mean bank stock?", ">\n\n\"At 19.6%, if you made minimum payments toward the average credit card balance — which is $5,474, according to Transunion — it would take you almost 17 years to pay off the debt and cost you more than $7,528 in interest\"", ">\n\nThis is why bankruptcy laws need to be changed! \nWhy is the rich and corporations allowed to wipe their debt clean and start fresh, yet the poor and middle class have to pay back?", ">\n\nThe single best thing the federal government can do is raise minimum wage. At this point, minimum wage needs to be around $25/hr.\nWhat most don't understand is that wages have been under attack since the 60s. Wages are so lean that they barely touch the bottom dollar. For a high volume manufacturer, you could double everyone's wages, and the sell price of goods made would need to increase by less than 1% to cover the added cost. For a low volume, labor intensive manufacturer, the sell price would only go up by 3% to 5%. The only hard hit industries are service industries were labor is the major component of the business. However, if your wages go from $40k a year to $80k a year, and you're rolling in $40,000, you're not going to care one bit that your Uber was $35 instead of $20. Your cereal will cost $0.01 more, and your new $2000 smart fridge will cost you $60 more. And for this financial burden EVERYBODY is making 2x income.\nThis is how far behind wages are because of a 60 year war against them. They almost don't matter to the sell price, but it's also the first thing management targets, because wages are costs and costs are evil.\nUltimately it's a self mutilating cycle of starvation and suffering for literally no good reason.\nWorse yet, we systematically stifle economic growth, buying power, and ultimately GDP. \nThe lack of adequate wages also drivers many social problems like crime and even mental illness. It drivers health issues and increases burdens on society for long term care. It also deters family planning, education, and social diversification.\nFrankly, the masochism of wage stagnation is wild. Why would you ever willfully chose suffering?", ">\n\nCould be worse. Round here I’ve seen credit cards with interest rates that can go up to 586% per year", ">\n\nWe have 3 credit cards that we used for bills and then just paid off immediately with actual cash. Then a funeral for my girlfriends grandma 2500 miles away caused us to max them out going to say goodbye. Now we've had that debt since June unable to catch up due to life's many cruel jokes. 😢", ">\n\nYou could have refused to go to the funeral or asked relatives for financial assistance. Admitting you can't go to a funeral because you can't afford it even if you want to shouldn't be looked down on.", ">\n\nUnfortunately funerals and the funeral industry are a massively exploitative affair designed to emotionally manipulate the fuck out of people to get their money. They go out of their way to make the cheap option like cremation into expensive items. O you wouldnt want your to be uncomfortable in the cardboard box before it burns, how about a $3k upgrade box to be burned?", ">\n\nI love how they're framing it like people are choosing to use credit cards. If this was honestly written it would sound more like \"46% of cardholders are forced to carry debt from month to month as expenses stay high\" or if they wanted to be neutral \"credit card use is high as a result of high expenses\" not this \"people are choosing to be poor\" shit.", ">\n\nThis is the kind of signal the fed is looking for to stop the rate hikes", ">\n\nNot at all surprised. Way too many people spending money they don't have. You're not entitled to have doordash every day because you're too important to get your own food (or even better to cook it). It seems like people are deciding what standard of living they deserve and then worrying about the cost after.", ">\n\nCan you please please please tell my wife this. She’s addicted to door dash and we even have a goddamn supermarket in our building.", ">\n\nI’ve never understood the allure to this. Paying premium prices for below average food that arrives luke warm at best", ">\n\nYou’ve never understood the allure to delivery?", ">\n\nDelivery in concept is fine. Doordash-style delivery is dumb if looked at in context.", ">\n\nWould you get heart surgery from someone who has never done heart surgery before?\nThe credit world is built on statistical analysis. If you have a history of managing debt well, you get a good score, and banks will give you the best rates. If you have a history of not managing debt well, you have a bad score and banks are going to give you high rates (or not lend to you at all) because you're a risk.\nIf you have no history and you're young you can get provisional cards, loans, etc. to start building it up. However, if you are older with no history and you suddenly start asking for credit, that's actually a big red flag.\nLike everything else in life, actions have consequences.", ">\n\nI received a credit card offer from my bank (Bank of America) at midnight on my 18th birthday. On the same day I got approved for a $500 limit credit card. They want to get you in as soon they can and keep you in the cycle of paying off the credit card just to put more stuff on it because all your money went to pay the credit card.", ">\n\nTake the card. Spend 10$ every month and pay off the card every month. Do no more or and no less and at least get a credit rating out of it.", ">\n\nA regular expense that is automatically deducted, like a streaming subscription, is a great way to accomplish this.\nI have a couple of older cards that I don't really use but haven't canceled because they're my oldest cards and I don't want to ding my account age. That's how I keep them active.", ">\n\nYou missed the part about an automatic payment! \nSetup at least automatic minimum payment to make sure you never get penalized for missing entirely, and then even better setup FULL automatic payment if you know you can afford to pay off the limit if you ever forgot.", ">\n\nI've never done automatic payment, as my budget software reminds me to pay it, but that's a good idea.", ">\n\nLook at this gal with the B word.", ">\n\nThat is a fuck ton to go out. Like even once a week is a luxury most people can't afford.", ">\n\nYea what the fuck.. I make an ok salary and i am still eating out maybe once or twice every two weeks. Saving and investing is still difficult.", ">\n\nShopping around for credit cards is very important if you're going to do this. I have a fixed 4.99% mbna card that I'll keep until i die. Low fix apr's with no annual fees is the way to go. If you can keep a 0.00 balance, use credit cards for everything and rack up on bonus points. That takes discipline tho.", ">\n\nEveryone needs to consider reducing expenses before using credit cards.\nSell your stuff, divest assets, learn to live with less stuff and things and most importantly, learn to say no to both others and your self. Financial discipline starts with you.", ">\n\nNo we should actually be protesting and striking. We do not need to lick boots.", ">\n\nr/usernamechecksout", ">\n\nMonth to month?! I've carried the same debt for years! Who are these rich money bags that were able to pay off thier credit card in a month and then had to do it again the next month?!", ">\n\nI would rather go hungry, than use a credit card for an expense i can’t afford. I pay off my balance as soon as it shows up on my account. Keeps things very simple. I’m not taking a loan, it’s my money I’m spending.\nBut I well understand the credit trap, and am terrified of it. It’s easy to slip.", ">\n\nNo need to be over dramatic.", ">\n\nIf you treat your financial well-being seriously… it’s being “diligent” not dramatic. \nNot being trapped in debt your whole life is a serious thing. People can kill themselves over debt. It can ruin lives.", ">\n\nYou’re still doing it. You can pay down credit card debt, especially if it’s a grocery bill or two. It will not ruin you and there is no reason to be terrified.", ">\n\nI don’t think you realize how habits are formed. \nAnd I don’t think it’s a good look to for you to dismiss good financial health as “being dramatic”. \nCredit cards are a curse to many, but if you’re smart they benefit you.", ">\n\nIt’s not good advice to tell people they should be so terrified of credit card debt and it’s a better alternative to go hungry. Buy a bag of rice/beans/potatoes and some chicken and eat. Credit card debt isn’t good, but you’re being dramatic.", ">\n\nAgain… I don’t think you understand how habits are formed. And I would go hungry ( or eat far cheaper, obviously ) than buy what I want on a credit card if I didn’t think I could pay it off in time. It’s literally how they get you. \nNo wonder people get caught in the credit card debt trap with people like you having flippant attitudes. \nDenial of gratification or delayed gratification is a thing. It’ll save you a lot in the long run.", ">\n\nI understand what you’re saying I just don’t agree. Delayed gratification lol… we’re talking about being able to eat not buying a new laptop. You can float a grocery bill on a credit card, especially if the alternative is going hungry. The idea that you should be terrified by that amount of debt is ridiculous. It’s fine to warn about credit cards but again, don’t be so dramatic.", ">\n\nAs a European I will never understand why you guys even bother with credit cards for the following reasons:\n\nWhy not use debit? It's mone you actually own and you don't have to deal with paying it back or forgetting about it.\nWhy does your credit score system work like that? It feels so alien to me, why don't they just rank it based on how well you repay other debts like car payments, student loan payments, phone payments, spotify etc?\nWhy isn't a credit card automatically locked if you fail to pay last month's balance until you repaid the debt?\n\nIf someone could enlighten me on this I'd actually be grateful.", ">\n\nI got one because apparently having a credit history makes you look better when applying for bigger loans (house loans, personal loans for car repair, etc).", ">\n\nBut does it actually make that easier?", ">\n\nI have no idea, haven't needed to take out any loans, but since I'm using it as slush rather than taking on debt that I can't pay immediately, the practical impact is minimal for me. I'll let you know if I ever have the money for a deposit on a house, probably 2040 or so.", ">\n\nWell, atleast those problems are universal in our modern world! Maybe I can show you around in my 50square feet tinyhouse somewhere near 2035 lmao", ">\n\nSounds good :D", ">\n\nI'll never understand why people would carry credit card debt. It's basically the most expensive borrowing you can do.", ">\n\npeople be broke yo." ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou.", ">\n\nYea I do that on one of my cards but it's 0% interest for 24 months so why wouldn't I?", ">\n\nNothing more American than trying to accumulate $30 trillion dollars of debt", ">\n\nFraud is the future. Breached forums (Breached.vc) The financial industry and Department of Justice have been subverted by the rich and well connected. \nCompanies like Walmart and Target budget for theft.", ">\n\nIt looks like when big retail eliminates countless cashier positions that provided sustenance to working class Americans a spike in casual theft follows.\nFast food is expanding the use robotics to replace workers too. Doubtless other industries will follow. Elon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.", ">\n\n\nElon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.\n\nI think he has more immediate things to worry about.", ">\n\nWhat do you expect? 7% inflation with 3% raises and a president encouraging no raises to keep inflation down.", ">\n\nCredit card companies spend a hell of a lot of money in congress to make sure that number is as high as possible.", ">\n\nWhat exactly are they spending on and lobbying for?", ">\n\nI doubt they write reports on the stuff, but general rules and regulations (or spins on them) to maximize profits", ">\n\nOh hey, time to buy Visa stock.", ">\n\nYou mean bank stock?", ">\n\n\"At 19.6%, if you made minimum payments toward the average credit card balance — which is $5,474, according to Transunion — it would take you almost 17 years to pay off the debt and cost you more than $7,528 in interest\"", ">\n\nThis is why bankruptcy laws need to be changed! \nWhy is the rich and corporations allowed to wipe their debt clean and start fresh, yet the poor and middle class have to pay back?", ">\n\nThe single best thing the federal government can do is raise minimum wage. At this point, minimum wage needs to be around $25/hr.\nWhat most don't understand is that wages have been under attack since the 60s. Wages are so lean that they barely touch the bottom dollar. For a high volume manufacturer, you could double everyone's wages, and the sell price of goods made would need to increase by less than 1% to cover the added cost. For a low volume, labor intensive manufacturer, the sell price would only go up by 3% to 5%. The only hard hit industries are service industries were labor is the major component of the business. However, if your wages go from $40k a year to $80k a year, and you're rolling in $40,000, you're not going to care one bit that your Uber was $35 instead of $20. Your cereal will cost $0.01 more, and your new $2000 smart fridge will cost you $60 more. And for this financial burden EVERYBODY is making 2x income.\nThis is how far behind wages are because of a 60 year war against them. They almost don't matter to the sell price, but it's also the first thing management targets, because wages are costs and costs are evil.\nUltimately it's a self mutilating cycle of starvation and suffering for literally no good reason.\nWorse yet, we systematically stifle economic growth, buying power, and ultimately GDP. \nThe lack of adequate wages also drivers many social problems like crime and even mental illness. It drivers health issues and increases burdens on society for long term care. It also deters family planning, education, and social diversification.\nFrankly, the masochism of wage stagnation is wild. Why would you ever willfully chose suffering?", ">\n\nCould be worse. Round here I’ve seen credit cards with interest rates that can go up to 586% per year", ">\n\nWe have 3 credit cards that we used for bills and then just paid off immediately with actual cash. Then a funeral for my girlfriends grandma 2500 miles away caused us to max them out going to say goodbye. Now we've had that debt since June unable to catch up due to life's many cruel jokes. 😢", ">\n\nYou could have refused to go to the funeral or asked relatives for financial assistance. Admitting you can't go to a funeral because you can't afford it even if you want to shouldn't be looked down on.", ">\n\nUnfortunately funerals and the funeral industry are a massively exploitative affair designed to emotionally manipulate the fuck out of people to get their money. They go out of their way to make the cheap option like cremation into expensive items. O you wouldnt want your to be uncomfortable in the cardboard box before it burns, how about a $3k upgrade box to be burned?", ">\n\nI love how they're framing it like people are choosing to use credit cards. If this was honestly written it would sound more like \"46% of cardholders are forced to carry debt from month to month as expenses stay high\" or if they wanted to be neutral \"credit card use is high as a result of high expenses\" not this \"people are choosing to be poor\" shit.", ">\n\nThis is the kind of signal the fed is looking for to stop the rate hikes", ">\n\nNot at all surprised. Way too many people spending money they don't have. You're not entitled to have doordash every day because you're too important to get your own food (or even better to cook it). It seems like people are deciding what standard of living they deserve and then worrying about the cost after.", ">\n\nCan you please please please tell my wife this. She’s addicted to door dash and we even have a goddamn supermarket in our building.", ">\n\nI’ve never understood the allure to this. Paying premium prices for below average food that arrives luke warm at best", ">\n\nYou’ve never understood the allure to delivery?", ">\n\nDelivery in concept is fine. Doordash-style delivery is dumb if looked at in context.", ">\n\nWould you get heart surgery from someone who has never done heart surgery before?\nThe credit world is built on statistical analysis. If you have a history of managing debt well, you get a good score, and banks will give you the best rates. If you have a history of not managing debt well, you have a bad score and banks are going to give you high rates (or not lend to you at all) because you're a risk.\nIf you have no history and you're young you can get provisional cards, loans, etc. to start building it up. However, if you are older with no history and you suddenly start asking for credit, that's actually a big red flag.\nLike everything else in life, actions have consequences.", ">\n\nI received a credit card offer from my bank (Bank of America) at midnight on my 18th birthday. On the same day I got approved for a $500 limit credit card. They want to get you in as soon they can and keep you in the cycle of paying off the credit card just to put more stuff on it because all your money went to pay the credit card.", ">\n\nTake the card. Spend 10$ every month and pay off the card every month. Do no more or and no less and at least get a credit rating out of it.", ">\n\nA regular expense that is automatically deducted, like a streaming subscription, is a great way to accomplish this.\nI have a couple of older cards that I don't really use but haven't canceled because they're my oldest cards and I don't want to ding my account age. That's how I keep them active.", ">\n\nYou missed the part about an automatic payment! \nSetup at least automatic minimum payment to make sure you never get penalized for missing entirely, and then even better setup FULL automatic payment if you know you can afford to pay off the limit if you ever forgot.", ">\n\nI've never done automatic payment, as my budget software reminds me to pay it, but that's a good idea.", ">\n\nLook at this gal with the B word.", ">\n\nThat is a fuck ton to go out. Like even once a week is a luxury most people can't afford.", ">\n\nYea what the fuck.. I make an ok salary and i am still eating out maybe once or twice every two weeks. Saving and investing is still difficult.", ">\n\nShopping around for credit cards is very important if you're going to do this. I have a fixed 4.99% mbna card that I'll keep until i die. Low fix apr's with no annual fees is the way to go. If you can keep a 0.00 balance, use credit cards for everything and rack up on bonus points. That takes discipline tho.", ">\n\nEveryone needs to consider reducing expenses before using credit cards.\nSell your stuff, divest assets, learn to live with less stuff and things and most importantly, learn to say no to both others and your self. Financial discipline starts with you.", ">\n\nNo we should actually be protesting and striking. We do not need to lick boots.", ">\n\nr/usernamechecksout", ">\n\nMonth to month?! I've carried the same debt for years! Who are these rich money bags that were able to pay off thier credit card in a month and then had to do it again the next month?!", ">\n\nI would rather go hungry, than use a credit card for an expense i can’t afford. I pay off my balance as soon as it shows up on my account. Keeps things very simple. I’m not taking a loan, it’s my money I’m spending.\nBut I well understand the credit trap, and am terrified of it. It’s easy to slip.", ">\n\nNo need to be over dramatic.", ">\n\nIf you treat your financial well-being seriously… it’s being “diligent” not dramatic. \nNot being trapped in debt your whole life is a serious thing. People can kill themselves over debt. It can ruin lives.", ">\n\nYou’re still doing it. You can pay down credit card debt, especially if it’s a grocery bill or two. It will not ruin you and there is no reason to be terrified.", ">\n\nI don’t think you realize how habits are formed. \nAnd I don’t think it’s a good look to for you to dismiss good financial health as “being dramatic”. \nCredit cards are a curse to many, but if you’re smart they benefit you.", ">\n\nIt’s not good advice to tell people they should be so terrified of credit card debt and it’s a better alternative to go hungry. Buy a bag of rice/beans/potatoes and some chicken and eat. Credit card debt isn’t good, but you’re being dramatic.", ">\n\nAgain… I don’t think you understand how habits are formed. And I would go hungry ( or eat far cheaper, obviously ) than buy what I want on a credit card if I didn’t think I could pay it off in time. It’s literally how they get you. \nNo wonder people get caught in the credit card debt trap with people like you having flippant attitudes. \nDenial of gratification or delayed gratification is a thing. It’ll save you a lot in the long run.", ">\n\nI understand what you’re saying I just don’t agree. Delayed gratification lol… we’re talking about being able to eat not buying a new laptop. You can float a grocery bill on a credit card, especially if the alternative is going hungry. The idea that you should be terrified by that amount of debt is ridiculous. It’s fine to warn about credit cards but again, don’t be so dramatic.", ">\n\nAs a European I will never understand why you guys even bother with credit cards for the following reasons:\n\nWhy not use debit? It's mone you actually own and you don't have to deal with paying it back or forgetting about it.\nWhy does your credit score system work like that? It feels so alien to me, why don't they just rank it based on how well you repay other debts like car payments, student loan payments, phone payments, spotify etc?\nWhy isn't a credit card automatically locked if you fail to pay last month's balance until you repaid the debt?\n\nIf someone could enlighten me on this I'd actually be grateful.", ">\n\nI got one because apparently having a credit history makes you look better when applying for bigger loans (house loans, personal loans for car repair, etc).", ">\n\nBut does it actually make that easier?", ">\n\nI have no idea, haven't needed to take out any loans, but since I'm using it as slush rather than taking on debt that I can't pay immediately, the practical impact is minimal for me. I'll let you know if I ever have the money for a deposit on a house, probably 2040 or so.", ">\n\nWell, atleast those problems are universal in our modern world! Maybe I can show you around in my 50square feet tinyhouse somewhere near 2035 lmao", ">\n\nSounds good :D", ">\n\nI'll never understand why people would carry credit card debt. It's basically the most expensive borrowing you can do.", ">\n\npeople be broke yo.", ">\n\ntaking out loans at 20% interest doesn't seem like a good solution." ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou.", ">\n\nYea I do that on one of my cards but it's 0% interest for 24 months so why wouldn't I?", ">\n\nNothing more American than trying to accumulate $30 trillion dollars of debt", ">\n\nFraud is the future. Breached forums (Breached.vc) The financial industry and Department of Justice have been subverted by the rich and well connected. \nCompanies like Walmart and Target budget for theft.", ">\n\nIt looks like when big retail eliminates countless cashier positions that provided sustenance to working class Americans a spike in casual theft follows.\nFast food is expanding the use robotics to replace workers too. Doubtless other industries will follow. Elon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.", ">\n\n\nElon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.\n\nI think he has more immediate things to worry about.", ">\n\nWhat do you expect? 7% inflation with 3% raises and a president encouraging no raises to keep inflation down.", ">\n\nCredit card companies spend a hell of a lot of money in congress to make sure that number is as high as possible.", ">\n\nWhat exactly are they spending on and lobbying for?", ">\n\nI doubt they write reports on the stuff, but general rules and regulations (or spins on them) to maximize profits", ">\n\nOh hey, time to buy Visa stock.", ">\n\nYou mean bank stock?", ">\n\n\"At 19.6%, if you made minimum payments toward the average credit card balance — which is $5,474, according to Transunion — it would take you almost 17 years to pay off the debt and cost you more than $7,528 in interest\"", ">\n\nThis is why bankruptcy laws need to be changed! \nWhy is the rich and corporations allowed to wipe their debt clean and start fresh, yet the poor and middle class have to pay back?", ">\n\nThe single best thing the federal government can do is raise minimum wage. At this point, minimum wage needs to be around $25/hr.\nWhat most don't understand is that wages have been under attack since the 60s. Wages are so lean that they barely touch the bottom dollar. For a high volume manufacturer, you could double everyone's wages, and the sell price of goods made would need to increase by less than 1% to cover the added cost. For a low volume, labor intensive manufacturer, the sell price would only go up by 3% to 5%. The only hard hit industries are service industries were labor is the major component of the business. However, if your wages go from $40k a year to $80k a year, and you're rolling in $40,000, you're not going to care one bit that your Uber was $35 instead of $20. Your cereal will cost $0.01 more, and your new $2000 smart fridge will cost you $60 more. And for this financial burden EVERYBODY is making 2x income.\nThis is how far behind wages are because of a 60 year war against them. They almost don't matter to the sell price, but it's also the first thing management targets, because wages are costs and costs are evil.\nUltimately it's a self mutilating cycle of starvation and suffering for literally no good reason.\nWorse yet, we systematically stifle economic growth, buying power, and ultimately GDP. \nThe lack of adequate wages also drivers many social problems like crime and even mental illness. It drivers health issues and increases burdens on society for long term care. It also deters family planning, education, and social diversification.\nFrankly, the masochism of wage stagnation is wild. Why would you ever willfully chose suffering?", ">\n\nCould be worse. Round here I’ve seen credit cards with interest rates that can go up to 586% per year", ">\n\nWe have 3 credit cards that we used for bills and then just paid off immediately with actual cash. Then a funeral for my girlfriends grandma 2500 miles away caused us to max them out going to say goodbye. Now we've had that debt since June unable to catch up due to life's many cruel jokes. 😢", ">\n\nYou could have refused to go to the funeral or asked relatives for financial assistance. Admitting you can't go to a funeral because you can't afford it even if you want to shouldn't be looked down on.", ">\n\nUnfortunately funerals and the funeral industry are a massively exploitative affair designed to emotionally manipulate the fuck out of people to get their money. They go out of their way to make the cheap option like cremation into expensive items. O you wouldnt want your to be uncomfortable in the cardboard box before it burns, how about a $3k upgrade box to be burned?", ">\n\nI love how they're framing it like people are choosing to use credit cards. If this was honestly written it would sound more like \"46% of cardholders are forced to carry debt from month to month as expenses stay high\" or if they wanted to be neutral \"credit card use is high as a result of high expenses\" not this \"people are choosing to be poor\" shit.", ">\n\nThis is the kind of signal the fed is looking for to stop the rate hikes", ">\n\nNot at all surprised. Way too many people spending money they don't have. You're not entitled to have doordash every day because you're too important to get your own food (or even better to cook it). It seems like people are deciding what standard of living they deserve and then worrying about the cost after.", ">\n\nCan you please please please tell my wife this. She’s addicted to door dash and we even have a goddamn supermarket in our building.", ">\n\nI’ve never understood the allure to this. Paying premium prices for below average food that arrives luke warm at best", ">\n\nYou’ve never understood the allure to delivery?", ">\n\nDelivery in concept is fine. Doordash-style delivery is dumb if looked at in context.", ">\n\nWould you get heart surgery from someone who has never done heart surgery before?\nThe credit world is built on statistical analysis. If you have a history of managing debt well, you get a good score, and banks will give you the best rates. If you have a history of not managing debt well, you have a bad score and banks are going to give you high rates (or not lend to you at all) because you're a risk.\nIf you have no history and you're young you can get provisional cards, loans, etc. to start building it up. However, if you are older with no history and you suddenly start asking for credit, that's actually a big red flag.\nLike everything else in life, actions have consequences.", ">\n\nI received a credit card offer from my bank (Bank of America) at midnight on my 18th birthday. On the same day I got approved for a $500 limit credit card. They want to get you in as soon they can and keep you in the cycle of paying off the credit card just to put more stuff on it because all your money went to pay the credit card.", ">\n\nTake the card. Spend 10$ every month and pay off the card every month. Do no more or and no less and at least get a credit rating out of it.", ">\n\nA regular expense that is automatically deducted, like a streaming subscription, is a great way to accomplish this.\nI have a couple of older cards that I don't really use but haven't canceled because they're my oldest cards and I don't want to ding my account age. That's how I keep them active.", ">\n\nYou missed the part about an automatic payment! \nSetup at least automatic minimum payment to make sure you never get penalized for missing entirely, and then even better setup FULL automatic payment if you know you can afford to pay off the limit if you ever forgot.", ">\n\nI've never done automatic payment, as my budget software reminds me to pay it, but that's a good idea.", ">\n\nLook at this gal with the B word.", ">\n\nThat is a fuck ton to go out. Like even once a week is a luxury most people can't afford.", ">\n\nYea what the fuck.. I make an ok salary and i am still eating out maybe once or twice every two weeks. Saving and investing is still difficult.", ">\n\nShopping around for credit cards is very important if you're going to do this. I have a fixed 4.99% mbna card that I'll keep until i die. Low fix apr's with no annual fees is the way to go. If you can keep a 0.00 balance, use credit cards for everything and rack up on bonus points. That takes discipline tho.", ">\n\nEveryone needs to consider reducing expenses before using credit cards.\nSell your stuff, divest assets, learn to live with less stuff and things and most importantly, learn to say no to both others and your self. Financial discipline starts with you.", ">\n\nNo we should actually be protesting and striking. We do not need to lick boots.", ">\n\nr/usernamechecksout", ">\n\nMonth to month?! I've carried the same debt for years! Who are these rich money bags that were able to pay off thier credit card in a month and then had to do it again the next month?!", ">\n\nI would rather go hungry, than use a credit card for an expense i can’t afford. I pay off my balance as soon as it shows up on my account. Keeps things very simple. I’m not taking a loan, it’s my money I’m spending.\nBut I well understand the credit trap, and am terrified of it. It’s easy to slip.", ">\n\nNo need to be over dramatic.", ">\n\nIf you treat your financial well-being seriously… it’s being “diligent” not dramatic. \nNot being trapped in debt your whole life is a serious thing. People can kill themselves over debt. It can ruin lives.", ">\n\nYou’re still doing it. You can pay down credit card debt, especially if it’s a grocery bill or two. It will not ruin you and there is no reason to be terrified.", ">\n\nI don’t think you realize how habits are formed. \nAnd I don’t think it’s a good look to for you to dismiss good financial health as “being dramatic”. \nCredit cards are a curse to many, but if you’re smart they benefit you.", ">\n\nIt’s not good advice to tell people they should be so terrified of credit card debt and it’s a better alternative to go hungry. Buy a bag of rice/beans/potatoes and some chicken and eat. Credit card debt isn’t good, but you’re being dramatic.", ">\n\nAgain… I don’t think you understand how habits are formed. And I would go hungry ( or eat far cheaper, obviously ) than buy what I want on a credit card if I didn’t think I could pay it off in time. It’s literally how they get you. \nNo wonder people get caught in the credit card debt trap with people like you having flippant attitudes. \nDenial of gratification or delayed gratification is a thing. It’ll save you a lot in the long run.", ">\n\nI understand what you’re saying I just don’t agree. Delayed gratification lol… we’re talking about being able to eat not buying a new laptop. You can float a grocery bill on a credit card, especially if the alternative is going hungry. The idea that you should be terrified by that amount of debt is ridiculous. It’s fine to warn about credit cards but again, don’t be so dramatic.", ">\n\nAs a European I will never understand why you guys even bother with credit cards for the following reasons:\n\nWhy not use debit? It's mone you actually own and you don't have to deal with paying it back or forgetting about it.\nWhy does your credit score system work like that? It feels so alien to me, why don't they just rank it based on how well you repay other debts like car payments, student loan payments, phone payments, spotify etc?\nWhy isn't a credit card automatically locked if you fail to pay last month's balance until you repaid the debt?\n\nIf someone could enlighten me on this I'd actually be grateful.", ">\n\nI got one because apparently having a credit history makes you look better when applying for bigger loans (house loans, personal loans for car repair, etc).", ">\n\nBut does it actually make that easier?", ">\n\nI have no idea, haven't needed to take out any loans, but since I'm using it as slush rather than taking on debt that I can't pay immediately, the practical impact is minimal for me. I'll let you know if I ever have the money for a deposit on a house, probably 2040 or so.", ">\n\nWell, atleast those problems are universal in our modern world! Maybe I can show you around in my 50square feet tinyhouse somewhere near 2035 lmao", ">\n\nSounds good :D", ">\n\nI'll never understand why people would carry credit card debt. It's basically the most expensive borrowing you can do.", ">\n\npeople be broke yo.", ">\n\ntaking out loans at 20% interest doesn't seem like a good solution.", ">\n\nPeople at that point are in survival mode and they aren't worried about the future because they are focused on now. When you're just trying to put food on the table or pay the electric bill it's usually the only solution." ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou.", ">\n\nYea I do that on one of my cards but it's 0% interest for 24 months so why wouldn't I?", ">\n\nNothing more American than trying to accumulate $30 trillion dollars of debt", ">\n\nFraud is the future. Breached forums (Breached.vc) The financial industry and Department of Justice have been subverted by the rich and well connected. \nCompanies like Walmart and Target budget for theft.", ">\n\nIt looks like when big retail eliminates countless cashier positions that provided sustenance to working class Americans a spike in casual theft follows.\nFast food is expanding the use robotics to replace workers too. Doubtless other industries will follow. Elon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.", ">\n\n\nElon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.\n\nI think he has more immediate things to worry about.", ">\n\nWhat do you expect? 7% inflation with 3% raises and a president encouraging no raises to keep inflation down.", ">\n\nCredit card companies spend a hell of a lot of money in congress to make sure that number is as high as possible.", ">\n\nWhat exactly are they spending on and lobbying for?", ">\n\nI doubt they write reports on the stuff, but general rules and regulations (or spins on them) to maximize profits", ">\n\nOh hey, time to buy Visa stock.", ">\n\nYou mean bank stock?", ">\n\n\"At 19.6%, if you made minimum payments toward the average credit card balance — which is $5,474, according to Transunion — it would take you almost 17 years to pay off the debt and cost you more than $7,528 in interest\"", ">\n\nThis is why bankruptcy laws need to be changed! \nWhy is the rich and corporations allowed to wipe their debt clean and start fresh, yet the poor and middle class have to pay back?", ">\n\nThe single best thing the federal government can do is raise minimum wage. At this point, minimum wage needs to be around $25/hr.\nWhat most don't understand is that wages have been under attack since the 60s. Wages are so lean that they barely touch the bottom dollar. For a high volume manufacturer, you could double everyone's wages, and the sell price of goods made would need to increase by less than 1% to cover the added cost. For a low volume, labor intensive manufacturer, the sell price would only go up by 3% to 5%. The only hard hit industries are service industries were labor is the major component of the business. However, if your wages go from $40k a year to $80k a year, and you're rolling in $40,000, you're not going to care one bit that your Uber was $35 instead of $20. Your cereal will cost $0.01 more, and your new $2000 smart fridge will cost you $60 more. And for this financial burden EVERYBODY is making 2x income.\nThis is how far behind wages are because of a 60 year war against them. They almost don't matter to the sell price, but it's also the first thing management targets, because wages are costs and costs are evil.\nUltimately it's a self mutilating cycle of starvation and suffering for literally no good reason.\nWorse yet, we systematically stifle economic growth, buying power, and ultimately GDP. \nThe lack of adequate wages also drivers many social problems like crime and even mental illness. It drivers health issues and increases burdens on society for long term care. It also deters family planning, education, and social diversification.\nFrankly, the masochism of wage stagnation is wild. Why would you ever willfully chose suffering?", ">\n\nCould be worse. Round here I’ve seen credit cards with interest rates that can go up to 586% per year", ">\n\nWe have 3 credit cards that we used for bills and then just paid off immediately with actual cash. Then a funeral for my girlfriends grandma 2500 miles away caused us to max them out going to say goodbye. Now we've had that debt since June unable to catch up due to life's many cruel jokes. 😢", ">\n\nYou could have refused to go to the funeral or asked relatives for financial assistance. Admitting you can't go to a funeral because you can't afford it even if you want to shouldn't be looked down on.", ">\n\nUnfortunately funerals and the funeral industry are a massively exploitative affair designed to emotionally manipulate the fuck out of people to get their money. They go out of their way to make the cheap option like cremation into expensive items. O you wouldnt want your to be uncomfortable in the cardboard box before it burns, how about a $3k upgrade box to be burned?", ">\n\nI love how they're framing it like people are choosing to use credit cards. If this was honestly written it would sound more like \"46% of cardholders are forced to carry debt from month to month as expenses stay high\" or if they wanted to be neutral \"credit card use is high as a result of high expenses\" not this \"people are choosing to be poor\" shit.", ">\n\nThis is the kind of signal the fed is looking for to stop the rate hikes", ">\n\nNot at all surprised. Way too many people spending money they don't have. You're not entitled to have doordash every day because you're too important to get your own food (or even better to cook it). It seems like people are deciding what standard of living they deserve and then worrying about the cost after.", ">\n\nCan you please please please tell my wife this. She’s addicted to door dash and we even have a goddamn supermarket in our building.", ">\n\nI’ve never understood the allure to this. Paying premium prices for below average food that arrives luke warm at best", ">\n\nYou’ve never understood the allure to delivery?", ">\n\nDelivery in concept is fine. Doordash-style delivery is dumb if looked at in context.", ">\n\nWould you get heart surgery from someone who has never done heart surgery before?\nThe credit world is built on statistical analysis. If you have a history of managing debt well, you get a good score, and banks will give you the best rates. If you have a history of not managing debt well, you have a bad score and banks are going to give you high rates (or not lend to you at all) because you're a risk.\nIf you have no history and you're young you can get provisional cards, loans, etc. to start building it up. However, if you are older with no history and you suddenly start asking for credit, that's actually a big red flag.\nLike everything else in life, actions have consequences.", ">\n\nI received a credit card offer from my bank (Bank of America) at midnight on my 18th birthday. On the same day I got approved for a $500 limit credit card. They want to get you in as soon they can and keep you in the cycle of paying off the credit card just to put more stuff on it because all your money went to pay the credit card.", ">\n\nTake the card. Spend 10$ every month and pay off the card every month. Do no more or and no less and at least get a credit rating out of it.", ">\n\nA regular expense that is automatically deducted, like a streaming subscription, is a great way to accomplish this.\nI have a couple of older cards that I don't really use but haven't canceled because they're my oldest cards and I don't want to ding my account age. That's how I keep them active.", ">\n\nYou missed the part about an automatic payment! \nSetup at least automatic minimum payment to make sure you never get penalized for missing entirely, and then even better setup FULL automatic payment if you know you can afford to pay off the limit if you ever forgot.", ">\n\nI've never done automatic payment, as my budget software reminds me to pay it, but that's a good idea.", ">\n\nLook at this gal with the B word.", ">\n\nThat is a fuck ton to go out. Like even once a week is a luxury most people can't afford.", ">\n\nYea what the fuck.. I make an ok salary and i am still eating out maybe once or twice every two weeks. Saving and investing is still difficult.", ">\n\nShopping around for credit cards is very important if you're going to do this. I have a fixed 4.99% mbna card that I'll keep until i die. Low fix apr's with no annual fees is the way to go. If you can keep a 0.00 balance, use credit cards for everything and rack up on bonus points. That takes discipline tho.", ">\n\nEveryone needs to consider reducing expenses before using credit cards.\nSell your stuff, divest assets, learn to live with less stuff and things and most importantly, learn to say no to both others and your self. Financial discipline starts with you.", ">\n\nNo we should actually be protesting and striking. We do not need to lick boots.", ">\n\nr/usernamechecksout", ">\n\nMonth to month?! I've carried the same debt for years! Who are these rich money bags that were able to pay off thier credit card in a month and then had to do it again the next month?!", ">\n\nI would rather go hungry, than use a credit card for an expense i can’t afford. I pay off my balance as soon as it shows up on my account. Keeps things very simple. I’m not taking a loan, it’s my money I’m spending.\nBut I well understand the credit trap, and am terrified of it. It’s easy to slip.", ">\n\nNo need to be over dramatic.", ">\n\nIf you treat your financial well-being seriously… it’s being “diligent” not dramatic. \nNot being trapped in debt your whole life is a serious thing. People can kill themselves over debt. It can ruin lives.", ">\n\nYou’re still doing it. You can pay down credit card debt, especially if it’s a grocery bill or two. It will not ruin you and there is no reason to be terrified.", ">\n\nI don’t think you realize how habits are formed. \nAnd I don’t think it’s a good look to for you to dismiss good financial health as “being dramatic”. \nCredit cards are a curse to many, but if you’re smart they benefit you.", ">\n\nIt’s not good advice to tell people they should be so terrified of credit card debt and it’s a better alternative to go hungry. Buy a bag of rice/beans/potatoes and some chicken and eat. Credit card debt isn’t good, but you’re being dramatic.", ">\n\nAgain… I don’t think you understand how habits are formed. And I would go hungry ( or eat far cheaper, obviously ) than buy what I want on a credit card if I didn’t think I could pay it off in time. It’s literally how they get you. \nNo wonder people get caught in the credit card debt trap with people like you having flippant attitudes. \nDenial of gratification or delayed gratification is a thing. It’ll save you a lot in the long run.", ">\n\nI understand what you’re saying I just don’t agree. Delayed gratification lol… we’re talking about being able to eat not buying a new laptop. You can float a grocery bill on a credit card, especially if the alternative is going hungry. The idea that you should be terrified by that amount of debt is ridiculous. It’s fine to warn about credit cards but again, don’t be so dramatic.", ">\n\nAs a European I will never understand why you guys even bother with credit cards for the following reasons:\n\nWhy not use debit? It's mone you actually own and you don't have to deal with paying it back or forgetting about it.\nWhy does your credit score system work like that? It feels so alien to me, why don't they just rank it based on how well you repay other debts like car payments, student loan payments, phone payments, spotify etc?\nWhy isn't a credit card automatically locked if you fail to pay last month's balance until you repaid the debt?\n\nIf someone could enlighten me on this I'd actually be grateful.", ">\n\nI got one because apparently having a credit history makes you look better when applying for bigger loans (house loans, personal loans for car repair, etc).", ">\n\nBut does it actually make that easier?", ">\n\nI have no idea, haven't needed to take out any loans, but since I'm using it as slush rather than taking on debt that I can't pay immediately, the practical impact is minimal for me. I'll let you know if I ever have the money for a deposit on a house, probably 2040 or so.", ">\n\nWell, atleast those problems are universal in our modern world! Maybe I can show you around in my 50square feet tinyhouse somewhere near 2035 lmao", ">\n\nSounds good :D", ">\n\nI'll never understand why people would carry credit card debt. It's basically the most expensive borrowing you can do.", ">\n\npeople be broke yo.", ">\n\ntaking out loans at 20% interest doesn't seem like a good solution.", ">\n\nPeople at that point are in survival mode and they aren't worried about the future because they are focused on now. When you're just trying to put food on the table or pay the electric bill it's usually the only solution.", ">\n\nNowhere near 46% of credit card holders are in anywhere close to that situation." ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou.", ">\n\nYea I do that on one of my cards but it's 0% interest for 24 months so why wouldn't I?", ">\n\nNothing more American than trying to accumulate $30 trillion dollars of debt", ">\n\nFraud is the future. Breached forums (Breached.vc) The financial industry and Department of Justice have been subverted by the rich and well connected. \nCompanies like Walmart and Target budget for theft.", ">\n\nIt looks like when big retail eliminates countless cashier positions that provided sustenance to working class Americans a spike in casual theft follows.\nFast food is expanding the use robotics to replace workers too. Doubtless other industries will follow. Elon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.", ">\n\n\nElon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.\n\nI think he has more immediate things to worry about.", ">\n\nWhat do you expect? 7% inflation with 3% raises and a president encouraging no raises to keep inflation down.", ">\n\nCredit card companies spend a hell of a lot of money in congress to make sure that number is as high as possible.", ">\n\nWhat exactly are they spending on and lobbying for?", ">\n\nI doubt they write reports on the stuff, but general rules and regulations (or spins on them) to maximize profits", ">\n\nOh hey, time to buy Visa stock.", ">\n\nYou mean bank stock?", ">\n\n\"At 19.6%, if you made minimum payments toward the average credit card balance — which is $5,474, according to Transunion — it would take you almost 17 years to pay off the debt and cost you more than $7,528 in interest\"", ">\n\nThis is why bankruptcy laws need to be changed! \nWhy is the rich and corporations allowed to wipe their debt clean and start fresh, yet the poor and middle class have to pay back?", ">\n\nThe single best thing the federal government can do is raise minimum wage. At this point, minimum wage needs to be around $25/hr.\nWhat most don't understand is that wages have been under attack since the 60s. Wages are so lean that they barely touch the bottom dollar. For a high volume manufacturer, you could double everyone's wages, and the sell price of goods made would need to increase by less than 1% to cover the added cost. For a low volume, labor intensive manufacturer, the sell price would only go up by 3% to 5%. The only hard hit industries are service industries were labor is the major component of the business. However, if your wages go from $40k a year to $80k a year, and you're rolling in $40,000, you're not going to care one bit that your Uber was $35 instead of $20. Your cereal will cost $0.01 more, and your new $2000 smart fridge will cost you $60 more. And for this financial burden EVERYBODY is making 2x income.\nThis is how far behind wages are because of a 60 year war against them. They almost don't matter to the sell price, but it's also the first thing management targets, because wages are costs and costs are evil.\nUltimately it's a self mutilating cycle of starvation and suffering for literally no good reason.\nWorse yet, we systematically stifle economic growth, buying power, and ultimately GDP. \nThe lack of adequate wages also drivers many social problems like crime and even mental illness. It drivers health issues and increases burdens on society for long term care. It also deters family planning, education, and social diversification.\nFrankly, the masochism of wage stagnation is wild. Why would you ever willfully chose suffering?", ">\n\nCould be worse. Round here I’ve seen credit cards with interest rates that can go up to 586% per year", ">\n\nWe have 3 credit cards that we used for bills and then just paid off immediately with actual cash. Then a funeral for my girlfriends grandma 2500 miles away caused us to max them out going to say goodbye. Now we've had that debt since June unable to catch up due to life's many cruel jokes. 😢", ">\n\nYou could have refused to go to the funeral or asked relatives for financial assistance. Admitting you can't go to a funeral because you can't afford it even if you want to shouldn't be looked down on.", ">\n\nUnfortunately funerals and the funeral industry are a massively exploitative affair designed to emotionally manipulate the fuck out of people to get their money. They go out of their way to make the cheap option like cremation into expensive items. O you wouldnt want your to be uncomfortable in the cardboard box before it burns, how about a $3k upgrade box to be burned?", ">\n\nI love how they're framing it like people are choosing to use credit cards. If this was honestly written it would sound more like \"46% of cardholders are forced to carry debt from month to month as expenses stay high\" or if they wanted to be neutral \"credit card use is high as a result of high expenses\" not this \"people are choosing to be poor\" shit.", ">\n\nThis is the kind of signal the fed is looking for to stop the rate hikes", ">\n\nNot at all surprised. Way too many people spending money they don't have. You're not entitled to have doordash every day because you're too important to get your own food (or even better to cook it). It seems like people are deciding what standard of living they deserve and then worrying about the cost after.", ">\n\nCan you please please please tell my wife this. She’s addicted to door dash and we even have a goddamn supermarket in our building.", ">\n\nI’ve never understood the allure to this. Paying premium prices for below average food that arrives luke warm at best", ">\n\nYou’ve never understood the allure to delivery?", ">\n\nDelivery in concept is fine. Doordash-style delivery is dumb if looked at in context.", ">\n\nWould you get heart surgery from someone who has never done heart surgery before?\nThe credit world is built on statistical analysis. If you have a history of managing debt well, you get a good score, and banks will give you the best rates. If you have a history of not managing debt well, you have a bad score and banks are going to give you high rates (or not lend to you at all) because you're a risk.\nIf you have no history and you're young you can get provisional cards, loans, etc. to start building it up. However, if you are older with no history and you suddenly start asking for credit, that's actually a big red flag.\nLike everything else in life, actions have consequences.", ">\n\nI received a credit card offer from my bank (Bank of America) at midnight on my 18th birthday. On the same day I got approved for a $500 limit credit card. They want to get you in as soon they can and keep you in the cycle of paying off the credit card just to put more stuff on it because all your money went to pay the credit card.", ">\n\nTake the card. Spend 10$ every month and pay off the card every month. Do no more or and no less and at least get a credit rating out of it.", ">\n\nA regular expense that is automatically deducted, like a streaming subscription, is a great way to accomplish this.\nI have a couple of older cards that I don't really use but haven't canceled because they're my oldest cards and I don't want to ding my account age. That's how I keep them active.", ">\n\nYou missed the part about an automatic payment! \nSetup at least automatic minimum payment to make sure you never get penalized for missing entirely, and then even better setup FULL automatic payment if you know you can afford to pay off the limit if you ever forgot.", ">\n\nI've never done automatic payment, as my budget software reminds me to pay it, but that's a good idea.", ">\n\nLook at this gal with the B word.", ">\n\nThat is a fuck ton to go out. Like even once a week is a luxury most people can't afford.", ">\n\nYea what the fuck.. I make an ok salary and i am still eating out maybe once or twice every two weeks. Saving and investing is still difficult.", ">\n\nShopping around for credit cards is very important if you're going to do this. I have a fixed 4.99% mbna card that I'll keep until i die. Low fix apr's with no annual fees is the way to go. If you can keep a 0.00 balance, use credit cards for everything and rack up on bonus points. That takes discipline tho.", ">\n\nEveryone needs to consider reducing expenses before using credit cards.\nSell your stuff, divest assets, learn to live with less stuff and things and most importantly, learn to say no to both others and your self. Financial discipline starts with you.", ">\n\nNo we should actually be protesting and striking. We do not need to lick boots.", ">\n\nr/usernamechecksout", ">\n\nMonth to month?! I've carried the same debt for years! Who are these rich money bags that were able to pay off thier credit card in a month and then had to do it again the next month?!", ">\n\nI would rather go hungry, than use a credit card for an expense i can’t afford. I pay off my balance as soon as it shows up on my account. Keeps things very simple. I’m not taking a loan, it’s my money I’m spending.\nBut I well understand the credit trap, and am terrified of it. It’s easy to slip.", ">\n\nNo need to be over dramatic.", ">\n\nIf you treat your financial well-being seriously… it’s being “diligent” not dramatic. \nNot being trapped in debt your whole life is a serious thing. People can kill themselves over debt. It can ruin lives.", ">\n\nYou’re still doing it. You can pay down credit card debt, especially if it’s a grocery bill or two. It will not ruin you and there is no reason to be terrified.", ">\n\nI don’t think you realize how habits are formed. \nAnd I don’t think it’s a good look to for you to dismiss good financial health as “being dramatic”. \nCredit cards are a curse to many, but if you’re smart they benefit you.", ">\n\nIt’s not good advice to tell people they should be so terrified of credit card debt and it’s a better alternative to go hungry. Buy a bag of rice/beans/potatoes and some chicken and eat. Credit card debt isn’t good, but you’re being dramatic.", ">\n\nAgain… I don’t think you understand how habits are formed. And I would go hungry ( or eat far cheaper, obviously ) than buy what I want on a credit card if I didn’t think I could pay it off in time. It’s literally how they get you. \nNo wonder people get caught in the credit card debt trap with people like you having flippant attitudes. \nDenial of gratification or delayed gratification is a thing. It’ll save you a lot in the long run.", ">\n\nI understand what you’re saying I just don’t agree. Delayed gratification lol… we’re talking about being able to eat not buying a new laptop. You can float a grocery bill on a credit card, especially if the alternative is going hungry. The idea that you should be terrified by that amount of debt is ridiculous. It’s fine to warn about credit cards but again, don’t be so dramatic.", ">\n\nAs a European I will never understand why you guys even bother with credit cards for the following reasons:\n\nWhy not use debit? It's mone you actually own and you don't have to deal with paying it back or forgetting about it.\nWhy does your credit score system work like that? It feels so alien to me, why don't they just rank it based on how well you repay other debts like car payments, student loan payments, phone payments, spotify etc?\nWhy isn't a credit card automatically locked if you fail to pay last month's balance until you repaid the debt?\n\nIf someone could enlighten me on this I'd actually be grateful.", ">\n\nI got one because apparently having a credit history makes you look better when applying for bigger loans (house loans, personal loans for car repair, etc).", ">\n\nBut does it actually make that easier?", ">\n\nI have no idea, haven't needed to take out any loans, but since I'm using it as slush rather than taking on debt that I can't pay immediately, the practical impact is minimal for me. I'll let you know if I ever have the money for a deposit on a house, probably 2040 or so.", ">\n\nWell, atleast those problems are universal in our modern world! Maybe I can show you around in my 50square feet tinyhouse somewhere near 2035 lmao", ">\n\nSounds good :D", ">\n\nI'll never understand why people would carry credit card debt. It's basically the most expensive borrowing you can do.", ">\n\npeople be broke yo.", ">\n\ntaking out loans at 20% interest doesn't seem like a good solution.", ">\n\nPeople at that point are in survival mode and they aren't worried about the future because they are focused on now. When you're just trying to put food on the table or pay the electric bill it's usually the only solution.", ">\n\nNowhere near 46% of credit card holders are in anywhere close to that situation.", ">\n\nDoubt that you’re right. We’re in a recession" ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou.", ">\n\nYea I do that on one of my cards but it's 0% interest for 24 months so why wouldn't I?", ">\n\nNothing more American than trying to accumulate $30 trillion dollars of debt", ">\n\nFraud is the future. Breached forums (Breached.vc) The financial industry and Department of Justice have been subverted by the rich and well connected. \nCompanies like Walmart and Target budget for theft.", ">\n\nIt looks like when big retail eliminates countless cashier positions that provided sustenance to working class Americans a spike in casual theft follows.\nFast food is expanding the use robotics to replace workers too. Doubtless other industries will follow. Elon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.", ">\n\n\nElon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.\n\nI think he has more immediate things to worry about.", ">\n\nWhat do you expect? 7% inflation with 3% raises and a president encouraging no raises to keep inflation down.", ">\n\nCredit card companies spend a hell of a lot of money in congress to make sure that number is as high as possible.", ">\n\nWhat exactly are they spending on and lobbying for?", ">\n\nI doubt they write reports on the stuff, but general rules and regulations (or spins on them) to maximize profits", ">\n\nOh hey, time to buy Visa stock.", ">\n\nYou mean bank stock?", ">\n\n\"At 19.6%, if you made minimum payments toward the average credit card balance — which is $5,474, according to Transunion — it would take you almost 17 years to pay off the debt and cost you more than $7,528 in interest\"", ">\n\nThis is why bankruptcy laws need to be changed! \nWhy is the rich and corporations allowed to wipe their debt clean and start fresh, yet the poor and middle class have to pay back?", ">\n\nThe single best thing the federal government can do is raise minimum wage. At this point, minimum wage needs to be around $25/hr.\nWhat most don't understand is that wages have been under attack since the 60s. Wages are so lean that they barely touch the bottom dollar. For a high volume manufacturer, you could double everyone's wages, and the sell price of goods made would need to increase by less than 1% to cover the added cost. For a low volume, labor intensive manufacturer, the sell price would only go up by 3% to 5%. The only hard hit industries are service industries were labor is the major component of the business. However, if your wages go from $40k a year to $80k a year, and you're rolling in $40,000, you're not going to care one bit that your Uber was $35 instead of $20. Your cereal will cost $0.01 more, and your new $2000 smart fridge will cost you $60 more. And for this financial burden EVERYBODY is making 2x income.\nThis is how far behind wages are because of a 60 year war against them. They almost don't matter to the sell price, but it's also the first thing management targets, because wages are costs and costs are evil.\nUltimately it's a self mutilating cycle of starvation and suffering for literally no good reason.\nWorse yet, we systematically stifle economic growth, buying power, and ultimately GDP. \nThe lack of adequate wages also drivers many social problems like crime and even mental illness. It drivers health issues and increases burdens on society for long term care. It also deters family planning, education, and social diversification.\nFrankly, the masochism of wage stagnation is wild. Why would you ever willfully chose suffering?", ">\n\nCould be worse. Round here I’ve seen credit cards with interest rates that can go up to 586% per year", ">\n\nWe have 3 credit cards that we used for bills and then just paid off immediately with actual cash. Then a funeral for my girlfriends grandma 2500 miles away caused us to max them out going to say goodbye. Now we've had that debt since June unable to catch up due to life's many cruel jokes. 😢", ">\n\nYou could have refused to go to the funeral or asked relatives for financial assistance. Admitting you can't go to a funeral because you can't afford it even if you want to shouldn't be looked down on.", ">\n\nUnfortunately funerals and the funeral industry are a massively exploitative affair designed to emotionally manipulate the fuck out of people to get their money. They go out of their way to make the cheap option like cremation into expensive items. O you wouldnt want your to be uncomfortable in the cardboard box before it burns, how about a $3k upgrade box to be burned?", ">\n\nI love how they're framing it like people are choosing to use credit cards. If this was honestly written it would sound more like \"46% of cardholders are forced to carry debt from month to month as expenses stay high\" or if they wanted to be neutral \"credit card use is high as a result of high expenses\" not this \"people are choosing to be poor\" shit.", ">\n\nThis is the kind of signal the fed is looking for to stop the rate hikes", ">\n\nNot at all surprised. Way too many people spending money they don't have. You're not entitled to have doordash every day because you're too important to get your own food (or even better to cook it). It seems like people are deciding what standard of living they deserve and then worrying about the cost after.", ">\n\nCan you please please please tell my wife this. She’s addicted to door dash and we even have a goddamn supermarket in our building.", ">\n\nI’ve never understood the allure to this. Paying premium prices for below average food that arrives luke warm at best", ">\n\nYou’ve never understood the allure to delivery?", ">\n\nDelivery in concept is fine. Doordash-style delivery is dumb if looked at in context.", ">\n\nWould you get heart surgery from someone who has never done heart surgery before?\nThe credit world is built on statistical analysis. If you have a history of managing debt well, you get a good score, and banks will give you the best rates. If you have a history of not managing debt well, you have a bad score and banks are going to give you high rates (or not lend to you at all) because you're a risk.\nIf you have no history and you're young you can get provisional cards, loans, etc. to start building it up. However, if you are older with no history and you suddenly start asking for credit, that's actually a big red flag.\nLike everything else in life, actions have consequences.", ">\n\nI received a credit card offer from my bank (Bank of America) at midnight on my 18th birthday. On the same day I got approved for a $500 limit credit card. They want to get you in as soon they can and keep you in the cycle of paying off the credit card just to put more stuff on it because all your money went to pay the credit card.", ">\n\nTake the card. Spend 10$ every month and pay off the card every month. Do no more or and no less and at least get a credit rating out of it.", ">\n\nA regular expense that is automatically deducted, like a streaming subscription, is a great way to accomplish this.\nI have a couple of older cards that I don't really use but haven't canceled because they're my oldest cards and I don't want to ding my account age. That's how I keep them active.", ">\n\nYou missed the part about an automatic payment! \nSetup at least automatic minimum payment to make sure you never get penalized for missing entirely, and then even better setup FULL automatic payment if you know you can afford to pay off the limit if you ever forgot.", ">\n\nI've never done automatic payment, as my budget software reminds me to pay it, but that's a good idea.", ">\n\nLook at this gal with the B word.", ">\n\nThat is a fuck ton to go out. Like even once a week is a luxury most people can't afford.", ">\n\nYea what the fuck.. I make an ok salary and i am still eating out maybe once or twice every two weeks. Saving and investing is still difficult.", ">\n\nShopping around for credit cards is very important if you're going to do this. I have a fixed 4.99% mbna card that I'll keep until i die. Low fix apr's with no annual fees is the way to go. If you can keep a 0.00 balance, use credit cards for everything and rack up on bonus points. That takes discipline tho.", ">\n\nEveryone needs to consider reducing expenses before using credit cards.\nSell your stuff, divest assets, learn to live with less stuff and things and most importantly, learn to say no to both others and your self. Financial discipline starts with you.", ">\n\nNo we should actually be protesting and striking. We do not need to lick boots.", ">\n\nr/usernamechecksout", ">\n\nMonth to month?! I've carried the same debt for years! Who are these rich money bags that were able to pay off thier credit card in a month and then had to do it again the next month?!", ">\n\nI would rather go hungry, than use a credit card for an expense i can’t afford. I pay off my balance as soon as it shows up on my account. Keeps things very simple. I’m not taking a loan, it’s my money I’m spending.\nBut I well understand the credit trap, and am terrified of it. It’s easy to slip.", ">\n\nNo need to be over dramatic.", ">\n\nIf you treat your financial well-being seriously… it’s being “diligent” not dramatic. \nNot being trapped in debt your whole life is a serious thing. People can kill themselves over debt. It can ruin lives.", ">\n\nYou’re still doing it. You can pay down credit card debt, especially if it’s a grocery bill or two. It will not ruin you and there is no reason to be terrified.", ">\n\nI don’t think you realize how habits are formed. \nAnd I don’t think it’s a good look to for you to dismiss good financial health as “being dramatic”. \nCredit cards are a curse to many, but if you’re smart they benefit you.", ">\n\nIt’s not good advice to tell people they should be so terrified of credit card debt and it’s a better alternative to go hungry. Buy a bag of rice/beans/potatoes and some chicken and eat. Credit card debt isn’t good, but you’re being dramatic.", ">\n\nAgain… I don’t think you understand how habits are formed. And I would go hungry ( or eat far cheaper, obviously ) than buy what I want on a credit card if I didn’t think I could pay it off in time. It’s literally how they get you. \nNo wonder people get caught in the credit card debt trap with people like you having flippant attitudes. \nDenial of gratification or delayed gratification is a thing. It’ll save you a lot in the long run.", ">\n\nI understand what you’re saying I just don’t agree. Delayed gratification lol… we’re talking about being able to eat not buying a new laptop. You can float a grocery bill on a credit card, especially if the alternative is going hungry. The idea that you should be terrified by that amount of debt is ridiculous. It’s fine to warn about credit cards but again, don’t be so dramatic.", ">\n\nAs a European I will never understand why you guys even bother with credit cards for the following reasons:\n\nWhy not use debit? It's mone you actually own and you don't have to deal with paying it back or forgetting about it.\nWhy does your credit score system work like that? It feels so alien to me, why don't they just rank it based on how well you repay other debts like car payments, student loan payments, phone payments, spotify etc?\nWhy isn't a credit card automatically locked if you fail to pay last month's balance until you repaid the debt?\n\nIf someone could enlighten me on this I'd actually be grateful.", ">\n\nI got one because apparently having a credit history makes you look better when applying for bigger loans (house loans, personal loans for car repair, etc).", ">\n\nBut does it actually make that easier?", ">\n\nI have no idea, haven't needed to take out any loans, but since I'm using it as slush rather than taking on debt that I can't pay immediately, the practical impact is minimal for me. I'll let you know if I ever have the money for a deposit on a house, probably 2040 or so.", ">\n\nWell, atleast those problems are universal in our modern world! Maybe I can show you around in my 50square feet tinyhouse somewhere near 2035 lmao", ">\n\nSounds good :D", ">\n\nI'll never understand why people would carry credit card debt. It's basically the most expensive borrowing you can do.", ">\n\npeople be broke yo.", ">\n\ntaking out loans at 20% interest doesn't seem like a good solution.", ">\n\nPeople at that point are in survival mode and they aren't worried about the future because they are focused on now. When you're just trying to put food on the table or pay the electric bill it's usually the only solution.", ">\n\nNowhere near 46% of credit card holders are in anywhere close to that situation.", ">\n\nDoubt that you’re right. We’re in a recession", ">\n\nUnemployment is near 0 and, on average, real wages fell a bit less than 2% in 2022. This is hardly the worst of economic times." ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou.", ">\n\nYea I do that on one of my cards but it's 0% interest for 24 months so why wouldn't I?", ">\n\nNothing more American than trying to accumulate $30 trillion dollars of debt", ">\n\nFraud is the future. Breached forums (Breached.vc) The financial industry and Department of Justice have been subverted by the rich and well connected. \nCompanies like Walmart and Target budget for theft.", ">\n\nIt looks like when big retail eliminates countless cashier positions that provided sustenance to working class Americans a spike in casual theft follows.\nFast food is expanding the use robotics to replace workers too. Doubtless other industries will follow. Elon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.", ">\n\n\nElon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.\n\nI think he has more immediate things to worry about.", ">\n\nWhat do you expect? 7% inflation with 3% raises and a president encouraging no raises to keep inflation down.", ">\n\nCredit card companies spend a hell of a lot of money in congress to make sure that number is as high as possible.", ">\n\nWhat exactly are they spending on and lobbying for?", ">\n\nI doubt they write reports on the stuff, but general rules and regulations (or spins on them) to maximize profits", ">\n\nOh hey, time to buy Visa stock.", ">\n\nYou mean bank stock?", ">\n\n\"At 19.6%, if you made minimum payments toward the average credit card balance — which is $5,474, according to Transunion — it would take you almost 17 years to pay off the debt and cost you more than $7,528 in interest\"", ">\n\nThis is why bankruptcy laws need to be changed! \nWhy is the rich and corporations allowed to wipe their debt clean and start fresh, yet the poor and middle class have to pay back?", ">\n\nThe single best thing the federal government can do is raise minimum wage. At this point, minimum wage needs to be around $25/hr.\nWhat most don't understand is that wages have been under attack since the 60s. Wages are so lean that they barely touch the bottom dollar. For a high volume manufacturer, you could double everyone's wages, and the sell price of goods made would need to increase by less than 1% to cover the added cost. For a low volume, labor intensive manufacturer, the sell price would only go up by 3% to 5%. The only hard hit industries are service industries were labor is the major component of the business. However, if your wages go from $40k a year to $80k a year, and you're rolling in $40,000, you're not going to care one bit that your Uber was $35 instead of $20. Your cereal will cost $0.01 more, and your new $2000 smart fridge will cost you $60 more. And for this financial burden EVERYBODY is making 2x income.\nThis is how far behind wages are because of a 60 year war against them. They almost don't matter to the sell price, but it's also the first thing management targets, because wages are costs and costs are evil.\nUltimately it's a self mutilating cycle of starvation and suffering for literally no good reason.\nWorse yet, we systematically stifle economic growth, buying power, and ultimately GDP. \nThe lack of adequate wages also drivers many social problems like crime and even mental illness. It drivers health issues and increases burdens on society for long term care. It also deters family planning, education, and social diversification.\nFrankly, the masochism of wage stagnation is wild. Why would you ever willfully chose suffering?", ">\n\nCould be worse. Round here I’ve seen credit cards with interest rates that can go up to 586% per year", ">\n\nWe have 3 credit cards that we used for bills and then just paid off immediately with actual cash. Then a funeral for my girlfriends grandma 2500 miles away caused us to max them out going to say goodbye. Now we've had that debt since June unable to catch up due to life's many cruel jokes. 😢", ">\n\nYou could have refused to go to the funeral or asked relatives for financial assistance. Admitting you can't go to a funeral because you can't afford it even if you want to shouldn't be looked down on.", ">\n\nUnfortunately funerals and the funeral industry are a massively exploitative affair designed to emotionally manipulate the fuck out of people to get their money. They go out of their way to make the cheap option like cremation into expensive items. O you wouldnt want your to be uncomfortable in the cardboard box before it burns, how about a $3k upgrade box to be burned?", ">\n\nI love how they're framing it like people are choosing to use credit cards. If this was honestly written it would sound more like \"46% of cardholders are forced to carry debt from month to month as expenses stay high\" or if they wanted to be neutral \"credit card use is high as a result of high expenses\" not this \"people are choosing to be poor\" shit.", ">\n\nThis is the kind of signal the fed is looking for to stop the rate hikes", ">\n\nNot at all surprised. Way too many people spending money they don't have. You're not entitled to have doordash every day because you're too important to get your own food (or even better to cook it). It seems like people are deciding what standard of living they deserve and then worrying about the cost after.", ">\n\nCan you please please please tell my wife this. She’s addicted to door dash and we even have a goddamn supermarket in our building.", ">\n\nI’ve never understood the allure to this. Paying premium prices for below average food that arrives luke warm at best", ">\n\nYou’ve never understood the allure to delivery?", ">\n\nDelivery in concept is fine. Doordash-style delivery is dumb if looked at in context.", ">\n\nWould you get heart surgery from someone who has never done heart surgery before?\nThe credit world is built on statistical analysis. If you have a history of managing debt well, you get a good score, and banks will give you the best rates. If you have a history of not managing debt well, you have a bad score and banks are going to give you high rates (or not lend to you at all) because you're a risk.\nIf you have no history and you're young you can get provisional cards, loans, etc. to start building it up. However, if you are older with no history and you suddenly start asking for credit, that's actually a big red flag.\nLike everything else in life, actions have consequences.", ">\n\nI received a credit card offer from my bank (Bank of America) at midnight on my 18th birthday. On the same day I got approved for a $500 limit credit card. They want to get you in as soon they can and keep you in the cycle of paying off the credit card just to put more stuff on it because all your money went to pay the credit card.", ">\n\nTake the card. Spend 10$ every month and pay off the card every month. Do no more or and no less and at least get a credit rating out of it.", ">\n\nA regular expense that is automatically deducted, like a streaming subscription, is a great way to accomplish this.\nI have a couple of older cards that I don't really use but haven't canceled because they're my oldest cards and I don't want to ding my account age. That's how I keep them active.", ">\n\nYou missed the part about an automatic payment! \nSetup at least automatic minimum payment to make sure you never get penalized for missing entirely, and then even better setup FULL automatic payment if you know you can afford to pay off the limit if you ever forgot.", ">\n\nI've never done automatic payment, as my budget software reminds me to pay it, but that's a good idea.", ">\n\nLook at this gal with the B word.", ">\n\nThat is a fuck ton to go out. Like even once a week is a luxury most people can't afford.", ">\n\nYea what the fuck.. I make an ok salary and i am still eating out maybe once or twice every two weeks. Saving and investing is still difficult.", ">\n\nShopping around for credit cards is very important if you're going to do this. I have a fixed 4.99% mbna card that I'll keep until i die. Low fix apr's with no annual fees is the way to go. If you can keep a 0.00 balance, use credit cards for everything and rack up on bonus points. That takes discipline tho.", ">\n\nEveryone needs to consider reducing expenses before using credit cards.\nSell your stuff, divest assets, learn to live with less stuff and things and most importantly, learn to say no to both others and your self. Financial discipline starts with you.", ">\n\nNo we should actually be protesting and striking. We do not need to lick boots.", ">\n\nr/usernamechecksout", ">\n\nMonth to month?! I've carried the same debt for years! Who are these rich money bags that were able to pay off thier credit card in a month and then had to do it again the next month?!", ">\n\nI would rather go hungry, than use a credit card for an expense i can’t afford. I pay off my balance as soon as it shows up on my account. Keeps things very simple. I’m not taking a loan, it’s my money I’m spending.\nBut I well understand the credit trap, and am terrified of it. It’s easy to slip.", ">\n\nNo need to be over dramatic.", ">\n\nIf you treat your financial well-being seriously… it’s being “diligent” not dramatic. \nNot being trapped in debt your whole life is a serious thing. People can kill themselves over debt. It can ruin lives.", ">\n\nYou’re still doing it. You can pay down credit card debt, especially if it’s a grocery bill or two. It will not ruin you and there is no reason to be terrified.", ">\n\nI don’t think you realize how habits are formed. \nAnd I don’t think it’s a good look to for you to dismiss good financial health as “being dramatic”. \nCredit cards are a curse to many, but if you’re smart they benefit you.", ">\n\nIt’s not good advice to tell people they should be so terrified of credit card debt and it’s a better alternative to go hungry. Buy a bag of rice/beans/potatoes and some chicken and eat. Credit card debt isn’t good, but you’re being dramatic.", ">\n\nAgain… I don’t think you understand how habits are formed. And I would go hungry ( or eat far cheaper, obviously ) than buy what I want on a credit card if I didn’t think I could pay it off in time. It’s literally how they get you. \nNo wonder people get caught in the credit card debt trap with people like you having flippant attitudes. \nDenial of gratification or delayed gratification is a thing. It’ll save you a lot in the long run.", ">\n\nI understand what you’re saying I just don’t agree. Delayed gratification lol… we’re talking about being able to eat not buying a new laptop. You can float a grocery bill on a credit card, especially if the alternative is going hungry. The idea that you should be terrified by that amount of debt is ridiculous. It’s fine to warn about credit cards but again, don’t be so dramatic.", ">\n\nAs a European I will never understand why you guys even bother with credit cards for the following reasons:\n\nWhy not use debit? It's mone you actually own and you don't have to deal with paying it back or forgetting about it.\nWhy does your credit score system work like that? It feels so alien to me, why don't they just rank it based on how well you repay other debts like car payments, student loan payments, phone payments, spotify etc?\nWhy isn't a credit card automatically locked if you fail to pay last month's balance until you repaid the debt?\n\nIf someone could enlighten me on this I'd actually be grateful.", ">\n\nI got one because apparently having a credit history makes you look better when applying for bigger loans (house loans, personal loans for car repair, etc).", ">\n\nBut does it actually make that easier?", ">\n\nI have no idea, haven't needed to take out any loans, but since I'm using it as slush rather than taking on debt that I can't pay immediately, the practical impact is minimal for me. I'll let you know if I ever have the money for a deposit on a house, probably 2040 or so.", ">\n\nWell, atleast those problems are universal in our modern world! Maybe I can show you around in my 50square feet tinyhouse somewhere near 2035 lmao", ">\n\nSounds good :D", ">\n\nI'll never understand why people would carry credit card debt. It's basically the most expensive borrowing you can do.", ">\n\npeople be broke yo.", ">\n\ntaking out loans at 20% interest doesn't seem like a good solution.", ">\n\nPeople at that point are in survival mode and they aren't worried about the future because they are focused on now. When you're just trying to put food on the table or pay the electric bill it's usually the only solution.", ">\n\nNowhere near 46% of credit card holders are in anywhere close to that situation.", ">\n\nDoubt that you’re right. We’re in a recession", ">\n\nUnemployment is near 0 and, on average, real wages fell a bit less than 2% in 2022. This is hardly the worst of economic times.", ">\n\nThe unemployment rate does not necessarily mean we're not in a recession especially when the unemployment rate doesn't include all unemployed people. Or underemployed people. The vast majority of economists are saying that we're in a recession we are." ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou.", ">\n\nYea I do that on one of my cards but it's 0% interest for 24 months so why wouldn't I?", ">\n\nNothing more American than trying to accumulate $30 trillion dollars of debt", ">\n\nFraud is the future. Breached forums (Breached.vc) The financial industry and Department of Justice have been subverted by the rich and well connected. \nCompanies like Walmart and Target budget for theft.", ">\n\nIt looks like when big retail eliminates countless cashier positions that provided sustenance to working class Americans a spike in casual theft follows.\nFast food is expanding the use robotics to replace workers too. Doubtless other industries will follow. Elon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.", ">\n\n\nElon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.\n\nI think he has more immediate things to worry about.", ">\n\nWhat do you expect? 7% inflation with 3% raises and a president encouraging no raises to keep inflation down.", ">\n\nCredit card companies spend a hell of a lot of money in congress to make sure that number is as high as possible.", ">\n\nWhat exactly are they spending on and lobbying for?", ">\n\nI doubt they write reports on the stuff, but general rules and regulations (or spins on them) to maximize profits", ">\n\nOh hey, time to buy Visa stock.", ">\n\nYou mean bank stock?", ">\n\n\"At 19.6%, if you made minimum payments toward the average credit card balance — which is $5,474, according to Transunion — it would take you almost 17 years to pay off the debt and cost you more than $7,528 in interest\"", ">\n\nThis is why bankruptcy laws need to be changed! \nWhy is the rich and corporations allowed to wipe their debt clean and start fresh, yet the poor and middle class have to pay back?", ">\n\nThe single best thing the federal government can do is raise minimum wage. At this point, minimum wage needs to be around $25/hr.\nWhat most don't understand is that wages have been under attack since the 60s. Wages are so lean that they barely touch the bottom dollar. For a high volume manufacturer, you could double everyone's wages, and the sell price of goods made would need to increase by less than 1% to cover the added cost. For a low volume, labor intensive manufacturer, the sell price would only go up by 3% to 5%. The only hard hit industries are service industries were labor is the major component of the business. However, if your wages go from $40k a year to $80k a year, and you're rolling in $40,000, you're not going to care one bit that your Uber was $35 instead of $20. Your cereal will cost $0.01 more, and your new $2000 smart fridge will cost you $60 more. And for this financial burden EVERYBODY is making 2x income.\nThis is how far behind wages are because of a 60 year war against them. They almost don't matter to the sell price, but it's also the first thing management targets, because wages are costs and costs are evil.\nUltimately it's a self mutilating cycle of starvation and suffering for literally no good reason.\nWorse yet, we systematically stifle economic growth, buying power, and ultimately GDP. \nThe lack of adequate wages also drivers many social problems like crime and even mental illness. It drivers health issues and increases burdens on society for long term care. It also deters family planning, education, and social diversification.\nFrankly, the masochism of wage stagnation is wild. Why would you ever willfully chose suffering?", ">\n\nCould be worse. Round here I’ve seen credit cards with interest rates that can go up to 586% per year", ">\n\nWe have 3 credit cards that we used for bills and then just paid off immediately with actual cash. Then a funeral for my girlfriends grandma 2500 miles away caused us to max them out going to say goodbye. Now we've had that debt since June unable to catch up due to life's many cruel jokes. 😢", ">\n\nYou could have refused to go to the funeral or asked relatives for financial assistance. Admitting you can't go to a funeral because you can't afford it even if you want to shouldn't be looked down on.", ">\n\nUnfortunately funerals and the funeral industry are a massively exploitative affair designed to emotionally manipulate the fuck out of people to get their money. They go out of their way to make the cheap option like cremation into expensive items. O you wouldnt want your to be uncomfortable in the cardboard box before it burns, how about a $3k upgrade box to be burned?", ">\n\nI love how they're framing it like people are choosing to use credit cards. If this was honestly written it would sound more like \"46% of cardholders are forced to carry debt from month to month as expenses stay high\" or if they wanted to be neutral \"credit card use is high as a result of high expenses\" not this \"people are choosing to be poor\" shit.", ">\n\nThis is the kind of signal the fed is looking for to stop the rate hikes", ">\n\nNot at all surprised. Way too many people spending money they don't have. You're not entitled to have doordash every day because you're too important to get your own food (or even better to cook it). It seems like people are deciding what standard of living they deserve and then worrying about the cost after.", ">\n\nCan you please please please tell my wife this. She’s addicted to door dash and we even have a goddamn supermarket in our building.", ">\n\nI’ve never understood the allure to this. Paying premium prices for below average food that arrives luke warm at best", ">\n\nYou’ve never understood the allure to delivery?", ">\n\nDelivery in concept is fine. Doordash-style delivery is dumb if looked at in context.", ">\n\nWould you get heart surgery from someone who has never done heart surgery before?\nThe credit world is built on statistical analysis. If you have a history of managing debt well, you get a good score, and banks will give you the best rates. If you have a history of not managing debt well, you have a bad score and banks are going to give you high rates (or not lend to you at all) because you're a risk.\nIf you have no history and you're young you can get provisional cards, loans, etc. to start building it up. However, if you are older with no history and you suddenly start asking for credit, that's actually a big red flag.\nLike everything else in life, actions have consequences.", ">\n\nI received a credit card offer from my bank (Bank of America) at midnight on my 18th birthday. On the same day I got approved for a $500 limit credit card. They want to get you in as soon they can and keep you in the cycle of paying off the credit card just to put more stuff on it because all your money went to pay the credit card.", ">\n\nTake the card. Spend 10$ every month and pay off the card every month. Do no more or and no less and at least get a credit rating out of it.", ">\n\nA regular expense that is automatically deducted, like a streaming subscription, is a great way to accomplish this.\nI have a couple of older cards that I don't really use but haven't canceled because they're my oldest cards and I don't want to ding my account age. That's how I keep them active.", ">\n\nYou missed the part about an automatic payment! \nSetup at least automatic minimum payment to make sure you never get penalized for missing entirely, and then even better setup FULL automatic payment if you know you can afford to pay off the limit if you ever forgot.", ">\n\nI've never done automatic payment, as my budget software reminds me to pay it, but that's a good idea.", ">\n\nLook at this gal with the B word.", ">\n\nThat is a fuck ton to go out. Like even once a week is a luxury most people can't afford.", ">\n\nYea what the fuck.. I make an ok salary and i am still eating out maybe once or twice every two weeks. Saving and investing is still difficult.", ">\n\nShopping around for credit cards is very important if you're going to do this. I have a fixed 4.99% mbna card that I'll keep until i die. Low fix apr's with no annual fees is the way to go. If you can keep a 0.00 balance, use credit cards for everything and rack up on bonus points. That takes discipline tho.", ">\n\nEveryone needs to consider reducing expenses before using credit cards.\nSell your stuff, divest assets, learn to live with less stuff and things and most importantly, learn to say no to both others and your self. Financial discipline starts with you.", ">\n\nNo we should actually be protesting and striking. We do not need to lick boots.", ">\n\nr/usernamechecksout", ">\n\nMonth to month?! I've carried the same debt for years! Who are these rich money bags that were able to pay off thier credit card in a month and then had to do it again the next month?!", ">\n\nI would rather go hungry, than use a credit card for an expense i can’t afford. I pay off my balance as soon as it shows up on my account. Keeps things very simple. I’m not taking a loan, it’s my money I’m spending.\nBut I well understand the credit trap, and am terrified of it. It’s easy to slip.", ">\n\nNo need to be over dramatic.", ">\n\nIf you treat your financial well-being seriously… it’s being “diligent” not dramatic. \nNot being trapped in debt your whole life is a serious thing. People can kill themselves over debt. It can ruin lives.", ">\n\nYou’re still doing it. You can pay down credit card debt, especially if it’s a grocery bill or two. It will not ruin you and there is no reason to be terrified.", ">\n\nI don’t think you realize how habits are formed. \nAnd I don’t think it’s a good look to for you to dismiss good financial health as “being dramatic”. \nCredit cards are a curse to many, but if you’re smart they benefit you.", ">\n\nIt’s not good advice to tell people they should be so terrified of credit card debt and it’s a better alternative to go hungry. Buy a bag of rice/beans/potatoes and some chicken and eat. Credit card debt isn’t good, but you’re being dramatic.", ">\n\nAgain… I don’t think you understand how habits are formed. And I would go hungry ( or eat far cheaper, obviously ) than buy what I want on a credit card if I didn’t think I could pay it off in time. It’s literally how they get you. \nNo wonder people get caught in the credit card debt trap with people like you having flippant attitudes. \nDenial of gratification or delayed gratification is a thing. It’ll save you a lot in the long run.", ">\n\nI understand what you’re saying I just don’t agree. Delayed gratification lol… we’re talking about being able to eat not buying a new laptop. You can float a grocery bill on a credit card, especially if the alternative is going hungry. The idea that you should be terrified by that amount of debt is ridiculous. It’s fine to warn about credit cards but again, don’t be so dramatic.", ">\n\nAs a European I will never understand why you guys even bother with credit cards for the following reasons:\n\nWhy not use debit? It's mone you actually own and you don't have to deal with paying it back or forgetting about it.\nWhy does your credit score system work like that? It feels so alien to me, why don't they just rank it based on how well you repay other debts like car payments, student loan payments, phone payments, spotify etc?\nWhy isn't a credit card automatically locked if you fail to pay last month's balance until you repaid the debt?\n\nIf someone could enlighten me on this I'd actually be grateful.", ">\n\nI got one because apparently having a credit history makes you look better when applying for bigger loans (house loans, personal loans for car repair, etc).", ">\n\nBut does it actually make that easier?", ">\n\nI have no idea, haven't needed to take out any loans, but since I'm using it as slush rather than taking on debt that I can't pay immediately, the practical impact is minimal for me. I'll let you know if I ever have the money for a deposit on a house, probably 2040 or so.", ">\n\nWell, atleast those problems are universal in our modern world! Maybe I can show you around in my 50square feet tinyhouse somewhere near 2035 lmao", ">\n\nSounds good :D", ">\n\nI'll never understand why people would carry credit card debt. It's basically the most expensive borrowing you can do.", ">\n\npeople be broke yo.", ">\n\ntaking out loans at 20% interest doesn't seem like a good solution.", ">\n\nPeople at that point are in survival mode and they aren't worried about the future because they are focused on now. When you're just trying to put food on the table or pay the electric bill it's usually the only solution.", ">\n\nNowhere near 46% of credit card holders are in anywhere close to that situation.", ">\n\nDoubt that you’re right. We’re in a recession", ">\n\nUnemployment is near 0 and, on average, real wages fell a bit less than 2% in 2022. This is hardly the worst of economic times.", ">\n\nThe unemployment rate does not necessarily mean we're not in a recession especially when the unemployment rate doesn't include all unemployed people. Or underemployed people. The vast majority of economists are saying that we're in a recession we are.", ">\n\nWell I do it the mostly keep my credit score really high I normally pay it off after 2 months. I'll put some more on my credit again wait a month build it up again." ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou.", ">\n\nYea I do that on one of my cards but it's 0% interest for 24 months so why wouldn't I?", ">\n\nNothing more American than trying to accumulate $30 trillion dollars of debt", ">\n\nFraud is the future. Breached forums (Breached.vc) The financial industry and Department of Justice have been subverted by the rich and well connected. \nCompanies like Walmart and Target budget for theft.", ">\n\nIt looks like when big retail eliminates countless cashier positions that provided sustenance to working class Americans a spike in casual theft follows.\nFast food is expanding the use robotics to replace workers too. Doubtless other industries will follow. Elon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.", ">\n\n\nElon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.\n\nI think he has more immediate things to worry about.", ">\n\nWhat do you expect? 7% inflation with 3% raises and a president encouraging no raises to keep inflation down.", ">\n\nCredit card companies spend a hell of a lot of money in congress to make sure that number is as high as possible.", ">\n\nWhat exactly are they spending on and lobbying for?", ">\n\nI doubt they write reports on the stuff, but general rules and regulations (or spins on them) to maximize profits", ">\n\nOh hey, time to buy Visa stock.", ">\n\nYou mean bank stock?", ">\n\n\"At 19.6%, if you made minimum payments toward the average credit card balance — which is $5,474, according to Transunion — it would take you almost 17 years to pay off the debt and cost you more than $7,528 in interest\"", ">\n\nThis is why bankruptcy laws need to be changed! \nWhy is the rich and corporations allowed to wipe their debt clean and start fresh, yet the poor and middle class have to pay back?", ">\n\nThe single best thing the federal government can do is raise minimum wage. At this point, minimum wage needs to be around $25/hr.\nWhat most don't understand is that wages have been under attack since the 60s. Wages are so lean that they barely touch the bottom dollar. For a high volume manufacturer, you could double everyone's wages, and the sell price of goods made would need to increase by less than 1% to cover the added cost. For a low volume, labor intensive manufacturer, the sell price would only go up by 3% to 5%. The only hard hit industries are service industries were labor is the major component of the business. However, if your wages go from $40k a year to $80k a year, and you're rolling in $40,000, you're not going to care one bit that your Uber was $35 instead of $20. Your cereal will cost $0.01 more, and your new $2000 smart fridge will cost you $60 more. And for this financial burden EVERYBODY is making 2x income.\nThis is how far behind wages are because of a 60 year war against them. They almost don't matter to the sell price, but it's also the first thing management targets, because wages are costs and costs are evil.\nUltimately it's a self mutilating cycle of starvation and suffering for literally no good reason.\nWorse yet, we systematically stifle economic growth, buying power, and ultimately GDP. \nThe lack of adequate wages also drivers many social problems like crime and even mental illness. It drivers health issues and increases burdens on society for long term care. It also deters family planning, education, and social diversification.\nFrankly, the masochism of wage stagnation is wild. Why would you ever willfully chose suffering?", ">\n\nCould be worse. Round here I’ve seen credit cards with interest rates that can go up to 586% per year", ">\n\nWe have 3 credit cards that we used for bills and then just paid off immediately with actual cash. Then a funeral for my girlfriends grandma 2500 miles away caused us to max them out going to say goodbye. Now we've had that debt since June unable to catch up due to life's many cruel jokes. 😢", ">\n\nYou could have refused to go to the funeral or asked relatives for financial assistance. Admitting you can't go to a funeral because you can't afford it even if you want to shouldn't be looked down on.", ">\n\nUnfortunately funerals and the funeral industry are a massively exploitative affair designed to emotionally manipulate the fuck out of people to get their money. They go out of their way to make the cheap option like cremation into expensive items. O you wouldnt want your to be uncomfortable in the cardboard box before it burns, how about a $3k upgrade box to be burned?", ">\n\nI love how they're framing it like people are choosing to use credit cards. If this was honestly written it would sound more like \"46% of cardholders are forced to carry debt from month to month as expenses stay high\" or if they wanted to be neutral \"credit card use is high as a result of high expenses\" not this \"people are choosing to be poor\" shit.", ">\n\nThis is the kind of signal the fed is looking for to stop the rate hikes", ">\n\nNot at all surprised. Way too many people spending money they don't have. You're not entitled to have doordash every day because you're too important to get your own food (or even better to cook it). It seems like people are deciding what standard of living they deserve and then worrying about the cost after.", ">\n\nCan you please please please tell my wife this. She’s addicted to door dash and we even have a goddamn supermarket in our building.", ">\n\nI’ve never understood the allure to this. Paying premium prices for below average food that arrives luke warm at best", ">\n\nYou’ve never understood the allure to delivery?", ">\n\nDelivery in concept is fine. Doordash-style delivery is dumb if looked at in context.", ">\n\nWould you get heart surgery from someone who has never done heart surgery before?\nThe credit world is built on statistical analysis. If you have a history of managing debt well, you get a good score, and banks will give you the best rates. If you have a history of not managing debt well, you have a bad score and banks are going to give you high rates (or not lend to you at all) because you're a risk.\nIf you have no history and you're young you can get provisional cards, loans, etc. to start building it up. However, if you are older with no history and you suddenly start asking for credit, that's actually a big red flag.\nLike everything else in life, actions have consequences.", ">\n\nI received a credit card offer from my bank (Bank of America) at midnight on my 18th birthday. On the same day I got approved for a $500 limit credit card. They want to get you in as soon they can and keep you in the cycle of paying off the credit card just to put more stuff on it because all your money went to pay the credit card.", ">\n\nTake the card. Spend 10$ every month and pay off the card every month. Do no more or and no less and at least get a credit rating out of it.", ">\n\nA regular expense that is automatically deducted, like a streaming subscription, is a great way to accomplish this.\nI have a couple of older cards that I don't really use but haven't canceled because they're my oldest cards and I don't want to ding my account age. That's how I keep them active.", ">\n\nYou missed the part about an automatic payment! \nSetup at least automatic minimum payment to make sure you never get penalized for missing entirely, and then even better setup FULL automatic payment if you know you can afford to pay off the limit if you ever forgot.", ">\n\nI've never done automatic payment, as my budget software reminds me to pay it, but that's a good idea.", ">\n\nLook at this gal with the B word.", ">\n\nThat is a fuck ton to go out. Like even once a week is a luxury most people can't afford.", ">\n\nYea what the fuck.. I make an ok salary and i am still eating out maybe once or twice every two weeks. Saving and investing is still difficult.", ">\n\nShopping around for credit cards is very important if you're going to do this. I have a fixed 4.99% mbna card that I'll keep until i die. Low fix apr's with no annual fees is the way to go. If you can keep a 0.00 balance, use credit cards for everything and rack up on bonus points. That takes discipline tho.", ">\n\nEveryone needs to consider reducing expenses before using credit cards.\nSell your stuff, divest assets, learn to live with less stuff and things and most importantly, learn to say no to both others and your self. Financial discipline starts with you.", ">\n\nNo we should actually be protesting and striking. We do not need to lick boots.", ">\n\nr/usernamechecksout", ">\n\nMonth to month?! I've carried the same debt for years! Who are these rich money bags that were able to pay off thier credit card in a month and then had to do it again the next month?!", ">\n\nI would rather go hungry, than use a credit card for an expense i can’t afford. I pay off my balance as soon as it shows up on my account. Keeps things very simple. I’m not taking a loan, it’s my money I’m spending.\nBut I well understand the credit trap, and am terrified of it. It’s easy to slip.", ">\n\nNo need to be over dramatic.", ">\n\nIf you treat your financial well-being seriously… it’s being “diligent” not dramatic. \nNot being trapped in debt your whole life is a serious thing. People can kill themselves over debt. It can ruin lives.", ">\n\nYou’re still doing it. You can pay down credit card debt, especially if it’s a grocery bill or two. It will not ruin you and there is no reason to be terrified.", ">\n\nI don’t think you realize how habits are formed. \nAnd I don’t think it’s a good look to for you to dismiss good financial health as “being dramatic”. \nCredit cards are a curse to many, but if you’re smart they benefit you.", ">\n\nIt’s not good advice to tell people they should be so terrified of credit card debt and it’s a better alternative to go hungry. Buy a bag of rice/beans/potatoes and some chicken and eat. Credit card debt isn’t good, but you’re being dramatic.", ">\n\nAgain… I don’t think you understand how habits are formed. And I would go hungry ( or eat far cheaper, obviously ) than buy what I want on a credit card if I didn’t think I could pay it off in time. It’s literally how they get you. \nNo wonder people get caught in the credit card debt trap with people like you having flippant attitudes. \nDenial of gratification or delayed gratification is a thing. It’ll save you a lot in the long run.", ">\n\nI understand what you’re saying I just don’t agree. Delayed gratification lol… we’re talking about being able to eat not buying a new laptop. You can float a grocery bill on a credit card, especially if the alternative is going hungry. The idea that you should be terrified by that amount of debt is ridiculous. It’s fine to warn about credit cards but again, don’t be so dramatic.", ">\n\nAs a European I will never understand why you guys even bother with credit cards for the following reasons:\n\nWhy not use debit? It's mone you actually own and you don't have to deal with paying it back or forgetting about it.\nWhy does your credit score system work like that? It feels so alien to me, why don't they just rank it based on how well you repay other debts like car payments, student loan payments, phone payments, spotify etc?\nWhy isn't a credit card automatically locked if you fail to pay last month's balance until you repaid the debt?\n\nIf someone could enlighten me on this I'd actually be grateful.", ">\n\nI got one because apparently having a credit history makes you look better when applying for bigger loans (house loans, personal loans for car repair, etc).", ">\n\nBut does it actually make that easier?", ">\n\nI have no idea, haven't needed to take out any loans, but since I'm using it as slush rather than taking on debt that I can't pay immediately, the practical impact is minimal for me. I'll let you know if I ever have the money for a deposit on a house, probably 2040 or so.", ">\n\nWell, atleast those problems are universal in our modern world! Maybe I can show you around in my 50square feet tinyhouse somewhere near 2035 lmao", ">\n\nSounds good :D", ">\n\nI'll never understand why people would carry credit card debt. It's basically the most expensive borrowing you can do.", ">\n\npeople be broke yo.", ">\n\ntaking out loans at 20% interest doesn't seem like a good solution.", ">\n\nPeople at that point are in survival mode and they aren't worried about the future because they are focused on now. When you're just trying to put food on the table or pay the electric bill it's usually the only solution.", ">\n\nNowhere near 46% of credit card holders are in anywhere close to that situation.", ">\n\nDoubt that you’re right. We’re in a recession", ">\n\nUnemployment is near 0 and, on average, real wages fell a bit less than 2% in 2022. This is hardly the worst of economic times.", ">\n\nThe unemployment rate does not necessarily mean we're not in a recession especially when the unemployment rate doesn't include all unemployed people. Or underemployed people. The vast majority of economists are saying that we're in a recession we are.", ">\n\nWell I do it the mostly keep my credit score really high I normally pay it off after 2 months. I'll put some more on my credit again wait a month build it up again.", ">\n\nThere’s no reason whatsoever to do this. You don’t improve your credit score by paying interest" ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou.", ">\n\nYea I do that on one of my cards but it's 0% interest for 24 months so why wouldn't I?", ">\n\nNothing more American than trying to accumulate $30 trillion dollars of debt", ">\n\nFraud is the future. Breached forums (Breached.vc) The financial industry and Department of Justice have been subverted by the rich and well connected. \nCompanies like Walmart and Target budget for theft.", ">\n\nIt looks like when big retail eliminates countless cashier positions that provided sustenance to working class Americans a spike in casual theft follows.\nFast food is expanding the use robotics to replace workers too. Doubtless other industries will follow. Elon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.", ">\n\n\nElon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.\n\nI think he has more immediate things to worry about.", ">\n\nWhat do you expect? 7% inflation with 3% raises and a president encouraging no raises to keep inflation down.", ">\n\nCredit card companies spend a hell of a lot of money in congress to make sure that number is as high as possible.", ">\n\nWhat exactly are they spending on and lobbying for?", ">\n\nI doubt they write reports on the stuff, but general rules and regulations (or spins on them) to maximize profits", ">\n\nOh hey, time to buy Visa stock.", ">\n\nYou mean bank stock?", ">\n\n\"At 19.6%, if you made minimum payments toward the average credit card balance — which is $5,474, according to Transunion — it would take you almost 17 years to pay off the debt and cost you more than $7,528 in interest\"", ">\n\nThis is why bankruptcy laws need to be changed! \nWhy is the rich and corporations allowed to wipe their debt clean and start fresh, yet the poor and middle class have to pay back?", ">\n\nThe single best thing the federal government can do is raise minimum wage. At this point, minimum wage needs to be around $25/hr.\nWhat most don't understand is that wages have been under attack since the 60s. Wages are so lean that they barely touch the bottom dollar. For a high volume manufacturer, you could double everyone's wages, and the sell price of goods made would need to increase by less than 1% to cover the added cost. For a low volume, labor intensive manufacturer, the sell price would only go up by 3% to 5%. The only hard hit industries are service industries were labor is the major component of the business. However, if your wages go from $40k a year to $80k a year, and you're rolling in $40,000, you're not going to care one bit that your Uber was $35 instead of $20. Your cereal will cost $0.01 more, and your new $2000 smart fridge will cost you $60 more. And for this financial burden EVERYBODY is making 2x income.\nThis is how far behind wages are because of a 60 year war against them. They almost don't matter to the sell price, but it's also the first thing management targets, because wages are costs and costs are evil.\nUltimately it's a self mutilating cycle of starvation and suffering for literally no good reason.\nWorse yet, we systematically stifle economic growth, buying power, and ultimately GDP. \nThe lack of adequate wages also drivers many social problems like crime and even mental illness. It drivers health issues and increases burdens on society for long term care. It also deters family planning, education, and social diversification.\nFrankly, the masochism of wage stagnation is wild. Why would you ever willfully chose suffering?", ">\n\nCould be worse. Round here I’ve seen credit cards with interest rates that can go up to 586% per year", ">\n\nWe have 3 credit cards that we used for bills and then just paid off immediately with actual cash. Then a funeral for my girlfriends grandma 2500 miles away caused us to max them out going to say goodbye. Now we've had that debt since June unable to catch up due to life's many cruel jokes. 😢", ">\n\nYou could have refused to go to the funeral or asked relatives for financial assistance. Admitting you can't go to a funeral because you can't afford it even if you want to shouldn't be looked down on.", ">\n\nUnfortunately funerals and the funeral industry are a massively exploitative affair designed to emotionally manipulate the fuck out of people to get their money. They go out of their way to make the cheap option like cremation into expensive items. O you wouldnt want your to be uncomfortable in the cardboard box before it burns, how about a $3k upgrade box to be burned?", ">\n\nI love how they're framing it like people are choosing to use credit cards. If this was honestly written it would sound more like \"46% of cardholders are forced to carry debt from month to month as expenses stay high\" or if they wanted to be neutral \"credit card use is high as a result of high expenses\" not this \"people are choosing to be poor\" shit.", ">\n\nThis is the kind of signal the fed is looking for to stop the rate hikes", ">\n\nNot at all surprised. Way too many people spending money they don't have. You're not entitled to have doordash every day because you're too important to get your own food (or even better to cook it). It seems like people are deciding what standard of living they deserve and then worrying about the cost after.", ">\n\nCan you please please please tell my wife this. She’s addicted to door dash and we even have a goddamn supermarket in our building.", ">\n\nI’ve never understood the allure to this. Paying premium prices for below average food that arrives luke warm at best", ">\n\nYou’ve never understood the allure to delivery?", ">\n\nDelivery in concept is fine. Doordash-style delivery is dumb if looked at in context.", ">\n\nWould you get heart surgery from someone who has never done heart surgery before?\nThe credit world is built on statistical analysis. If you have a history of managing debt well, you get a good score, and banks will give you the best rates. If you have a history of not managing debt well, you have a bad score and banks are going to give you high rates (or not lend to you at all) because you're a risk.\nIf you have no history and you're young you can get provisional cards, loans, etc. to start building it up. However, if you are older with no history and you suddenly start asking for credit, that's actually a big red flag.\nLike everything else in life, actions have consequences.", ">\n\nI received a credit card offer from my bank (Bank of America) at midnight on my 18th birthday. On the same day I got approved for a $500 limit credit card. They want to get you in as soon they can and keep you in the cycle of paying off the credit card just to put more stuff on it because all your money went to pay the credit card.", ">\n\nTake the card. Spend 10$ every month and pay off the card every month. Do no more or and no less and at least get a credit rating out of it.", ">\n\nA regular expense that is automatically deducted, like a streaming subscription, is a great way to accomplish this.\nI have a couple of older cards that I don't really use but haven't canceled because they're my oldest cards and I don't want to ding my account age. That's how I keep them active.", ">\n\nYou missed the part about an automatic payment! \nSetup at least automatic minimum payment to make sure you never get penalized for missing entirely, and then even better setup FULL automatic payment if you know you can afford to pay off the limit if you ever forgot.", ">\n\nI've never done automatic payment, as my budget software reminds me to pay it, but that's a good idea.", ">\n\nLook at this gal with the B word.", ">\n\nThat is a fuck ton to go out. Like even once a week is a luxury most people can't afford.", ">\n\nYea what the fuck.. I make an ok salary and i am still eating out maybe once or twice every two weeks. Saving and investing is still difficult.", ">\n\nShopping around for credit cards is very important if you're going to do this. I have a fixed 4.99% mbna card that I'll keep until i die. Low fix apr's with no annual fees is the way to go. If you can keep a 0.00 balance, use credit cards for everything and rack up on bonus points. That takes discipline tho.", ">\n\nEveryone needs to consider reducing expenses before using credit cards.\nSell your stuff, divest assets, learn to live with less stuff and things and most importantly, learn to say no to both others and your self. Financial discipline starts with you.", ">\n\nNo we should actually be protesting and striking. We do not need to lick boots.", ">\n\nr/usernamechecksout", ">\n\nMonth to month?! I've carried the same debt for years! Who are these rich money bags that were able to pay off thier credit card in a month and then had to do it again the next month?!", ">\n\nI would rather go hungry, than use a credit card for an expense i can’t afford. I pay off my balance as soon as it shows up on my account. Keeps things very simple. I’m not taking a loan, it’s my money I’m spending.\nBut I well understand the credit trap, and am terrified of it. It’s easy to slip.", ">\n\nNo need to be over dramatic.", ">\n\nIf you treat your financial well-being seriously… it’s being “diligent” not dramatic. \nNot being trapped in debt your whole life is a serious thing. People can kill themselves over debt. It can ruin lives.", ">\n\nYou’re still doing it. You can pay down credit card debt, especially if it’s a grocery bill or two. It will not ruin you and there is no reason to be terrified.", ">\n\nI don’t think you realize how habits are formed. \nAnd I don’t think it’s a good look to for you to dismiss good financial health as “being dramatic”. \nCredit cards are a curse to many, but if you’re smart they benefit you.", ">\n\nIt’s not good advice to tell people they should be so terrified of credit card debt and it’s a better alternative to go hungry. Buy a bag of rice/beans/potatoes and some chicken and eat. Credit card debt isn’t good, but you’re being dramatic.", ">\n\nAgain… I don’t think you understand how habits are formed. And I would go hungry ( or eat far cheaper, obviously ) than buy what I want on a credit card if I didn’t think I could pay it off in time. It’s literally how they get you. \nNo wonder people get caught in the credit card debt trap with people like you having flippant attitudes. \nDenial of gratification or delayed gratification is a thing. It’ll save you a lot in the long run.", ">\n\nI understand what you’re saying I just don’t agree. Delayed gratification lol… we’re talking about being able to eat not buying a new laptop. You can float a grocery bill on a credit card, especially if the alternative is going hungry. The idea that you should be terrified by that amount of debt is ridiculous. It’s fine to warn about credit cards but again, don’t be so dramatic.", ">\n\nAs a European I will never understand why you guys even bother with credit cards for the following reasons:\n\nWhy not use debit? It's mone you actually own and you don't have to deal with paying it back or forgetting about it.\nWhy does your credit score system work like that? It feels so alien to me, why don't they just rank it based on how well you repay other debts like car payments, student loan payments, phone payments, spotify etc?\nWhy isn't a credit card automatically locked if you fail to pay last month's balance until you repaid the debt?\n\nIf someone could enlighten me on this I'd actually be grateful.", ">\n\nI got one because apparently having a credit history makes you look better when applying for bigger loans (house loans, personal loans for car repair, etc).", ">\n\nBut does it actually make that easier?", ">\n\nI have no idea, haven't needed to take out any loans, but since I'm using it as slush rather than taking on debt that I can't pay immediately, the practical impact is minimal for me. I'll let you know if I ever have the money for a deposit on a house, probably 2040 or so.", ">\n\nWell, atleast those problems are universal in our modern world! Maybe I can show you around in my 50square feet tinyhouse somewhere near 2035 lmao", ">\n\nSounds good :D", ">\n\nI'll never understand why people would carry credit card debt. It's basically the most expensive borrowing you can do.", ">\n\npeople be broke yo.", ">\n\ntaking out loans at 20% interest doesn't seem like a good solution.", ">\n\nPeople at that point are in survival mode and they aren't worried about the future because they are focused on now. When you're just trying to put food on the table or pay the electric bill it's usually the only solution.", ">\n\nNowhere near 46% of credit card holders are in anywhere close to that situation.", ">\n\nDoubt that you’re right. We’re in a recession", ">\n\nUnemployment is near 0 and, on average, real wages fell a bit less than 2% in 2022. This is hardly the worst of economic times.", ">\n\nThe unemployment rate does not necessarily mean we're not in a recession especially when the unemployment rate doesn't include all unemployed people. Or underemployed people. The vast majority of economists are saying that we're in a recession we are.", ">\n\nWell I do it the mostly keep my credit score really high I normally pay it off after 2 months. I'll put some more on my credit again wait a month build it up again.", ">\n\nThere’s no reason whatsoever to do this. You don’t improve your credit score by paying interest", ">\n\nI don't pay interest on my cards when I do that. The cards that I have when I pay for certain items as long as I pay within the specific time I don't pay interest at all on them." ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou.", ">\n\nYea I do that on one of my cards but it's 0% interest for 24 months so why wouldn't I?", ">\n\nNothing more American than trying to accumulate $30 trillion dollars of debt", ">\n\nFraud is the future. Breached forums (Breached.vc) The financial industry and Department of Justice have been subverted by the rich and well connected. \nCompanies like Walmart and Target budget for theft.", ">\n\nIt looks like when big retail eliminates countless cashier positions that provided sustenance to working class Americans a spike in casual theft follows.\nFast food is expanding the use robotics to replace workers too. Doubtless other industries will follow. Elon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.", ">\n\n\nElon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.\n\nI think he has more immediate things to worry about.", ">\n\nWhat do you expect? 7% inflation with 3% raises and a president encouraging no raises to keep inflation down.", ">\n\nCredit card companies spend a hell of a lot of money in congress to make sure that number is as high as possible.", ">\n\nWhat exactly are they spending on and lobbying for?", ">\n\nI doubt they write reports on the stuff, but general rules and regulations (or spins on them) to maximize profits", ">\n\nOh hey, time to buy Visa stock.", ">\n\nYou mean bank stock?", ">\n\n\"At 19.6%, if you made minimum payments toward the average credit card balance — which is $5,474, according to Transunion — it would take you almost 17 years to pay off the debt and cost you more than $7,528 in interest\"", ">\n\nThis is why bankruptcy laws need to be changed! \nWhy is the rich and corporations allowed to wipe their debt clean and start fresh, yet the poor and middle class have to pay back?", ">\n\nThe single best thing the federal government can do is raise minimum wage. At this point, minimum wage needs to be around $25/hr.\nWhat most don't understand is that wages have been under attack since the 60s. Wages are so lean that they barely touch the bottom dollar. For a high volume manufacturer, you could double everyone's wages, and the sell price of goods made would need to increase by less than 1% to cover the added cost. For a low volume, labor intensive manufacturer, the sell price would only go up by 3% to 5%. The only hard hit industries are service industries were labor is the major component of the business. However, if your wages go from $40k a year to $80k a year, and you're rolling in $40,000, you're not going to care one bit that your Uber was $35 instead of $20. Your cereal will cost $0.01 more, and your new $2000 smart fridge will cost you $60 more. And for this financial burden EVERYBODY is making 2x income.\nThis is how far behind wages are because of a 60 year war against them. They almost don't matter to the sell price, but it's also the first thing management targets, because wages are costs and costs are evil.\nUltimately it's a self mutilating cycle of starvation and suffering for literally no good reason.\nWorse yet, we systematically stifle economic growth, buying power, and ultimately GDP. \nThe lack of adequate wages also drivers many social problems like crime and even mental illness. It drivers health issues and increases burdens on society for long term care. It also deters family planning, education, and social diversification.\nFrankly, the masochism of wage stagnation is wild. Why would you ever willfully chose suffering?", ">\n\nCould be worse. Round here I’ve seen credit cards with interest rates that can go up to 586% per year", ">\n\nWe have 3 credit cards that we used for bills and then just paid off immediately with actual cash. Then a funeral for my girlfriends grandma 2500 miles away caused us to max them out going to say goodbye. Now we've had that debt since June unable to catch up due to life's many cruel jokes. 😢", ">\n\nYou could have refused to go to the funeral or asked relatives for financial assistance. Admitting you can't go to a funeral because you can't afford it even if you want to shouldn't be looked down on.", ">\n\nUnfortunately funerals and the funeral industry are a massively exploitative affair designed to emotionally manipulate the fuck out of people to get their money. They go out of their way to make the cheap option like cremation into expensive items. O you wouldnt want your to be uncomfortable in the cardboard box before it burns, how about a $3k upgrade box to be burned?", ">\n\nI love how they're framing it like people are choosing to use credit cards. If this was honestly written it would sound more like \"46% of cardholders are forced to carry debt from month to month as expenses stay high\" or if they wanted to be neutral \"credit card use is high as a result of high expenses\" not this \"people are choosing to be poor\" shit.", ">\n\nThis is the kind of signal the fed is looking for to stop the rate hikes", ">\n\nNot at all surprised. Way too many people spending money they don't have. You're not entitled to have doordash every day because you're too important to get your own food (or even better to cook it). It seems like people are deciding what standard of living they deserve and then worrying about the cost after.", ">\n\nCan you please please please tell my wife this. She’s addicted to door dash and we even have a goddamn supermarket in our building.", ">\n\nI’ve never understood the allure to this. Paying premium prices for below average food that arrives luke warm at best", ">\n\nYou’ve never understood the allure to delivery?", ">\n\nDelivery in concept is fine. Doordash-style delivery is dumb if looked at in context.", ">\n\nWould you get heart surgery from someone who has never done heart surgery before?\nThe credit world is built on statistical analysis. If you have a history of managing debt well, you get a good score, and banks will give you the best rates. If you have a history of not managing debt well, you have a bad score and banks are going to give you high rates (or not lend to you at all) because you're a risk.\nIf you have no history and you're young you can get provisional cards, loans, etc. to start building it up. However, if you are older with no history and you suddenly start asking for credit, that's actually a big red flag.\nLike everything else in life, actions have consequences.", ">\n\nI received a credit card offer from my bank (Bank of America) at midnight on my 18th birthday. On the same day I got approved for a $500 limit credit card. They want to get you in as soon they can and keep you in the cycle of paying off the credit card just to put more stuff on it because all your money went to pay the credit card.", ">\n\nTake the card. Spend 10$ every month and pay off the card every month. Do no more or and no less and at least get a credit rating out of it.", ">\n\nA regular expense that is automatically deducted, like a streaming subscription, is a great way to accomplish this.\nI have a couple of older cards that I don't really use but haven't canceled because they're my oldest cards and I don't want to ding my account age. That's how I keep them active.", ">\n\nYou missed the part about an automatic payment! \nSetup at least automatic minimum payment to make sure you never get penalized for missing entirely, and then even better setup FULL automatic payment if you know you can afford to pay off the limit if you ever forgot.", ">\n\nI've never done automatic payment, as my budget software reminds me to pay it, but that's a good idea.", ">\n\nLook at this gal with the B word.", ">\n\nThat is a fuck ton to go out. Like even once a week is a luxury most people can't afford.", ">\n\nYea what the fuck.. I make an ok salary and i am still eating out maybe once or twice every two weeks. Saving and investing is still difficult.", ">\n\nShopping around for credit cards is very important if you're going to do this. I have a fixed 4.99% mbna card that I'll keep until i die. Low fix apr's with no annual fees is the way to go. If you can keep a 0.00 balance, use credit cards for everything and rack up on bonus points. That takes discipline tho.", ">\n\nEveryone needs to consider reducing expenses before using credit cards.\nSell your stuff, divest assets, learn to live with less stuff and things and most importantly, learn to say no to both others and your self. Financial discipline starts with you.", ">\n\nNo we should actually be protesting and striking. We do not need to lick boots.", ">\n\nr/usernamechecksout", ">\n\nMonth to month?! I've carried the same debt for years! Who are these rich money bags that were able to pay off thier credit card in a month and then had to do it again the next month?!", ">\n\nI would rather go hungry, than use a credit card for an expense i can’t afford. I pay off my balance as soon as it shows up on my account. Keeps things very simple. I’m not taking a loan, it’s my money I’m spending.\nBut I well understand the credit trap, and am terrified of it. It’s easy to slip.", ">\n\nNo need to be over dramatic.", ">\n\nIf you treat your financial well-being seriously… it’s being “diligent” not dramatic. \nNot being trapped in debt your whole life is a serious thing. People can kill themselves over debt. It can ruin lives.", ">\n\nYou’re still doing it. You can pay down credit card debt, especially if it’s a grocery bill or two. It will not ruin you and there is no reason to be terrified.", ">\n\nI don’t think you realize how habits are formed. \nAnd I don’t think it’s a good look to for you to dismiss good financial health as “being dramatic”. \nCredit cards are a curse to many, but if you’re smart they benefit you.", ">\n\nIt’s not good advice to tell people they should be so terrified of credit card debt and it’s a better alternative to go hungry. Buy a bag of rice/beans/potatoes and some chicken and eat. Credit card debt isn’t good, but you’re being dramatic.", ">\n\nAgain… I don’t think you understand how habits are formed. And I would go hungry ( or eat far cheaper, obviously ) than buy what I want on a credit card if I didn’t think I could pay it off in time. It’s literally how they get you. \nNo wonder people get caught in the credit card debt trap with people like you having flippant attitudes. \nDenial of gratification or delayed gratification is a thing. It’ll save you a lot in the long run.", ">\n\nI understand what you’re saying I just don’t agree. Delayed gratification lol… we’re talking about being able to eat not buying a new laptop. You can float a grocery bill on a credit card, especially if the alternative is going hungry. The idea that you should be terrified by that amount of debt is ridiculous. It’s fine to warn about credit cards but again, don’t be so dramatic.", ">\n\nAs a European I will never understand why you guys even bother with credit cards for the following reasons:\n\nWhy not use debit? It's mone you actually own and you don't have to deal with paying it back or forgetting about it.\nWhy does your credit score system work like that? It feels so alien to me, why don't they just rank it based on how well you repay other debts like car payments, student loan payments, phone payments, spotify etc?\nWhy isn't a credit card automatically locked if you fail to pay last month's balance until you repaid the debt?\n\nIf someone could enlighten me on this I'd actually be grateful.", ">\n\nI got one because apparently having a credit history makes you look better when applying for bigger loans (house loans, personal loans for car repair, etc).", ">\n\nBut does it actually make that easier?", ">\n\nI have no idea, haven't needed to take out any loans, but since I'm using it as slush rather than taking on debt that I can't pay immediately, the practical impact is minimal for me. I'll let you know if I ever have the money for a deposit on a house, probably 2040 or so.", ">\n\nWell, atleast those problems are universal in our modern world! Maybe I can show you around in my 50square feet tinyhouse somewhere near 2035 lmao", ">\n\nSounds good :D", ">\n\nI'll never understand why people would carry credit card debt. It's basically the most expensive borrowing you can do.", ">\n\npeople be broke yo.", ">\n\ntaking out loans at 20% interest doesn't seem like a good solution.", ">\n\nPeople at that point are in survival mode and they aren't worried about the future because they are focused on now. When you're just trying to put food on the table or pay the electric bill it's usually the only solution.", ">\n\nNowhere near 46% of credit card holders are in anywhere close to that situation.", ">\n\nDoubt that you’re right. We’re in a recession", ">\n\nUnemployment is near 0 and, on average, real wages fell a bit less than 2% in 2022. This is hardly the worst of economic times.", ">\n\nThe unemployment rate does not necessarily mean we're not in a recession especially when the unemployment rate doesn't include all unemployed people. Or underemployed people. The vast majority of economists are saying that we're in a recession we are.", ">\n\nWell I do it the mostly keep my credit score really high I normally pay it off after 2 months. I'll put some more on my credit again wait a month build it up again.", ">\n\nThere’s no reason whatsoever to do this. You don’t improve your credit score by paying interest", ">\n\nI don't pay interest on my cards when I do that. The cards that I have when I pay for certain items as long as I pay within the specific time I don't pay interest at all on them.", ">\n\nweren't we taught to hold 5-10% balance on credit cards for reasons?" ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou.", ">\n\nYea I do that on one of my cards but it's 0% interest for 24 months so why wouldn't I?", ">\n\nNothing more American than trying to accumulate $30 trillion dollars of debt", ">\n\nFraud is the future. Breached forums (Breached.vc) The financial industry and Department of Justice have been subverted by the rich and well connected. \nCompanies like Walmart and Target budget for theft.", ">\n\nIt looks like when big retail eliminates countless cashier positions that provided sustenance to working class Americans a spike in casual theft follows.\nFast food is expanding the use robotics to replace workers too. Doubtless other industries will follow. Elon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.", ">\n\n\nElon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.\n\nI think he has more immediate things to worry about.", ">\n\nWhat do you expect? 7% inflation with 3% raises and a president encouraging no raises to keep inflation down.", ">\n\nCredit card companies spend a hell of a lot of money in congress to make sure that number is as high as possible.", ">\n\nWhat exactly are they spending on and lobbying for?", ">\n\nI doubt they write reports on the stuff, but general rules and regulations (or spins on them) to maximize profits", ">\n\nOh hey, time to buy Visa stock.", ">\n\nYou mean bank stock?", ">\n\n\"At 19.6%, if you made minimum payments toward the average credit card balance — which is $5,474, according to Transunion — it would take you almost 17 years to pay off the debt and cost you more than $7,528 in interest\"", ">\n\nThis is why bankruptcy laws need to be changed! \nWhy is the rich and corporations allowed to wipe their debt clean and start fresh, yet the poor and middle class have to pay back?", ">\n\nThe single best thing the federal government can do is raise minimum wage. At this point, minimum wage needs to be around $25/hr.\nWhat most don't understand is that wages have been under attack since the 60s. Wages are so lean that they barely touch the bottom dollar. For a high volume manufacturer, you could double everyone's wages, and the sell price of goods made would need to increase by less than 1% to cover the added cost. For a low volume, labor intensive manufacturer, the sell price would only go up by 3% to 5%. The only hard hit industries are service industries were labor is the major component of the business. However, if your wages go from $40k a year to $80k a year, and you're rolling in $40,000, you're not going to care one bit that your Uber was $35 instead of $20. Your cereal will cost $0.01 more, and your new $2000 smart fridge will cost you $60 more. And for this financial burden EVERYBODY is making 2x income.\nThis is how far behind wages are because of a 60 year war against them. They almost don't matter to the sell price, but it's also the first thing management targets, because wages are costs and costs are evil.\nUltimately it's a self mutilating cycle of starvation and suffering for literally no good reason.\nWorse yet, we systematically stifle economic growth, buying power, and ultimately GDP. \nThe lack of adequate wages also drivers many social problems like crime and even mental illness. It drivers health issues and increases burdens on society for long term care. It also deters family planning, education, and social diversification.\nFrankly, the masochism of wage stagnation is wild. Why would you ever willfully chose suffering?", ">\n\nCould be worse. Round here I’ve seen credit cards with interest rates that can go up to 586% per year", ">\n\nWe have 3 credit cards that we used for bills and then just paid off immediately with actual cash. Then a funeral for my girlfriends grandma 2500 miles away caused us to max them out going to say goodbye. Now we've had that debt since June unable to catch up due to life's many cruel jokes. 😢", ">\n\nYou could have refused to go to the funeral or asked relatives for financial assistance. Admitting you can't go to a funeral because you can't afford it even if you want to shouldn't be looked down on.", ">\n\nUnfortunately funerals and the funeral industry are a massively exploitative affair designed to emotionally manipulate the fuck out of people to get their money. They go out of their way to make the cheap option like cremation into expensive items. O you wouldnt want your to be uncomfortable in the cardboard box before it burns, how about a $3k upgrade box to be burned?", ">\n\nI love how they're framing it like people are choosing to use credit cards. If this was honestly written it would sound more like \"46% of cardholders are forced to carry debt from month to month as expenses stay high\" or if they wanted to be neutral \"credit card use is high as a result of high expenses\" not this \"people are choosing to be poor\" shit.", ">\n\nThis is the kind of signal the fed is looking for to stop the rate hikes", ">\n\nNot at all surprised. Way too many people spending money they don't have. You're not entitled to have doordash every day because you're too important to get your own food (or even better to cook it). It seems like people are deciding what standard of living they deserve and then worrying about the cost after.", ">\n\nCan you please please please tell my wife this. She’s addicted to door dash and we even have a goddamn supermarket in our building.", ">\n\nI’ve never understood the allure to this. Paying premium prices for below average food that arrives luke warm at best", ">\n\nYou’ve never understood the allure to delivery?", ">\n\nDelivery in concept is fine. Doordash-style delivery is dumb if looked at in context.", ">\n\nWould you get heart surgery from someone who has never done heart surgery before?\nThe credit world is built on statistical analysis. If you have a history of managing debt well, you get a good score, and banks will give you the best rates. If you have a history of not managing debt well, you have a bad score and banks are going to give you high rates (or not lend to you at all) because you're a risk.\nIf you have no history and you're young you can get provisional cards, loans, etc. to start building it up. However, if you are older with no history and you suddenly start asking for credit, that's actually a big red flag.\nLike everything else in life, actions have consequences.", ">\n\nI received a credit card offer from my bank (Bank of America) at midnight on my 18th birthday. On the same day I got approved for a $500 limit credit card. They want to get you in as soon they can and keep you in the cycle of paying off the credit card just to put more stuff on it because all your money went to pay the credit card.", ">\n\nTake the card. Spend 10$ every month and pay off the card every month. Do no more or and no less and at least get a credit rating out of it.", ">\n\nA regular expense that is automatically deducted, like a streaming subscription, is a great way to accomplish this.\nI have a couple of older cards that I don't really use but haven't canceled because they're my oldest cards and I don't want to ding my account age. That's how I keep them active.", ">\n\nYou missed the part about an automatic payment! \nSetup at least automatic minimum payment to make sure you never get penalized for missing entirely, and then even better setup FULL automatic payment if you know you can afford to pay off the limit if you ever forgot.", ">\n\nI've never done automatic payment, as my budget software reminds me to pay it, but that's a good idea.", ">\n\nLook at this gal with the B word.", ">\n\nThat is a fuck ton to go out. Like even once a week is a luxury most people can't afford.", ">\n\nYea what the fuck.. I make an ok salary and i am still eating out maybe once or twice every two weeks. Saving and investing is still difficult.", ">\n\nShopping around for credit cards is very important if you're going to do this. I have a fixed 4.99% mbna card that I'll keep until i die. Low fix apr's with no annual fees is the way to go. If you can keep a 0.00 balance, use credit cards for everything and rack up on bonus points. That takes discipline tho.", ">\n\nEveryone needs to consider reducing expenses before using credit cards.\nSell your stuff, divest assets, learn to live with less stuff and things and most importantly, learn to say no to both others and your self. Financial discipline starts with you.", ">\n\nNo we should actually be protesting and striking. We do not need to lick boots.", ">\n\nr/usernamechecksout", ">\n\nMonth to month?! I've carried the same debt for years! Who are these rich money bags that were able to pay off thier credit card in a month and then had to do it again the next month?!", ">\n\nI would rather go hungry, than use a credit card for an expense i can’t afford. I pay off my balance as soon as it shows up on my account. Keeps things very simple. I’m not taking a loan, it’s my money I’m spending.\nBut I well understand the credit trap, and am terrified of it. It’s easy to slip.", ">\n\nNo need to be over dramatic.", ">\n\nIf you treat your financial well-being seriously… it’s being “diligent” not dramatic. \nNot being trapped in debt your whole life is a serious thing. People can kill themselves over debt. It can ruin lives.", ">\n\nYou’re still doing it. You can pay down credit card debt, especially if it’s a grocery bill or two. It will not ruin you and there is no reason to be terrified.", ">\n\nI don’t think you realize how habits are formed. \nAnd I don’t think it’s a good look to for you to dismiss good financial health as “being dramatic”. \nCredit cards are a curse to many, but if you’re smart they benefit you.", ">\n\nIt’s not good advice to tell people they should be so terrified of credit card debt and it’s a better alternative to go hungry. Buy a bag of rice/beans/potatoes and some chicken and eat. Credit card debt isn’t good, but you’re being dramatic.", ">\n\nAgain… I don’t think you understand how habits are formed. And I would go hungry ( or eat far cheaper, obviously ) than buy what I want on a credit card if I didn’t think I could pay it off in time. It’s literally how they get you. \nNo wonder people get caught in the credit card debt trap with people like you having flippant attitudes. \nDenial of gratification or delayed gratification is a thing. It’ll save you a lot in the long run.", ">\n\nI understand what you’re saying I just don’t agree. Delayed gratification lol… we’re talking about being able to eat not buying a new laptop. You can float a grocery bill on a credit card, especially if the alternative is going hungry. The idea that you should be terrified by that amount of debt is ridiculous. It’s fine to warn about credit cards but again, don’t be so dramatic.", ">\n\nAs a European I will never understand why you guys even bother with credit cards for the following reasons:\n\nWhy not use debit? It's mone you actually own and you don't have to deal with paying it back or forgetting about it.\nWhy does your credit score system work like that? It feels so alien to me, why don't they just rank it based on how well you repay other debts like car payments, student loan payments, phone payments, spotify etc?\nWhy isn't a credit card automatically locked if you fail to pay last month's balance until you repaid the debt?\n\nIf someone could enlighten me on this I'd actually be grateful.", ">\n\nI got one because apparently having a credit history makes you look better when applying for bigger loans (house loans, personal loans for car repair, etc).", ">\n\nBut does it actually make that easier?", ">\n\nI have no idea, haven't needed to take out any loans, but since I'm using it as slush rather than taking on debt that I can't pay immediately, the practical impact is minimal for me. I'll let you know if I ever have the money for a deposit on a house, probably 2040 or so.", ">\n\nWell, atleast those problems are universal in our modern world! Maybe I can show you around in my 50square feet tinyhouse somewhere near 2035 lmao", ">\n\nSounds good :D", ">\n\nI'll never understand why people would carry credit card debt. It's basically the most expensive borrowing you can do.", ">\n\npeople be broke yo.", ">\n\ntaking out loans at 20% interest doesn't seem like a good solution.", ">\n\nPeople at that point are in survival mode and they aren't worried about the future because they are focused on now. When you're just trying to put food on the table or pay the electric bill it's usually the only solution.", ">\n\nNowhere near 46% of credit card holders are in anywhere close to that situation.", ">\n\nDoubt that you’re right. We’re in a recession", ">\n\nUnemployment is near 0 and, on average, real wages fell a bit less than 2% in 2022. This is hardly the worst of economic times.", ">\n\nThe unemployment rate does not necessarily mean we're not in a recession especially when the unemployment rate doesn't include all unemployed people. Or underemployed people. The vast majority of economists are saying that we're in a recession we are.", ">\n\nWell I do it the mostly keep my credit score really high I normally pay it off after 2 months. I'll put some more on my credit again wait a month build it up again.", ">\n\nThere’s no reason whatsoever to do this. You don’t improve your credit score by paying interest", ">\n\nI don't pay interest on my cards when I do that. The cards that I have when I pay for certain items as long as I pay within the specific time I don't pay interest at all on them.", ">\n\nweren't we taught to hold 5-10% balance on credit cards for reasons?", ">\n\nNot in this household. I was raised to pay off the statement balance each month. The interest you pay when you carry a balance pays for someone else’s credit card rewards." ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou.", ">\n\nYea I do that on one of my cards but it's 0% interest for 24 months so why wouldn't I?", ">\n\nNothing more American than trying to accumulate $30 trillion dollars of debt", ">\n\nFraud is the future. Breached forums (Breached.vc) The financial industry and Department of Justice have been subverted by the rich and well connected. \nCompanies like Walmart and Target budget for theft.", ">\n\nIt looks like when big retail eliminates countless cashier positions that provided sustenance to working class Americans a spike in casual theft follows.\nFast food is expanding the use robotics to replace workers too. Doubtless other industries will follow. Elon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.", ">\n\n\nElon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.\n\nI think he has more immediate things to worry about.", ">\n\nWhat do you expect? 7% inflation with 3% raises and a president encouraging no raises to keep inflation down.", ">\n\nCredit card companies spend a hell of a lot of money in congress to make sure that number is as high as possible.", ">\n\nWhat exactly are they spending on and lobbying for?", ">\n\nI doubt they write reports on the stuff, but general rules and regulations (or spins on them) to maximize profits", ">\n\nOh hey, time to buy Visa stock.", ">\n\nYou mean bank stock?", ">\n\n\"At 19.6%, if you made minimum payments toward the average credit card balance — which is $5,474, according to Transunion — it would take you almost 17 years to pay off the debt and cost you more than $7,528 in interest\"", ">\n\nThis is why bankruptcy laws need to be changed! \nWhy is the rich and corporations allowed to wipe their debt clean and start fresh, yet the poor and middle class have to pay back?", ">\n\nThe single best thing the federal government can do is raise minimum wage. At this point, minimum wage needs to be around $25/hr.\nWhat most don't understand is that wages have been under attack since the 60s. Wages are so lean that they barely touch the bottom dollar. For a high volume manufacturer, you could double everyone's wages, and the sell price of goods made would need to increase by less than 1% to cover the added cost. For a low volume, labor intensive manufacturer, the sell price would only go up by 3% to 5%. The only hard hit industries are service industries were labor is the major component of the business. However, if your wages go from $40k a year to $80k a year, and you're rolling in $40,000, you're not going to care one bit that your Uber was $35 instead of $20. Your cereal will cost $0.01 more, and your new $2000 smart fridge will cost you $60 more. And for this financial burden EVERYBODY is making 2x income.\nThis is how far behind wages are because of a 60 year war against them. They almost don't matter to the sell price, but it's also the first thing management targets, because wages are costs and costs are evil.\nUltimately it's a self mutilating cycle of starvation and suffering for literally no good reason.\nWorse yet, we systematically stifle economic growth, buying power, and ultimately GDP. \nThe lack of adequate wages also drivers many social problems like crime and even mental illness. It drivers health issues and increases burdens on society for long term care. It also deters family planning, education, and social diversification.\nFrankly, the masochism of wage stagnation is wild. Why would you ever willfully chose suffering?", ">\n\nCould be worse. Round here I’ve seen credit cards with interest rates that can go up to 586% per year", ">\n\nWe have 3 credit cards that we used for bills and then just paid off immediately with actual cash. Then a funeral for my girlfriends grandma 2500 miles away caused us to max them out going to say goodbye. Now we've had that debt since June unable to catch up due to life's many cruel jokes. 😢", ">\n\nYou could have refused to go to the funeral or asked relatives for financial assistance. Admitting you can't go to a funeral because you can't afford it even if you want to shouldn't be looked down on.", ">\n\nUnfortunately funerals and the funeral industry are a massively exploitative affair designed to emotionally manipulate the fuck out of people to get their money. They go out of their way to make the cheap option like cremation into expensive items. O you wouldnt want your to be uncomfortable in the cardboard box before it burns, how about a $3k upgrade box to be burned?", ">\n\nI love how they're framing it like people are choosing to use credit cards. If this was honestly written it would sound more like \"46% of cardholders are forced to carry debt from month to month as expenses stay high\" or if they wanted to be neutral \"credit card use is high as a result of high expenses\" not this \"people are choosing to be poor\" shit.", ">\n\nThis is the kind of signal the fed is looking for to stop the rate hikes", ">\n\nNot at all surprised. Way too many people spending money they don't have. You're not entitled to have doordash every day because you're too important to get your own food (or even better to cook it). It seems like people are deciding what standard of living they deserve and then worrying about the cost after.", ">\n\nCan you please please please tell my wife this. She’s addicted to door dash and we even have a goddamn supermarket in our building.", ">\n\nI’ve never understood the allure to this. Paying premium prices for below average food that arrives luke warm at best", ">\n\nYou’ve never understood the allure to delivery?", ">\n\nDelivery in concept is fine. Doordash-style delivery is dumb if looked at in context.", ">\n\nWould you get heart surgery from someone who has never done heart surgery before?\nThe credit world is built on statistical analysis. If you have a history of managing debt well, you get a good score, and banks will give you the best rates. If you have a history of not managing debt well, you have a bad score and banks are going to give you high rates (or not lend to you at all) because you're a risk.\nIf you have no history and you're young you can get provisional cards, loans, etc. to start building it up. However, if you are older with no history and you suddenly start asking for credit, that's actually a big red flag.\nLike everything else in life, actions have consequences.", ">\n\nI received a credit card offer from my bank (Bank of America) at midnight on my 18th birthday. On the same day I got approved for a $500 limit credit card. They want to get you in as soon they can and keep you in the cycle of paying off the credit card just to put more stuff on it because all your money went to pay the credit card.", ">\n\nTake the card. Spend 10$ every month and pay off the card every month. Do no more or and no less and at least get a credit rating out of it.", ">\n\nA regular expense that is automatically deducted, like a streaming subscription, is a great way to accomplish this.\nI have a couple of older cards that I don't really use but haven't canceled because they're my oldest cards and I don't want to ding my account age. That's how I keep them active.", ">\n\nYou missed the part about an automatic payment! \nSetup at least automatic minimum payment to make sure you never get penalized for missing entirely, and then even better setup FULL automatic payment if you know you can afford to pay off the limit if you ever forgot.", ">\n\nI've never done automatic payment, as my budget software reminds me to pay it, but that's a good idea.", ">\n\nLook at this gal with the B word.", ">\n\nThat is a fuck ton to go out. Like even once a week is a luxury most people can't afford.", ">\n\nYea what the fuck.. I make an ok salary and i am still eating out maybe once or twice every two weeks. Saving and investing is still difficult.", ">\n\nShopping around for credit cards is very important if you're going to do this. I have a fixed 4.99% mbna card that I'll keep until i die. Low fix apr's with no annual fees is the way to go. If you can keep a 0.00 balance, use credit cards for everything and rack up on bonus points. That takes discipline tho.", ">\n\nEveryone needs to consider reducing expenses before using credit cards.\nSell your stuff, divest assets, learn to live with less stuff and things and most importantly, learn to say no to both others and your self. Financial discipline starts with you.", ">\n\nNo we should actually be protesting and striking. We do not need to lick boots.", ">\n\nr/usernamechecksout", ">\n\nMonth to month?! I've carried the same debt for years! Who are these rich money bags that were able to pay off thier credit card in a month and then had to do it again the next month?!", ">\n\nI would rather go hungry, than use a credit card for an expense i can’t afford. I pay off my balance as soon as it shows up on my account. Keeps things very simple. I’m not taking a loan, it’s my money I’m spending.\nBut I well understand the credit trap, and am terrified of it. It’s easy to slip.", ">\n\nNo need to be over dramatic.", ">\n\nIf you treat your financial well-being seriously… it’s being “diligent” not dramatic. \nNot being trapped in debt your whole life is a serious thing. People can kill themselves over debt. It can ruin lives.", ">\n\nYou’re still doing it. You can pay down credit card debt, especially if it’s a grocery bill or two. It will not ruin you and there is no reason to be terrified.", ">\n\nI don’t think you realize how habits are formed. \nAnd I don’t think it’s a good look to for you to dismiss good financial health as “being dramatic”. \nCredit cards are a curse to many, but if you’re smart they benefit you.", ">\n\nIt’s not good advice to tell people they should be so terrified of credit card debt and it’s a better alternative to go hungry. Buy a bag of rice/beans/potatoes and some chicken and eat. Credit card debt isn’t good, but you’re being dramatic.", ">\n\nAgain… I don’t think you understand how habits are formed. And I would go hungry ( or eat far cheaper, obviously ) than buy what I want on a credit card if I didn’t think I could pay it off in time. It’s literally how they get you. \nNo wonder people get caught in the credit card debt trap with people like you having flippant attitudes. \nDenial of gratification or delayed gratification is a thing. It’ll save you a lot in the long run.", ">\n\nI understand what you’re saying I just don’t agree. Delayed gratification lol… we’re talking about being able to eat not buying a new laptop. You can float a grocery bill on a credit card, especially if the alternative is going hungry. The idea that you should be terrified by that amount of debt is ridiculous. It’s fine to warn about credit cards but again, don’t be so dramatic.", ">\n\nAs a European I will never understand why you guys even bother with credit cards for the following reasons:\n\nWhy not use debit? It's mone you actually own and you don't have to deal with paying it back or forgetting about it.\nWhy does your credit score system work like that? It feels so alien to me, why don't they just rank it based on how well you repay other debts like car payments, student loan payments, phone payments, spotify etc?\nWhy isn't a credit card automatically locked if you fail to pay last month's balance until you repaid the debt?\n\nIf someone could enlighten me on this I'd actually be grateful.", ">\n\nI got one because apparently having a credit history makes you look better when applying for bigger loans (house loans, personal loans for car repair, etc).", ">\n\nBut does it actually make that easier?", ">\n\nI have no idea, haven't needed to take out any loans, but since I'm using it as slush rather than taking on debt that I can't pay immediately, the practical impact is minimal for me. I'll let you know if I ever have the money for a deposit on a house, probably 2040 or so.", ">\n\nWell, atleast those problems are universal in our modern world! Maybe I can show you around in my 50square feet tinyhouse somewhere near 2035 lmao", ">\n\nSounds good :D", ">\n\nI'll never understand why people would carry credit card debt. It's basically the most expensive borrowing you can do.", ">\n\npeople be broke yo.", ">\n\ntaking out loans at 20% interest doesn't seem like a good solution.", ">\n\nPeople at that point are in survival mode and they aren't worried about the future because they are focused on now. When you're just trying to put food on the table or pay the electric bill it's usually the only solution.", ">\n\nNowhere near 46% of credit card holders are in anywhere close to that situation.", ">\n\nDoubt that you’re right. We’re in a recession", ">\n\nUnemployment is near 0 and, on average, real wages fell a bit less than 2% in 2022. This is hardly the worst of economic times.", ">\n\nThe unemployment rate does not necessarily mean we're not in a recession especially when the unemployment rate doesn't include all unemployed people. Or underemployed people. The vast majority of economists are saying that we're in a recession we are.", ">\n\nWell I do it the mostly keep my credit score really high I normally pay it off after 2 months. I'll put some more on my credit again wait a month build it up again.", ">\n\nThere’s no reason whatsoever to do this. You don’t improve your credit score by paying interest", ">\n\nI don't pay interest on my cards when I do that. The cards that I have when I pay for certain items as long as I pay within the specific time I don't pay interest at all on them.", ">\n\nweren't we taught to hold 5-10% balance on credit cards for reasons?", ">\n\nNot in this household. I was raised to pay off the statement balance each month. The interest you pay when you carry a balance pays for someone else’s credit card rewards.", ">\n\ngotta say, that \"rule\" never made sense to me" ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou.", ">\n\nYea I do that on one of my cards but it's 0% interest for 24 months so why wouldn't I?", ">\n\nNothing more American than trying to accumulate $30 trillion dollars of debt", ">\n\nFraud is the future. Breached forums (Breached.vc) The financial industry and Department of Justice have been subverted by the rich and well connected. \nCompanies like Walmart and Target budget for theft.", ">\n\nIt looks like when big retail eliminates countless cashier positions that provided sustenance to working class Americans a spike in casual theft follows.\nFast food is expanding the use robotics to replace workers too. Doubtless other industries will follow. Elon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.", ">\n\n\nElon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.\n\nI think he has more immediate things to worry about.", ">\n\nWhat do you expect? 7% inflation with 3% raises and a president encouraging no raises to keep inflation down.", ">\n\nCredit card companies spend a hell of a lot of money in congress to make sure that number is as high as possible.", ">\n\nWhat exactly are they spending on and lobbying for?", ">\n\nI doubt they write reports on the stuff, but general rules and regulations (or spins on them) to maximize profits", ">\n\nOh hey, time to buy Visa stock.", ">\n\nYou mean bank stock?", ">\n\n\"At 19.6%, if you made minimum payments toward the average credit card balance — which is $5,474, according to Transunion — it would take you almost 17 years to pay off the debt and cost you more than $7,528 in interest\"", ">\n\nThis is why bankruptcy laws need to be changed! \nWhy is the rich and corporations allowed to wipe their debt clean and start fresh, yet the poor and middle class have to pay back?", ">\n\nThe single best thing the federal government can do is raise minimum wage. At this point, minimum wage needs to be around $25/hr.\nWhat most don't understand is that wages have been under attack since the 60s. Wages are so lean that they barely touch the bottom dollar. For a high volume manufacturer, you could double everyone's wages, and the sell price of goods made would need to increase by less than 1% to cover the added cost. For a low volume, labor intensive manufacturer, the sell price would only go up by 3% to 5%. The only hard hit industries are service industries were labor is the major component of the business. However, if your wages go from $40k a year to $80k a year, and you're rolling in $40,000, you're not going to care one bit that your Uber was $35 instead of $20. Your cereal will cost $0.01 more, and your new $2000 smart fridge will cost you $60 more. And for this financial burden EVERYBODY is making 2x income.\nThis is how far behind wages are because of a 60 year war against them. They almost don't matter to the sell price, but it's also the first thing management targets, because wages are costs and costs are evil.\nUltimately it's a self mutilating cycle of starvation and suffering for literally no good reason.\nWorse yet, we systematically stifle economic growth, buying power, and ultimately GDP. \nThe lack of adequate wages also drivers many social problems like crime and even mental illness. It drivers health issues and increases burdens on society for long term care. It also deters family planning, education, and social diversification.\nFrankly, the masochism of wage stagnation is wild. Why would you ever willfully chose suffering?", ">\n\nCould be worse. Round here I’ve seen credit cards with interest rates that can go up to 586% per year", ">\n\nWe have 3 credit cards that we used for bills and then just paid off immediately with actual cash. Then a funeral for my girlfriends grandma 2500 miles away caused us to max them out going to say goodbye. Now we've had that debt since June unable to catch up due to life's many cruel jokes. 😢", ">\n\nYou could have refused to go to the funeral or asked relatives for financial assistance. Admitting you can't go to a funeral because you can't afford it even if you want to shouldn't be looked down on.", ">\n\nUnfortunately funerals and the funeral industry are a massively exploitative affair designed to emotionally manipulate the fuck out of people to get their money. They go out of their way to make the cheap option like cremation into expensive items. O you wouldnt want your to be uncomfortable in the cardboard box before it burns, how about a $3k upgrade box to be burned?", ">\n\nI love how they're framing it like people are choosing to use credit cards. If this was honestly written it would sound more like \"46% of cardholders are forced to carry debt from month to month as expenses stay high\" or if they wanted to be neutral \"credit card use is high as a result of high expenses\" not this \"people are choosing to be poor\" shit.", ">\n\nThis is the kind of signal the fed is looking for to stop the rate hikes", ">\n\nNot at all surprised. Way too many people spending money they don't have. You're not entitled to have doordash every day because you're too important to get your own food (or even better to cook it). It seems like people are deciding what standard of living they deserve and then worrying about the cost after.", ">\n\nCan you please please please tell my wife this. She’s addicted to door dash and we even have a goddamn supermarket in our building.", ">\n\nI’ve never understood the allure to this. Paying premium prices for below average food that arrives luke warm at best", ">\n\nYou’ve never understood the allure to delivery?", ">\n\nDelivery in concept is fine. Doordash-style delivery is dumb if looked at in context.", ">\n\nWould you get heart surgery from someone who has never done heart surgery before?\nThe credit world is built on statistical analysis. If you have a history of managing debt well, you get a good score, and banks will give you the best rates. If you have a history of not managing debt well, you have a bad score and banks are going to give you high rates (or not lend to you at all) because you're a risk.\nIf you have no history and you're young you can get provisional cards, loans, etc. to start building it up. However, if you are older with no history and you suddenly start asking for credit, that's actually a big red flag.\nLike everything else in life, actions have consequences.", ">\n\nI received a credit card offer from my bank (Bank of America) at midnight on my 18th birthday. On the same day I got approved for a $500 limit credit card. They want to get you in as soon they can and keep you in the cycle of paying off the credit card just to put more stuff on it because all your money went to pay the credit card.", ">\n\nTake the card. Spend 10$ every month and pay off the card every month. Do no more or and no less and at least get a credit rating out of it.", ">\n\nA regular expense that is automatically deducted, like a streaming subscription, is a great way to accomplish this.\nI have a couple of older cards that I don't really use but haven't canceled because they're my oldest cards and I don't want to ding my account age. That's how I keep them active.", ">\n\nYou missed the part about an automatic payment! \nSetup at least automatic minimum payment to make sure you never get penalized for missing entirely, and then even better setup FULL automatic payment if you know you can afford to pay off the limit if you ever forgot.", ">\n\nI've never done automatic payment, as my budget software reminds me to pay it, but that's a good idea.", ">\n\nLook at this gal with the B word.", ">\n\nThat is a fuck ton to go out. Like even once a week is a luxury most people can't afford.", ">\n\nYea what the fuck.. I make an ok salary and i am still eating out maybe once or twice every two weeks. Saving and investing is still difficult.", ">\n\nShopping around for credit cards is very important if you're going to do this. I have a fixed 4.99% mbna card that I'll keep until i die. Low fix apr's with no annual fees is the way to go. If you can keep a 0.00 balance, use credit cards for everything and rack up on bonus points. That takes discipline tho.", ">\n\nEveryone needs to consider reducing expenses before using credit cards.\nSell your stuff, divest assets, learn to live with less stuff and things and most importantly, learn to say no to both others and your self. Financial discipline starts with you.", ">\n\nNo we should actually be protesting and striking. We do not need to lick boots.", ">\n\nr/usernamechecksout", ">\n\nMonth to month?! I've carried the same debt for years! Who are these rich money bags that were able to pay off thier credit card in a month and then had to do it again the next month?!", ">\n\nI would rather go hungry, than use a credit card for an expense i can’t afford. I pay off my balance as soon as it shows up on my account. Keeps things very simple. I’m not taking a loan, it’s my money I’m spending.\nBut I well understand the credit trap, and am terrified of it. It’s easy to slip.", ">\n\nNo need to be over dramatic.", ">\n\nIf you treat your financial well-being seriously… it’s being “diligent” not dramatic. \nNot being trapped in debt your whole life is a serious thing. People can kill themselves over debt. It can ruin lives.", ">\n\nYou’re still doing it. You can pay down credit card debt, especially if it’s a grocery bill or two. It will not ruin you and there is no reason to be terrified.", ">\n\nI don’t think you realize how habits are formed. \nAnd I don’t think it’s a good look to for you to dismiss good financial health as “being dramatic”. \nCredit cards are a curse to many, but if you’re smart they benefit you.", ">\n\nIt’s not good advice to tell people they should be so terrified of credit card debt and it’s a better alternative to go hungry. Buy a bag of rice/beans/potatoes and some chicken and eat. Credit card debt isn’t good, but you’re being dramatic.", ">\n\nAgain… I don’t think you understand how habits are formed. And I would go hungry ( or eat far cheaper, obviously ) than buy what I want on a credit card if I didn’t think I could pay it off in time. It’s literally how they get you. \nNo wonder people get caught in the credit card debt trap with people like you having flippant attitudes. \nDenial of gratification or delayed gratification is a thing. It’ll save you a lot in the long run.", ">\n\nI understand what you’re saying I just don’t agree. Delayed gratification lol… we’re talking about being able to eat not buying a new laptop. You can float a grocery bill on a credit card, especially if the alternative is going hungry. The idea that you should be terrified by that amount of debt is ridiculous. It’s fine to warn about credit cards but again, don’t be so dramatic.", ">\n\nAs a European I will never understand why you guys even bother with credit cards for the following reasons:\n\nWhy not use debit? It's mone you actually own and you don't have to deal with paying it back or forgetting about it.\nWhy does your credit score system work like that? It feels so alien to me, why don't they just rank it based on how well you repay other debts like car payments, student loan payments, phone payments, spotify etc?\nWhy isn't a credit card automatically locked if you fail to pay last month's balance until you repaid the debt?\n\nIf someone could enlighten me on this I'd actually be grateful.", ">\n\nI got one because apparently having a credit history makes you look better when applying for bigger loans (house loans, personal loans for car repair, etc).", ">\n\nBut does it actually make that easier?", ">\n\nI have no idea, haven't needed to take out any loans, but since I'm using it as slush rather than taking on debt that I can't pay immediately, the practical impact is minimal for me. I'll let you know if I ever have the money for a deposit on a house, probably 2040 or so.", ">\n\nWell, atleast those problems are universal in our modern world! Maybe I can show you around in my 50square feet tinyhouse somewhere near 2035 lmao", ">\n\nSounds good :D", ">\n\nI'll never understand why people would carry credit card debt. It's basically the most expensive borrowing you can do.", ">\n\npeople be broke yo.", ">\n\ntaking out loans at 20% interest doesn't seem like a good solution.", ">\n\nPeople at that point are in survival mode and they aren't worried about the future because they are focused on now. When you're just trying to put food on the table or pay the electric bill it's usually the only solution.", ">\n\nNowhere near 46% of credit card holders are in anywhere close to that situation.", ">\n\nDoubt that you’re right. We’re in a recession", ">\n\nUnemployment is near 0 and, on average, real wages fell a bit less than 2% in 2022. This is hardly the worst of economic times.", ">\n\nThe unemployment rate does not necessarily mean we're not in a recession especially when the unemployment rate doesn't include all unemployed people. Or underemployed people. The vast majority of economists are saying that we're in a recession we are.", ">\n\nWell I do it the mostly keep my credit score really high I normally pay it off after 2 months. I'll put some more on my credit again wait a month build it up again.", ">\n\nThere’s no reason whatsoever to do this. You don’t improve your credit score by paying interest", ">\n\nI don't pay interest on my cards when I do that. The cards that I have when I pay for certain items as long as I pay within the specific time I don't pay interest at all on them.", ">\n\nweren't we taught to hold 5-10% balance on credit cards for reasons?", ">\n\nNot in this household. I was raised to pay off the statement balance each month. The interest you pay when you carry a balance pays for someone else’s credit card rewards.", ">\n\ngotta say, that \"rule\" never made sense to me", ">\n\nIt's a common misconception that carrying a balance improves your credit score. It does not." ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou.", ">\n\nYea I do that on one of my cards but it's 0% interest for 24 months so why wouldn't I?", ">\n\nNothing more American than trying to accumulate $30 trillion dollars of debt", ">\n\nFraud is the future. Breached forums (Breached.vc) The financial industry and Department of Justice have been subverted by the rich and well connected. \nCompanies like Walmart and Target budget for theft.", ">\n\nIt looks like when big retail eliminates countless cashier positions that provided sustenance to working class Americans a spike in casual theft follows.\nFast food is expanding the use robotics to replace workers too. Doubtless other industries will follow. Elon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.", ">\n\n\nElon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.\n\nI think he has more immediate things to worry about.", ">\n\nWhat do you expect? 7% inflation with 3% raises and a president encouraging no raises to keep inflation down.", ">\n\nCredit card companies spend a hell of a lot of money in congress to make sure that number is as high as possible.", ">\n\nWhat exactly are they spending on and lobbying for?", ">\n\nI doubt they write reports on the stuff, but general rules and regulations (or spins on them) to maximize profits", ">\n\nOh hey, time to buy Visa stock.", ">\n\nYou mean bank stock?", ">\n\n\"At 19.6%, if you made minimum payments toward the average credit card balance — which is $5,474, according to Transunion — it would take you almost 17 years to pay off the debt and cost you more than $7,528 in interest\"", ">\n\nThis is why bankruptcy laws need to be changed! \nWhy is the rich and corporations allowed to wipe their debt clean and start fresh, yet the poor and middle class have to pay back?", ">\n\nThe single best thing the federal government can do is raise minimum wage. At this point, minimum wage needs to be around $25/hr.\nWhat most don't understand is that wages have been under attack since the 60s. Wages are so lean that they barely touch the bottom dollar. For a high volume manufacturer, you could double everyone's wages, and the sell price of goods made would need to increase by less than 1% to cover the added cost. For a low volume, labor intensive manufacturer, the sell price would only go up by 3% to 5%. The only hard hit industries are service industries were labor is the major component of the business. However, if your wages go from $40k a year to $80k a year, and you're rolling in $40,000, you're not going to care one bit that your Uber was $35 instead of $20. Your cereal will cost $0.01 more, and your new $2000 smart fridge will cost you $60 more. And for this financial burden EVERYBODY is making 2x income.\nThis is how far behind wages are because of a 60 year war against them. They almost don't matter to the sell price, but it's also the first thing management targets, because wages are costs and costs are evil.\nUltimately it's a self mutilating cycle of starvation and suffering for literally no good reason.\nWorse yet, we systematically stifle economic growth, buying power, and ultimately GDP. \nThe lack of adequate wages also drivers many social problems like crime and even mental illness. It drivers health issues and increases burdens on society for long term care. It also deters family planning, education, and social diversification.\nFrankly, the masochism of wage stagnation is wild. Why would you ever willfully chose suffering?", ">\n\nCould be worse. Round here I’ve seen credit cards with interest rates that can go up to 586% per year", ">\n\nWe have 3 credit cards that we used for bills and then just paid off immediately with actual cash. Then a funeral for my girlfriends grandma 2500 miles away caused us to max them out going to say goodbye. Now we've had that debt since June unable to catch up due to life's many cruel jokes. 😢", ">\n\nYou could have refused to go to the funeral or asked relatives for financial assistance. Admitting you can't go to a funeral because you can't afford it even if you want to shouldn't be looked down on.", ">\n\nUnfortunately funerals and the funeral industry are a massively exploitative affair designed to emotionally manipulate the fuck out of people to get their money. They go out of their way to make the cheap option like cremation into expensive items. O you wouldnt want your to be uncomfortable in the cardboard box before it burns, how about a $3k upgrade box to be burned?", ">\n\nI love how they're framing it like people are choosing to use credit cards. If this was honestly written it would sound more like \"46% of cardholders are forced to carry debt from month to month as expenses stay high\" or if they wanted to be neutral \"credit card use is high as a result of high expenses\" not this \"people are choosing to be poor\" shit.", ">\n\nThis is the kind of signal the fed is looking for to stop the rate hikes", ">\n\nNot at all surprised. Way too many people spending money they don't have. You're not entitled to have doordash every day because you're too important to get your own food (or even better to cook it). It seems like people are deciding what standard of living they deserve and then worrying about the cost after.", ">\n\nCan you please please please tell my wife this. She’s addicted to door dash and we even have a goddamn supermarket in our building.", ">\n\nI’ve never understood the allure to this. Paying premium prices for below average food that arrives luke warm at best", ">\n\nYou’ve never understood the allure to delivery?", ">\n\nDelivery in concept is fine. Doordash-style delivery is dumb if looked at in context.", ">\n\nWould you get heart surgery from someone who has never done heart surgery before?\nThe credit world is built on statistical analysis. If you have a history of managing debt well, you get a good score, and banks will give you the best rates. If you have a history of not managing debt well, you have a bad score and banks are going to give you high rates (or not lend to you at all) because you're a risk.\nIf you have no history and you're young you can get provisional cards, loans, etc. to start building it up. However, if you are older with no history and you suddenly start asking for credit, that's actually a big red flag.\nLike everything else in life, actions have consequences.", ">\n\nI received a credit card offer from my bank (Bank of America) at midnight on my 18th birthday. On the same day I got approved for a $500 limit credit card. They want to get you in as soon they can and keep you in the cycle of paying off the credit card just to put more stuff on it because all your money went to pay the credit card.", ">\n\nTake the card. Spend 10$ every month and pay off the card every month. Do no more or and no less and at least get a credit rating out of it.", ">\n\nA regular expense that is automatically deducted, like a streaming subscription, is a great way to accomplish this.\nI have a couple of older cards that I don't really use but haven't canceled because they're my oldest cards and I don't want to ding my account age. That's how I keep them active.", ">\n\nYou missed the part about an automatic payment! \nSetup at least automatic minimum payment to make sure you never get penalized for missing entirely, and then even better setup FULL automatic payment if you know you can afford to pay off the limit if you ever forgot.", ">\n\nI've never done automatic payment, as my budget software reminds me to pay it, but that's a good idea.", ">\n\nLook at this gal with the B word.", ">\n\nThat is a fuck ton to go out. Like even once a week is a luxury most people can't afford.", ">\n\nYea what the fuck.. I make an ok salary and i am still eating out maybe once or twice every two weeks. Saving and investing is still difficult.", ">\n\nShopping around for credit cards is very important if you're going to do this. I have a fixed 4.99% mbna card that I'll keep until i die. Low fix apr's with no annual fees is the way to go. If you can keep a 0.00 balance, use credit cards for everything and rack up on bonus points. That takes discipline tho.", ">\n\nEveryone needs to consider reducing expenses before using credit cards.\nSell your stuff, divest assets, learn to live with less stuff and things and most importantly, learn to say no to both others and your self. Financial discipline starts with you.", ">\n\nNo we should actually be protesting and striking. We do not need to lick boots.", ">\n\nr/usernamechecksout", ">\n\nMonth to month?! I've carried the same debt for years! Who are these rich money bags that were able to pay off thier credit card in a month and then had to do it again the next month?!", ">\n\nI would rather go hungry, than use a credit card for an expense i can’t afford. I pay off my balance as soon as it shows up on my account. Keeps things very simple. I’m not taking a loan, it’s my money I’m spending.\nBut I well understand the credit trap, and am terrified of it. It’s easy to slip.", ">\n\nNo need to be over dramatic.", ">\n\nIf you treat your financial well-being seriously… it’s being “diligent” not dramatic. \nNot being trapped in debt your whole life is a serious thing. People can kill themselves over debt. It can ruin lives.", ">\n\nYou’re still doing it. You can pay down credit card debt, especially if it’s a grocery bill or two. It will not ruin you and there is no reason to be terrified.", ">\n\nI don’t think you realize how habits are formed. \nAnd I don’t think it’s a good look to for you to dismiss good financial health as “being dramatic”. \nCredit cards are a curse to many, but if you’re smart they benefit you.", ">\n\nIt’s not good advice to tell people they should be so terrified of credit card debt and it’s a better alternative to go hungry. Buy a bag of rice/beans/potatoes and some chicken and eat. Credit card debt isn’t good, but you’re being dramatic.", ">\n\nAgain… I don’t think you understand how habits are formed. And I would go hungry ( or eat far cheaper, obviously ) than buy what I want on a credit card if I didn’t think I could pay it off in time. It’s literally how they get you. \nNo wonder people get caught in the credit card debt trap with people like you having flippant attitudes. \nDenial of gratification or delayed gratification is a thing. It’ll save you a lot in the long run.", ">\n\nI understand what you’re saying I just don’t agree. Delayed gratification lol… we’re talking about being able to eat not buying a new laptop. You can float a grocery bill on a credit card, especially if the alternative is going hungry. The idea that you should be terrified by that amount of debt is ridiculous. It’s fine to warn about credit cards but again, don’t be so dramatic.", ">\n\nAs a European I will never understand why you guys even bother with credit cards for the following reasons:\n\nWhy not use debit? It's mone you actually own and you don't have to deal with paying it back or forgetting about it.\nWhy does your credit score system work like that? It feels so alien to me, why don't they just rank it based on how well you repay other debts like car payments, student loan payments, phone payments, spotify etc?\nWhy isn't a credit card automatically locked if you fail to pay last month's balance until you repaid the debt?\n\nIf someone could enlighten me on this I'd actually be grateful.", ">\n\nI got one because apparently having a credit history makes you look better when applying for bigger loans (house loans, personal loans for car repair, etc).", ">\n\nBut does it actually make that easier?", ">\n\nI have no idea, haven't needed to take out any loans, but since I'm using it as slush rather than taking on debt that I can't pay immediately, the practical impact is minimal for me. I'll let you know if I ever have the money for a deposit on a house, probably 2040 or so.", ">\n\nWell, atleast those problems are universal in our modern world! Maybe I can show you around in my 50square feet tinyhouse somewhere near 2035 lmao", ">\n\nSounds good :D", ">\n\nI'll never understand why people would carry credit card debt. It's basically the most expensive borrowing you can do.", ">\n\npeople be broke yo.", ">\n\ntaking out loans at 20% interest doesn't seem like a good solution.", ">\n\nPeople at that point are in survival mode and they aren't worried about the future because they are focused on now. When you're just trying to put food on the table or pay the electric bill it's usually the only solution.", ">\n\nNowhere near 46% of credit card holders are in anywhere close to that situation.", ">\n\nDoubt that you’re right. We’re in a recession", ">\n\nUnemployment is near 0 and, on average, real wages fell a bit less than 2% in 2022. This is hardly the worst of economic times.", ">\n\nThe unemployment rate does not necessarily mean we're not in a recession especially when the unemployment rate doesn't include all unemployed people. Or underemployed people. The vast majority of economists are saying that we're in a recession we are.", ">\n\nWell I do it the mostly keep my credit score really high I normally pay it off after 2 months. I'll put some more on my credit again wait a month build it up again.", ">\n\nThere’s no reason whatsoever to do this. You don’t improve your credit score by paying interest", ">\n\nI don't pay interest on my cards when I do that. The cards that I have when I pay for certain items as long as I pay within the specific time I don't pay interest at all on them.", ">\n\nweren't we taught to hold 5-10% balance on credit cards for reasons?", ">\n\nNot in this household. I was raised to pay off the statement balance each month. The interest you pay when you carry a balance pays for someone else’s credit card rewards.", ">\n\ngotta say, that \"rule\" never made sense to me", ">\n\nIt's a common misconception that carrying a balance improves your credit score. It does not.", ">\n\nThey added a no cash, no register automatic convenience store in the Netherlands. The only problem is that nobody ever shows up except for a few foreigners. Why? Nobody here uses or wants to use credit cards. I hope they never push this shit anymore and learn from it." ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou.", ">\n\nYea I do that on one of my cards but it's 0% interest for 24 months so why wouldn't I?", ">\n\nNothing more American than trying to accumulate $30 trillion dollars of debt", ">\n\nFraud is the future. Breached forums (Breached.vc) The financial industry and Department of Justice have been subverted by the rich and well connected. \nCompanies like Walmart and Target budget for theft.", ">\n\nIt looks like when big retail eliminates countless cashier positions that provided sustenance to working class Americans a spike in casual theft follows.\nFast food is expanding the use robotics to replace workers too. Doubtless other industries will follow. Elon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.", ">\n\n\nElon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.\n\nI think he has more immediate things to worry about.", ">\n\nWhat do you expect? 7% inflation with 3% raises and a president encouraging no raises to keep inflation down.", ">\n\nCredit card companies spend a hell of a lot of money in congress to make sure that number is as high as possible.", ">\n\nWhat exactly are they spending on and lobbying for?", ">\n\nI doubt they write reports on the stuff, but general rules and regulations (or spins on them) to maximize profits", ">\n\nOh hey, time to buy Visa stock.", ">\n\nYou mean bank stock?", ">\n\n\"At 19.6%, if you made minimum payments toward the average credit card balance — which is $5,474, according to Transunion — it would take you almost 17 years to pay off the debt and cost you more than $7,528 in interest\"", ">\n\nThis is why bankruptcy laws need to be changed! \nWhy is the rich and corporations allowed to wipe their debt clean and start fresh, yet the poor and middle class have to pay back?", ">\n\nThe single best thing the federal government can do is raise minimum wage. At this point, minimum wage needs to be around $25/hr.\nWhat most don't understand is that wages have been under attack since the 60s. Wages are so lean that they barely touch the bottom dollar. For a high volume manufacturer, you could double everyone's wages, and the sell price of goods made would need to increase by less than 1% to cover the added cost. For a low volume, labor intensive manufacturer, the sell price would only go up by 3% to 5%. The only hard hit industries are service industries were labor is the major component of the business. However, if your wages go from $40k a year to $80k a year, and you're rolling in $40,000, you're not going to care one bit that your Uber was $35 instead of $20. Your cereal will cost $0.01 more, and your new $2000 smart fridge will cost you $60 more. And for this financial burden EVERYBODY is making 2x income.\nThis is how far behind wages are because of a 60 year war against them. They almost don't matter to the sell price, but it's also the first thing management targets, because wages are costs and costs are evil.\nUltimately it's a self mutilating cycle of starvation and suffering for literally no good reason.\nWorse yet, we systematically stifle economic growth, buying power, and ultimately GDP. \nThe lack of adequate wages also drivers many social problems like crime and even mental illness. It drivers health issues and increases burdens on society for long term care. It also deters family planning, education, and social diversification.\nFrankly, the masochism of wage stagnation is wild. Why would you ever willfully chose suffering?", ">\n\nCould be worse. Round here I’ve seen credit cards with interest rates that can go up to 586% per year", ">\n\nWe have 3 credit cards that we used for bills and then just paid off immediately with actual cash. Then a funeral for my girlfriends grandma 2500 miles away caused us to max them out going to say goodbye. Now we've had that debt since June unable to catch up due to life's many cruel jokes. 😢", ">\n\nYou could have refused to go to the funeral or asked relatives for financial assistance. Admitting you can't go to a funeral because you can't afford it even if you want to shouldn't be looked down on.", ">\n\nUnfortunately funerals and the funeral industry are a massively exploitative affair designed to emotionally manipulate the fuck out of people to get their money. They go out of their way to make the cheap option like cremation into expensive items. O you wouldnt want your to be uncomfortable in the cardboard box before it burns, how about a $3k upgrade box to be burned?", ">\n\nI love how they're framing it like people are choosing to use credit cards. If this was honestly written it would sound more like \"46% of cardholders are forced to carry debt from month to month as expenses stay high\" or if they wanted to be neutral \"credit card use is high as a result of high expenses\" not this \"people are choosing to be poor\" shit.", ">\n\nThis is the kind of signal the fed is looking for to stop the rate hikes", ">\n\nNot at all surprised. Way too many people spending money they don't have. You're not entitled to have doordash every day because you're too important to get your own food (or even better to cook it). It seems like people are deciding what standard of living they deserve and then worrying about the cost after.", ">\n\nCan you please please please tell my wife this. She’s addicted to door dash and we even have a goddamn supermarket in our building.", ">\n\nI’ve never understood the allure to this. Paying premium prices for below average food that arrives luke warm at best", ">\n\nYou’ve never understood the allure to delivery?", ">\n\nDelivery in concept is fine. Doordash-style delivery is dumb if looked at in context.", ">\n\nWould you get heart surgery from someone who has never done heart surgery before?\nThe credit world is built on statistical analysis. If you have a history of managing debt well, you get a good score, and banks will give you the best rates. If you have a history of not managing debt well, you have a bad score and banks are going to give you high rates (or not lend to you at all) because you're a risk.\nIf you have no history and you're young you can get provisional cards, loans, etc. to start building it up. However, if you are older with no history and you suddenly start asking for credit, that's actually a big red flag.\nLike everything else in life, actions have consequences.", ">\n\nI received a credit card offer from my bank (Bank of America) at midnight on my 18th birthday. On the same day I got approved for a $500 limit credit card. They want to get you in as soon they can and keep you in the cycle of paying off the credit card just to put more stuff on it because all your money went to pay the credit card.", ">\n\nTake the card. Spend 10$ every month and pay off the card every month. Do no more or and no less and at least get a credit rating out of it.", ">\n\nA regular expense that is automatically deducted, like a streaming subscription, is a great way to accomplish this.\nI have a couple of older cards that I don't really use but haven't canceled because they're my oldest cards and I don't want to ding my account age. That's how I keep them active.", ">\n\nYou missed the part about an automatic payment! \nSetup at least automatic minimum payment to make sure you never get penalized for missing entirely, and then even better setup FULL automatic payment if you know you can afford to pay off the limit if you ever forgot.", ">\n\nI've never done automatic payment, as my budget software reminds me to pay it, but that's a good idea.", ">\n\nLook at this gal with the B word.", ">\n\nThat is a fuck ton to go out. Like even once a week is a luxury most people can't afford.", ">\n\nYea what the fuck.. I make an ok salary and i am still eating out maybe once or twice every two weeks. Saving and investing is still difficult.", ">\n\nShopping around for credit cards is very important if you're going to do this. I have a fixed 4.99% mbna card that I'll keep until i die. Low fix apr's with no annual fees is the way to go. If you can keep a 0.00 balance, use credit cards for everything and rack up on bonus points. That takes discipline tho.", ">\n\nEveryone needs to consider reducing expenses before using credit cards.\nSell your stuff, divest assets, learn to live with less stuff and things and most importantly, learn to say no to both others and your self. Financial discipline starts with you.", ">\n\nNo we should actually be protesting and striking. We do not need to lick boots.", ">\n\nr/usernamechecksout", ">\n\nMonth to month?! I've carried the same debt for years! Who are these rich money bags that were able to pay off thier credit card in a month and then had to do it again the next month?!", ">\n\nI would rather go hungry, than use a credit card for an expense i can’t afford. I pay off my balance as soon as it shows up on my account. Keeps things very simple. I’m not taking a loan, it’s my money I’m spending.\nBut I well understand the credit trap, and am terrified of it. It’s easy to slip.", ">\n\nNo need to be over dramatic.", ">\n\nIf you treat your financial well-being seriously… it’s being “diligent” not dramatic. \nNot being trapped in debt your whole life is a serious thing. People can kill themselves over debt. It can ruin lives.", ">\n\nYou’re still doing it. You can pay down credit card debt, especially if it’s a grocery bill or two. It will not ruin you and there is no reason to be terrified.", ">\n\nI don’t think you realize how habits are formed. \nAnd I don’t think it’s a good look to for you to dismiss good financial health as “being dramatic”. \nCredit cards are a curse to many, but if you’re smart they benefit you.", ">\n\nIt’s not good advice to tell people they should be so terrified of credit card debt and it’s a better alternative to go hungry. Buy a bag of rice/beans/potatoes and some chicken and eat. Credit card debt isn’t good, but you’re being dramatic.", ">\n\nAgain… I don’t think you understand how habits are formed. And I would go hungry ( or eat far cheaper, obviously ) than buy what I want on a credit card if I didn’t think I could pay it off in time. It’s literally how they get you. \nNo wonder people get caught in the credit card debt trap with people like you having flippant attitudes. \nDenial of gratification or delayed gratification is a thing. It’ll save you a lot in the long run.", ">\n\nI understand what you’re saying I just don’t agree. Delayed gratification lol… we’re talking about being able to eat not buying a new laptop. You can float a grocery bill on a credit card, especially if the alternative is going hungry. The idea that you should be terrified by that amount of debt is ridiculous. It’s fine to warn about credit cards but again, don’t be so dramatic.", ">\n\nAs a European I will never understand why you guys even bother with credit cards for the following reasons:\n\nWhy not use debit? It's mone you actually own and you don't have to deal with paying it back or forgetting about it.\nWhy does your credit score system work like that? It feels so alien to me, why don't they just rank it based on how well you repay other debts like car payments, student loan payments, phone payments, spotify etc?\nWhy isn't a credit card automatically locked if you fail to pay last month's balance until you repaid the debt?\n\nIf someone could enlighten me on this I'd actually be grateful.", ">\n\nI got one because apparently having a credit history makes you look better when applying for bigger loans (house loans, personal loans for car repair, etc).", ">\n\nBut does it actually make that easier?", ">\n\nI have no idea, haven't needed to take out any loans, but since I'm using it as slush rather than taking on debt that I can't pay immediately, the practical impact is minimal for me. I'll let you know if I ever have the money for a deposit on a house, probably 2040 or so.", ">\n\nWell, atleast those problems are universal in our modern world! Maybe I can show you around in my 50square feet tinyhouse somewhere near 2035 lmao", ">\n\nSounds good :D", ">\n\nI'll never understand why people would carry credit card debt. It's basically the most expensive borrowing you can do.", ">\n\npeople be broke yo.", ">\n\ntaking out loans at 20% interest doesn't seem like a good solution.", ">\n\nPeople at that point are in survival mode and they aren't worried about the future because they are focused on now. When you're just trying to put food on the table or pay the electric bill it's usually the only solution.", ">\n\nNowhere near 46% of credit card holders are in anywhere close to that situation.", ">\n\nDoubt that you’re right. We’re in a recession", ">\n\nUnemployment is near 0 and, on average, real wages fell a bit less than 2% in 2022. This is hardly the worst of economic times.", ">\n\nThe unemployment rate does not necessarily mean we're not in a recession especially when the unemployment rate doesn't include all unemployed people. Or underemployed people. The vast majority of economists are saying that we're in a recession we are.", ">\n\nWell I do it the mostly keep my credit score really high I normally pay it off after 2 months. I'll put some more on my credit again wait a month build it up again.", ">\n\nThere’s no reason whatsoever to do this. You don’t improve your credit score by paying interest", ">\n\nI don't pay interest on my cards when I do that. The cards that I have when I pay for certain items as long as I pay within the specific time I don't pay interest at all on them.", ">\n\nweren't we taught to hold 5-10% balance on credit cards for reasons?", ">\n\nNot in this household. I was raised to pay off the statement balance each month. The interest you pay when you carry a balance pays for someone else’s credit card rewards.", ">\n\ngotta say, that \"rule\" never made sense to me", ">\n\nIt's a common misconception that carrying a balance improves your credit score. It does not.", ">\n\nThey added a no cash, no register automatic convenience store in the Netherlands. The only problem is that nobody ever shows up except for a few foreigners. Why? Nobody here uses or wants to use credit cards. I hope they never push this shit anymore and learn from it.", ">\n\nWhat does this accomplish?" ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou.", ">\n\nYea I do that on one of my cards but it's 0% interest for 24 months so why wouldn't I?", ">\n\nNothing more American than trying to accumulate $30 trillion dollars of debt", ">\n\nFraud is the future. Breached forums (Breached.vc) The financial industry and Department of Justice have been subverted by the rich and well connected. \nCompanies like Walmart and Target budget for theft.", ">\n\nIt looks like when big retail eliminates countless cashier positions that provided sustenance to working class Americans a spike in casual theft follows.\nFast food is expanding the use robotics to replace workers too. Doubtless other industries will follow. Elon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.", ">\n\n\nElon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.\n\nI think he has more immediate things to worry about.", ">\n\nWhat do you expect? 7% inflation with 3% raises and a president encouraging no raises to keep inflation down.", ">\n\nCredit card companies spend a hell of a lot of money in congress to make sure that number is as high as possible.", ">\n\nWhat exactly are they spending on and lobbying for?", ">\n\nI doubt they write reports on the stuff, but general rules and regulations (or spins on them) to maximize profits", ">\n\nOh hey, time to buy Visa stock.", ">\n\nYou mean bank stock?", ">\n\n\"At 19.6%, if you made minimum payments toward the average credit card balance — which is $5,474, according to Transunion — it would take you almost 17 years to pay off the debt and cost you more than $7,528 in interest\"", ">\n\nThis is why bankruptcy laws need to be changed! \nWhy is the rich and corporations allowed to wipe their debt clean and start fresh, yet the poor and middle class have to pay back?", ">\n\nThe single best thing the federal government can do is raise minimum wage. At this point, minimum wage needs to be around $25/hr.\nWhat most don't understand is that wages have been under attack since the 60s. Wages are so lean that they barely touch the bottom dollar. For a high volume manufacturer, you could double everyone's wages, and the sell price of goods made would need to increase by less than 1% to cover the added cost. For a low volume, labor intensive manufacturer, the sell price would only go up by 3% to 5%. The only hard hit industries are service industries were labor is the major component of the business. However, if your wages go from $40k a year to $80k a year, and you're rolling in $40,000, you're not going to care one bit that your Uber was $35 instead of $20. Your cereal will cost $0.01 more, and your new $2000 smart fridge will cost you $60 more. And for this financial burden EVERYBODY is making 2x income.\nThis is how far behind wages are because of a 60 year war against them. They almost don't matter to the sell price, but it's also the first thing management targets, because wages are costs and costs are evil.\nUltimately it's a self mutilating cycle of starvation and suffering for literally no good reason.\nWorse yet, we systematically stifle economic growth, buying power, and ultimately GDP. \nThe lack of adequate wages also drivers many social problems like crime and even mental illness. It drivers health issues and increases burdens on society for long term care. It also deters family planning, education, and social diversification.\nFrankly, the masochism of wage stagnation is wild. Why would you ever willfully chose suffering?", ">\n\nCould be worse. Round here I’ve seen credit cards with interest rates that can go up to 586% per year", ">\n\nWe have 3 credit cards that we used for bills and then just paid off immediately with actual cash. Then a funeral for my girlfriends grandma 2500 miles away caused us to max them out going to say goodbye. Now we've had that debt since June unable to catch up due to life's many cruel jokes. 😢", ">\n\nYou could have refused to go to the funeral or asked relatives for financial assistance. Admitting you can't go to a funeral because you can't afford it even if you want to shouldn't be looked down on.", ">\n\nUnfortunately funerals and the funeral industry are a massively exploitative affair designed to emotionally manipulate the fuck out of people to get their money. They go out of their way to make the cheap option like cremation into expensive items. O you wouldnt want your to be uncomfortable in the cardboard box before it burns, how about a $3k upgrade box to be burned?", ">\n\nI love how they're framing it like people are choosing to use credit cards. If this was honestly written it would sound more like \"46% of cardholders are forced to carry debt from month to month as expenses stay high\" or if they wanted to be neutral \"credit card use is high as a result of high expenses\" not this \"people are choosing to be poor\" shit.", ">\n\nThis is the kind of signal the fed is looking for to stop the rate hikes", ">\n\nNot at all surprised. Way too many people spending money they don't have. You're not entitled to have doordash every day because you're too important to get your own food (or even better to cook it). It seems like people are deciding what standard of living they deserve and then worrying about the cost after.", ">\n\nCan you please please please tell my wife this. She’s addicted to door dash and we even have a goddamn supermarket in our building.", ">\n\nI’ve never understood the allure to this. Paying premium prices for below average food that arrives luke warm at best", ">\n\nYou’ve never understood the allure to delivery?", ">\n\nDelivery in concept is fine. Doordash-style delivery is dumb if looked at in context.", ">\n\nWould you get heart surgery from someone who has never done heart surgery before?\nThe credit world is built on statistical analysis. If you have a history of managing debt well, you get a good score, and banks will give you the best rates. If you have a history of not managing debt well, you have a bad score and banks are going to give you high rates (or not lend to you at all) because you're a risk.\nIf you have no history and you're young you can get provisional cards, loans, etc. to start building it up. However, if you are older with no history and you suddenly start asking for credit, that's actually a big red flag.\nLike everything else in life, actions have consequences.", ">\n\nI received a credit card offer from my bank (Bank of America) at midnight on my 18th birthday. On the same day I got approved for a $500 limit credit card. They want to get you in as soon they can and keep you in the cycle of paying off the credit card just to put more stuff on it because all your money went to pay the credit card.", ">\n\nTake the card. Spend 10$ every month and pay off the card every month. Do no more or and no less and at least get a credit rating out of it.", ">\n\nA regular expense that is automatically deducted, like a streaming subscription, is a great way to accomplish this.\nI have a couple of older cards that I don't really use but haven't canceled because they're my oldest cards and I don't want to ding my account age. That's how I keep them active.", ">\n\nYou missed the part about an automatic payment! \nSetup at least automatic minimum payment to make sure you never get penalized for missing entirely, and then even better setup FULL automatic payment if you know you can afford to pay off the limit if you ever forgot.", ">\n\nI've never done automatic payment, as my budget software reminds me to pay it, but that's a good idea.", ">\n\nLook at this gal with the B word.", ">\n\nThat is a fuck ton to go out. Like even once a week is a luxury most people can't afford.", ">\n\nYea what the fuck.. I make an ok salary and i am still eating out maybe once or twice every two weeks. Saving and investing is still difficult.", ">\n\nShopping around for credit cards is very important if you're going to do this. I have a fixed 4.99% mbna card that I'll keep until i die. Low fix apr's with no annual fees is the way to go. If you can keep a 0.00 balance, use credit cards for everything and rack up on bonus points. That takes discipline tho.", ">\n\nEveryone needs to consider reducing expenses before using credit cards.\nSell your stuff, divest assets, learn to live with less stuff and things and most importantly, learn to say no to both others and your self. Financial discipline starts with you.", ">\n\nNo we should actually be protesting and striking. We do not need to lick boots.", ">\n\nr/usernamechecksout", ">\n\nMonth to month?! I've carried the same debt for years! Who are these rich money bags that were able to pay off thier credit card in a month and then had to do it again the next month?!", ">\n\nI would rather go hungry, than use a credit card for an expense i can’t afford. I pay off my balance as soon as it shows up on my account. Keeps things very simple. I’m not taking a loan, it’s my money I’m spending.\nBut I well understand the credit trap, and am terrified of it. It’s easy to slip.", ">\n\nNo need to be over dramatic.", ">\n\nIf you treat your financial well-being seriously… it’s being “diligent” not dramatic. \nNot being trapped in debt your whole life is a serious thing. People can kill themselves over debt. It can ruin lives.", ">\n\nYou’re still doing it. You can pay down credit card debt, especially if it’s a grocery bill or two. It will not ruin you and there is no reason to be terrified.", ">\n\nI don’t think you realize how habits are formed. \nAnd I don’t think it’s a good look to for you to dismiss good financial health as “being dramatic”. \nCredit cards are a curse to many, but if you’re smart they benefit you.", ">\n\nIt’s not good advice to tell people they should be so terrified of credit card debt and it’s a better alternative to go hungry. Buy a bag of rice/beans/potatoes and some chicken and eat. Credit card debt isn’t good, but you’re being dramatic.", ">\n\nAgain… I don’t think you understand how habits are formed. And I would go hungry ( or eat far cheaper, obviously ) than buy what I want on a credit card if I didn’t think I could pay it off in time. It’s literally how they get you. \nNo wonder people get caught in the credit card debt trap with people like you having flippant attitudes. \nDenial of gratification or delayed gratification is a thing. It’ll save you a lot in the long run.", ">\n\nI understand what you’re saying I just don’t agree. Delayed gratification lol… we’re talking about being able to eat not buying a new laptop. You can float a grocery bill on a credit card, especially if the alternative is going hungry. The idea that you should be terrified by that amount of debt is ridiculous. It’s fine to warn about credit cards but again, don’t be so dramatic.", ">\n\nAs a European I will never understand why you guys even bother with credit cards for the following reasons:\n\nWhy not use debit? It's mone you actually own and you don't have to deal with paying it back or forgetting about it.\nWhy does your credit score system work like that? It feels so alien to me, why don't they just rank it based on how well you repay other debts like car payments, student loan payments, phone payments, spotify etc?\nWhy isn't a credit card automatically locked if you fail to pay last month's balance until you repaid the debt?\n\nIf someone could enlighten me on this I'd actually be grateful.", ">\n\nI got one because apparently having a credit history makes you look better when applying for bigger loans (house loans, personal loans for car repair, etc).", ">\n\nBut does it actually make that easier?", ">\n\nI have no idea, haven't needed to take out any loans, but since I'm using it as slush rather than taking on debt that I can't pay immediately, the practical impact is minimal for me. I'll let you know if I ever have the money for a deposit on a house, probably 2040 or so.", ">\n\nWell, atleast those problems are universal in our modern world! Maybe I can show you around in my 50square feet tinyhouse somewhere near 2035 lmao", ">\n\nSounds good :D", ">\n\nI'll never understand why people would carry credit card debt. It's basically the most expensive borrowing you can do.", ">\n\npeople be broke yo.", ">\n\ntaking out loans at 20% interest doesn't seem like a good solution.", ">\n\nPeople at that point are in survival mode and they aren't worried about the future because they are focused on now. When you're just trying to put food on the table or pay the electric bill it's usually the only solution.", ">\n\nNowhere near 46% of credit card holders are in anywhere close to that situation.", ">\n\nDoubt that you’re right. We’re in a recession", ">\n\nUnemployment is near 0 and, on average, real wages fell a bit less than 2% in 2022. This is hardly the worst of economic times.", ">\n\nThe unemployment rate does not necessarily mean we're not in a recession especially when the unemployment rate doesn't include all unemployed people. Or underemployed people. The vast majority of economists are saying that we're in a recession we are.", ">\n\nWell I do it the mostly keep my credit score really high I normally pay it off after 2 months. I'll put some more on my credit again wait a month build it up again.", ">\n\nThere’s no reason whatsoever to do this. You don’t improve your credit score by paying interest", ">\n\nI don't pay interest on my cards when I do that. The cards that I have when I pay for certain items as long as I pay within the specific time I don't pay interest at all on them.", ">\n\nweren't we taught to hold 5-10% balance on credit cards for reasons?", ">\n\nNot in this household. I was raised to pay off the statement balance each month. The interest you pay when you carry a balance pays for someone else’s credit card rewards.", ">\n\ngotta say, that \"rule\" never made sense to me", ">\n\nIt's a common misconception that carrying a balance improves your credit score. It does not.", ">\n\nThey added a no cash, no register automatic convenience store in the Netherlands. The only problem is that nobody ever shows up except for a few foreigners. Why? Nobody here uses or wants to use credit cards. I hope they never push this shit anymore and learn from it.", ">\n\nWhat does this accomplish?", ">\n\nI literally paid off all my credit cards in may/june and already have almost 2k back on one of em." ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou.", ">\n\nYea I do that on one of my cards but it's 0% interest for 24 months so why wouldn't I?", ">\n\nNothing more American than trying to accumulate $30 trillion dollars of debt", ">\n\nFraud is the future. Breached forums (Breached.vc) The financial industry and Department of Justice have been subverted by the rich and well connected. \nCompanies like Walmart and Target budget for theft.", ">\n\nIt looks like when big retail eliminates countless cashier positions that provided sustenance to working class Americans a spike in casual theft follows.\nFast food is expanding the use robotics to replace workers too. Doubtless other industries will follow. Elon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.", ">\n\n\nElon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.\n\nI think he has more immediate things to worry about.", ">\n\nWhat do you expect? 7% inflation with 3% raises and a president encouraging no raises to keep inflation down.", ">\n\nCredit card companies spend a hell of a lot of money in congress to make sure that number is as high as possible.", ">\n\nWhat exactly are they spending on and lobbying for?", ">\n\nI doubt they write reports on the stuff, but general rules and regulations (or spins on them) to maximize profits", ">\n\nOh hey, time to buy Visa stock.", ">\n\nYou mean bank stock?", ">\n\n\"At 19.6%, if you made minimum payments toward the average credit card balance — which is $5,474, according to Transunion — it would take you almost 17 years to pay off the debt and cost you more than $7,528 in interest\"", ">\n\nThis is why bankruptcy laws need to be changed! \nWhy is the rich and corporations allowed to wipe their debt clean and start fresh, yet the poor and middle class have to pay back?", ">\n\nThe single best thing the federal government can do is raise minimum wage. At this point, minimum wage needs to be around $25/hr.\nWhat most don't understand is that wages have been under attack since the 60s. Wages are so lean that they barely touch the bottom dollar. For a high volume manufacturer, you could double everyone's wages, and the sell price of goods made would need to increase by less than 1% to cover the added cost. For a low volume, labor intensive manufacturer, the sell price would only go up by 3% to 5%. The only hard hit industries are service industries were labor is the major component of the business. However, if your wages go from $40k a year to $80k a year, and you're rolling in $40,000, you're not going to care one bit that your Uber was $35 instead of $20. Your cereal will cost $0.01 more, and your new $2000 smart fridge will cost you $60 more. And for this financial burden EVERYBODY is making 2x income.\nThis is how far behind wages are because of a 60 year war against them. They almost don't matter to the sell price, but it's also the first thing management targets, because wages are costs and costs are evil.\nUltimately it's a self mutilating cycle of starvation and suffering for literally no good reason.\nWorse yet, we systematically stifle economic growth, buying power, and ultimately GDP. \nThe lack of adequate wages also drivers many social problems like crime and even mental illness. It drivers health issues and increases burdens on society for long term care. It also deters family planning, education, and social diversification.\nFrankly, the masochism of wage stagnation is wild. Why would you ever willfully chose suffering?", ">\n\nCould be worse. Round here I’ve seen credit cards with interest rates that can go up to 586% per year", ">\n\nWe have 3 credit cards that we used for bills and then just paid off immediately with actual cash. Then a funeral for my girlfriends grandma 2500 miles away caused us to max them out going to say goodbye. Now we've had that debt since June unable to catch up due to life's many cruel jokes. 😢", ">\n\nYou could have refused to go to the funeral or asked relatives for financial assistance. Admitting you can't go to a funeral because you can't afford it even if you want to shouldn't be looked down on.", ">\n\nUnfortunately funerals and the funeral industry are a massively exploitative affair designed to emotionally manipulate the fuck out of people to get their money. They go out of their way to make the cheap option like cremation into expensive items. O you wouldnt want your to be uncomfortable in the cardboard box before it burns, how about a $3k upgrade box to be burned?", ">\n\nI love how they're framing it like people are choosing to use credit cards. If this was honestly written it would sound more like \"46% of cardholders are forced to carry debt from month to month as expenses stay high\" or if they wanted to be neutral \"credit card use is high as a result of high expenses\" not this \"people are choosing to be poor\" shit.", ">\n\nThis is the kind of signal the fed is looking for to stop the rate hikes", ">\n\nNot at all surprised. Way too many people spending money they don't have. You're not entitled to have doordash every day because you're too important to get your own food (or even better to cook it). It seems like people are deciding what standard of living they deserve and then worrying about the cost after.", ">\n\nCan you please please please tell my wife this. She’s addicted to door dash and we even have a goddamn supermarket in our building.", ">\n\nI’ve never understood the allure to this. Paying premium prices for below average food that arrives luke warm at best", ">\n\nYou’ve never understood the allure to delivery?", ">\n\nDelivery in concept is fine. Doordash-style delivery is dumb if looked at in context.", ">\n\nWould you get heart surgery from someone who has never done heart surgery before?\nThe credit world is built on statistical analysis. If you have a history of managing debt well, you get a good score, and banks will give you the best rates. If you have a history of not managing debt well, you have a bad score and banks are going to give you high rates (or not lend to you at all) because you're a risk.\nIf you have no history and you're young you can get provisional cards, loans, etc. to start building it up. However, if you are older with no history and you suddenly start asking for credit, that's actually a big red flag.\nLike everything else in life, actions have consequences.", ">\n\nI received a credit card offer from my bank (Bank of America) at midnight on my 18th birthday. On the same day I got approved for a $500 limit credit card. They want to get you in as soon they can and keep you in the cycle of paying off the credit card just to put more stuff on it because all your money went to pay the credit card.", ">\n\nTake the card. Spend 10$ every month and pay off the card every month. Do no more or and no less and at least get a credit rating out of it.", ">\n\nA regular expense that is automatically deducted, like a streaming subscription, is a great way to accomplish this.\nI have a couple of older cards that I don't really use but haven't canceled because they're my oldest cards and I don't want to ding my account age. That's how I keep them active.", ">\n\nYou missed the part about an automatic payment! \nSetup at least automatic minimum payment to make sure you never get penalized for missing entirely, and then even better setup FULL automatic payment if you know you can afford to pay off the limit if you ever forgot.", ">\n\nI've never done automatic payment, as my budget software reminds me to pay it, but that's a good idea.", ">\n\nLook at this gal with the B word.", ">\n\nThat is a fuck ton to go out. Like even once a week is a luxury most people can't afford.", ">\n\nYea what the fuck.. I make an ok salary and i am still eating out maybe once or twice every two weeks. Saving and investing is still difficult.", ">\n\nShopping around for credit cards is very important if you're going to do this. I have a fixed 4.99% mbna card that I'll keep until i die. Low fix apr's with no annual fees is the way to go. If you can keep a 0.00 balance, use credit cards for everything and rack up on bonus points. That takes discipline tho.", ">\n\nEveryone needs to consider reducing expenses before using credit cards.\nSell your stuff, divest assets, learn to live with less stuff and things and most importantly, learn to say no to both others and your self. Financial discipline starts with you.", ">\n\nNo we should actually be protesting and striking. We do not need to lick boots.", ">\n\nr/usernamechecksout", ">\n\nMonth to month?! I've carried the same debt for years! Who are these rich money bags that were able to pay off thier credit card in a month and then had to do it again the next month?!", ">\n\nI would rather go hungry, than use a credit card for an expense i can’t afford. I pay off my balance as soon as it shows up on my account. Keeps things very simple. I’m not taking a loan, it’s my money I’m spending.\nBut I well understand the credit trap, and am terrified of it. It’s easy to slip.", ">\n\nNo need to be over dramatic.", ">\n\nIf you treat your financial well-being seriously… it’s being “diligent” not dramatic. \nNot being trapped in debt your whole life is a serious thing. People can kill themselves over debt. It can ruin lives.", ">\n\nYou’re still doing it. You can pay down credit card debt, especially if it’s a grocery bill or two. It will not ruin you and there is no reason to be terrified.", ">\n\nI don’t think you realize how habits are formed. \nAnd I don’t think it’s a good look to for you to dismiss good financial health as “being dramatic”. \nCredit cards are a curse to many, but if you’re smart they benefit you.", ">\n\nIt’s not good advice to tell people they should be so terrified of credit card debt and it’s a better alternative to go hungry. Buy a bag of rice/beans/potatoes and some chicken and eat. Credit card debt isn’t good, but you’re being dramatic.", ">\n\nAgain… I don’t think you understand how habits are formed. And I would go hungry ( or eat far cheaper, obviously ) than buy what I want on a credit card if I didn’t think I could pay it off in time. It’s literally how they get you. \nNo wonder people get caught in the credit card debt trap with people like you having flippant attitudes. \nDenial of gratification or delayed gratification is a thing. It’ll save you a lot in the long run.", ">\n\nI understand what you’re saying I just don’t agree. Delayed gratification lol… we’re talking about being able to eat not buying a new laptop. You can float a grocery bill on a credit card, especially if the alternative is going hungry. The idea that you should be terrified by that amount of debt is ridiculous. It’s fine to warn about credit cards but again, don’t be so dramatic.", ">\n\nAs a European I will never understand why you guys even bother with credit cards for the following reasons:\n\nWhy not use debit? It's mone you actually own and you don't have to deal with paying it back or forgetting about it.\nWhy does your credit score system work like that? It feels so alien to me, why don't they just rank it based on how well you repay other debts like car payments, student loan payments, phone payments, spotify etc?\nWhy isn't a credit card automatically locked if you fail to pay last month's balance until you repaid the debt?\n\nIf someone could enlighten me on this I'd actually be grateful.", ">\n\nI got one because apparently having a credit history makes you look better when applying for bigger loans (house loans, personal loans for car repair, etc).", ">\n\nBut does it actually make that easier?", ">\n\nI have no idea, haven't needed to take out any loans, but since I'm using it as slush rather than taking on debt that I can't pay immediately, the practical impact is minimal for me. I'll let you know if I ever have the money for a deposit on a house, probably 2040 or so.", ">\n\nWell, atleast those problems are universal in our modern world! Maybe I can show you around in my 50square feet tinyhouse somewhere near 2035 lmao", ">\n\nSounds good :D", ">\n\nI'll never understand why people would carry credit card debt. It's basically the most expensive borrowing you can do.", ">\n\npeople be broke yo.", ">\n\ntaking out loans at 20% interest doesn't seem like a good solution.", ">\n\nPeople at that point are in survival mode and they aren't worried about the future because they are focused on now. When you're just trying to put food on the table or pay the electric bill it's usually the only solution.", ">\n\nNowhere near 46% of credit card holders are in anywhere close to that situation.", ">\n\nDoubt that you’re right. We’re in a recession", ">\n\nUnemployment is near 0 and, on average, real wages fell a bit less than 2% in 2022. This is hardly the worst of economic times.", ">\n\nThe unemployment rate does not necessarily mean we're not in a recession especially when the unemployment rate doesn't include all unemployed people. Or underemployed people. The vast majority of economists are saying that we're in a recession we are.", ">\n\nWell I do it the mostly keep my credit score really high I normally pay it off after 2 months. I'll put some more on my credit again wait a month build it up again.", ">\n\nThere’s no reason whatsoever to do this. You don’t improve your credit score by paying interest", ">\n\nI don't pay interest on my cards when I do that. The cards that I have when I pay for certain items as long as I pay within the specific time I don't pay interest at all on them.", ">\n\nweren't we taught to hold 5-10% balance on credit cards for reasons?", ">\n\nNot in this household. I was raised to pay off the statement balance each month. The interest you pay when you carry a balance pays for someone else’s credit card rewards.", ">\n\ngotta say, that \"rule\" never made sense to me", ">\n\nIt's a common misconception that carrying a balance improves your credit score. It does not.", ">\n\nThey added a no cash, no register automatic convenience store in the Netherlands. The only problem is that nobody ever shows up except for a few foreigners. Why? Nobody here uses or wants to use credit cards. I hope they never push this shit anymore and learn from it.", ">\n\nWhat does this accomplish?", ">\n\nI literally paid off all my credit cards in may/june and already have almost 2k back on one of em.", ">\n\nGreat. I’m a statistic" ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou.", ">\n\nYea I do that on one of my cards but it's 0% interest for 24 months so why wouldn't I?", ">\n\nNothing more American than trying to accumulate $30 trillion dollars of debt", ">\n\nFraud is the future. Breached forums (Breached.vc) The financial industry and Department of Justice have been subverted by the rich and well connected. \nCompanies like Walmart and Target budget for theft.", ">\n\nIt looks like when big retail eliminates countless cashier positions that provided sustenance to working class Americans a spike in casual theft follows.\nFast food is expanding the use robotics to replace workers too. Doubtless other industries will follow. Elon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.", ">\n\n\nElon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.\n\nI think he has more immediate things to worry about.", ">\n\nWhat do you expect? 7% inflation with 3% raises and a president encouraging no raises to keep inflation down.", ">\n\nCredit card companies spend a hell of a lot of money in congress to make sure that number is as high as possible.", ">\n\nWhat exactly are they spending on and lobbying for?", ">\n\nI doubt they write reports on the stuff, but general rules and regulations (or spins on them) to maximize profits", ">\n\nOh hey, time to buy Visa stock.", ">\n\nYou mean bank stock?", ">\n\n\"At 19.6%, if you made minimum payments toward the average credit card balance — which is $5,474, according to Transunion — it would take you almost 17 years to pay off the debt and cost you more than $7,528 in interest\"", ">\n\nThis is why bankruptcy laws need to be changed! \nWhy is the rich and corporations allowed to wipe their debt clean and start fresh, yet the poor and middle class have to pay back?", ">\n\nThe single best thing the federal government can do is raise minimum wage. At this point, minimum wage needs to be around $25/hr.\nWhat most don't understand is that wages have been under attack since the 60s. Wages are so lean that they barely touch the bottom dollar. For a high volume manufacturer, you could double everyone's wages, and the sell price of goods made would need to increase by less than 1% to cover the added cost. For a low volume, labor intensive manufacturer, the sell price would only go up by 3% to 5%. The only hard hit industries are service industries were labor is the major component of the business. However, if your wages go from $40k a year to $80k a year, and you're rolling in $40,000, you're not going to care one bit that your Uber was $35 instead of $20. Your cereal will cost $0.01 more, and your new $2000 smart fridge will cost you $60 more. And for this financial burden EVERYBODY is making 2x income.\nThis is how far behind wages are because of a 60 year war against them. They almost don't matter to the sell price, but it's also the first thing management targets, because wages are costs and costs are evil.\nUltimately it's a self mutilating cycle of starvation and suffering for literally no good reason.\nWorse yet, we systematically stifle economic growth, buying power, and ultimately GDP. \nThe lack of adequate wages also drivers many social problems like crime and even mental illness. It drivers health issues and increases burdens on society for long term care. It also deters family planning, education, and social diversification.\nFrankly, the masochism of wage stagnation is wild. Why would you ever willfully chose suffering?", ">\n\nCould be worse. Round here I’ve seen credit cards with interest rates that can go up to 586% per year", ">\n\nWe have 3 credit cards that we used for bills and then just paid off immediately with actual cash. Then a funeral for my girlfriends grandma 2500 miles away caused us to max them out going to say goodbye. Now we've had that debt since June unable to catch up due to life's many cruel jokes. 😢", ">\n\nYou could have refused to go to the funeral or asked relatives for financial assistance. Admitting you can't go to a funeral because you can't afford it even if you want to shouldn't be looked down on.", ">\n\nUnfortunately funerals and the funeral industry are a massively exploitative affair designed to emotionally manipulate the fuck out of people to get their money. They go out of their way to make the cheap option like cremation into expensive items. O you wouldnt want your to be uncomfortable in the cardboard box before it burns, how about a $3k upgrade box to be burned?", ">\n\nI love how they're framing it like people are choosing to use credit cards. If this was honestly written it would sound more like \"46% of cardholders are forced to carry debt from month to month as expenses stay high\" or if they wanted to be neutral \"credit card use is high as a result of high expenses\" not this \"people are choosing to be poor\" shit.", ">\n\nThis is the kind of signal the fed is looking for to stop the rate hikes", ">\n\nNot at all surprised. Way too many people spending money they don't have. You're not entitled to have doordash every day because you're too important to get your own food (or even better to cook it). It seems like people are deciding what standard of living they deserve and then worrying about the cost after.", ">\n\nCan you please please please tell my wife this. She’s addicted to door dash and we even have a goddamn supermarket in our building.", ">\n\nI’ve never understood the allure to this. Paying premium prices for below average food that arrives luke warm at best", ">\n\nYou’ve never understood the allure to delivery?", ">\n\nDelivery in concept is fine. Doordash-style delivery is dumb if looked at in context.", ">\n\nWould you get heart surgery from someone who has never done heart surgery before?\nThe credit world is built on statistical analysis. If you have a history of managing debt well, you get a good score, and banks will give you the best rates. If you have a history of not managing debt well, you have a bad score and banks are going to give you high rates (or not lend to you at all) because you're a risk.\nIf you have no history and you're young you can get provisional cards, loans, etc. to start building it up. However, if you are older with no history and you suddenly start asking for credit, that's actually a big red flag.\nLike everything else in life, actions have consequences.", ">\n\nI received a credit card offer from my bank (Bank of America) at midnight on my 18th birthday. On the same day I got approved for a $500 limit credit card. They want to get you in as soon they can and keep you in the cycle of paying off the credit card just to put more stuff on it because all your money went to pay the credit card.", ">\n\nTake the card. Spend 10$ every month and pay off the card every month. Do no more or and no less and at least get a credit rating out of it.", ">\n\nA regular expense that is automatically deducted, like a streaming subscription, is a great way to accomplish this.\nI have a couple of older cards that I don't really use but haven't canceled because they're my oldest cards and I don't want to ding my account age. That's how I keep them active.", ">\n\nYou missed the part about an automatic payment! \nSetup at least automatic minimum payment to make sure you never get penalized for missing entirely, and then even better setup FULL automatic payment if you know you can afford to pay off the limit if you ever forgot.", ">\n\nI've never done automatic payment, as my budget software reminds me to pay it, but that's a good idea.", ">\n\nLook at this gal with the B word.", ">\n\nThat is a fuck ton to go out. Like even once a week is a luxury most people can't afford.", ">\n\nYea what the fuck.. I make an ok salary and i am still eating out maybe once or twice every two weeks. Saving and investing is still difficult.", ">\n\nShopping around for credit cards is very important if you're going to do this. I have a fixed 4.99% mbna card that I'll keep until i die. Low fix apr's with no annual fees is the way to go. If you can keep a 0.00 balance, use credit cards for everything and rack up on bonus points. That takes discipline tho.", ">\n\nEveryone needs to consider reducing expenses before using credit cards.\nSell your stuff, divest assets, learn to live with less stuff and things and most importantly, learn to say no to both others and your self. Financial discipline starts with you.", ">\n\nNo we should actually be protesting and striking. We do not need to lick boots.", ">\n\nr/usernamechecksout", ">\n\nMonth to month?! I've carried the same debt for years! Who are these rich money bags that were able to pay off thier credit card in a month and then had to do it again the next month?!", ">\n\nI would rather go hungry, than use a credit card for an expense i can’t afford. I pay off my balance as soon as it shows up on my account. Keeps things very simple. I’m not taking a loan, it’s my money I’m spending.\nBut I well understand the credit trap, and am terrified of it. It’s easy to slip.", ">\n\nNo need to be over dramatic.", ">\n\nIf you treat your financial well-being seriously… it’s being “diligent” not dramatic. \nNot being trapped in debt your whole life is a serious thing. People can kill themselves over debt. It can ruin lives.", ">\n\nYou’re still doing it. You can pay down credit card debt, especially if it’s a grocery bill or two. It will not ruin you and there is no reason to be terrified.", ">\n\nI don’t think you realize how habits are formed. \nAnd I don’t think it’s a good look to for you to dismiss good financial health as “being dramatic”. \nCredit cards are a curse to many, but if you’re smart they benefit you.", ">\n\nIt’s not good advice to tell people they should be so terrified of credit card debt and it’s a better alternative to go hungry. Buy a bag of rice/beans/potatoes and some chicken and eat. Credit card debt isn’t good, but you’re being dramatic.", ">\n\nAgain… I don’t think you understand how habits are formed. And I would go hungry ( or eat far cheaper, obviously ) than buy what I want on a credit card if I didn’t think I could pay it off in time. It’s literally how they get you. \nNo wonder people get caught in the credit card debt trap with people like you having flippant attitudes. \nDenial of gratification or delayed gratification is a thing. It’ll save you a lot in the long run.", ">\n\nI understand what you’re saying I just don’t agree. Delayed gratification lol… we’re talking about being able to eat not buying a new laptop. You can float a grocery bill on a credit card, especially if the alternative is going hungry. The idea that you should be terrified by that amount of debt is ridiculous. It’s fine to warn about credit cards but again, don’t be so dramatic.", ">\n\nAs a European I will never understand why you guys even bother with credit cards for the following reasons:\n\nWhy not use debit? It's mone you actually own and you don't have to deal with paying it back or forgetting about it.\nWhy does your credit score system work like that? It feels so alien to me, why don't they just rank it based on how well you repay other debts like car payments, student loan payments, phone payments, spotify etc?\nWhy isn't a credit card automatically locked if you fail to pay last month's balance until you repaid the debt?\n\nIf someone could enlighten me on this I'd actually be grateful.", ">\n\nI got one because apparently having a credit history makes you look better when applying for bigger loans (house loans, personal loans for car repair, etc).", ">\n\nBut does it actually make that easier?", ">\n\nI have no idea, haven't needed to take out any loans, but since I'm using it as slush rather than taking on debt that I can't pay immediately, the practical impact is minimal for me. I'll let you know if I ever have the money for a deposit on a house, probably 2040 or so.", ">\n\nWell, atleast those problems are universal in our modern world! Maybe I can show you around in my 50square feet tinyhouse somewhere near 2035 lmao", ">\n\nSounds good :D", ">\n\nI'll never understand why people would carry credit card debt. It's basically the most expensive borrowing you can do.", ">\n\npeople be broke yo.", ">\n\ntaking out loans at 20% interest doesn't seem like a good solution.", ">\n\nPeople at that point are in survival mode and they aren't worried about the future because they are focused on now. When you're just trying to put food on the table or pay the electric bill it's usually the only solution.", ">\n\nNowhere near 46% of credit card holders are in anywhere close to that situation.", ">\n\nDoubt that you’re right. We’re in a recession", ">\n\nUnemployment is near 0 and, on average, real wages fell a bit less than 2% in 2022. This is hardly the worst of economic times.", ">\n\nThe unemployment rate does not necessarily mean we're not in a recession especially when the unemployment rate doesn't include all unemployed people. Or underemployed people. The vast majority of economists are saying that we're in a recession we are.", ">\n\nWell I do it the mostly keep my credit score really high I normally pay it off after 2 months. I'll put some more on my credit again wait a month build it up again.", ">\n\nThere’s no reason whatsoever to do this. You don’t improve your credit score by paying interest", ">\n\nI don't pay interest on my cards when I do that. The cards that I have when I pay for certain items as long as I pay within the specific time I don't pay interest at all on them.", ">\n\nweren't we taught to hold 5-10% balance on credit cards for reasons?", ">\n\nNot in this household. I was raised to pay off the statement balance each month. The interest you pay when you carry a balance pays for someone else’s credit card rewards.", ">\n\ngotta say, that \"rule\" never made sense to me", ">\n\nIt's a common misconception that carrying a balance improves your credit score. It does not.", ">\n\nThey added a no cash, no register automatic convenience store in the Netherlands. The only problem is that nobody ever shows up except for a few foreigners. Why? Nobody here uses or wants to use credit cards. I hope they never push this shit anymore and learn from it.", ">\n\nWhat does this accomplish?", ">\n\nI literally paid off all my credit cards in may/june and already have almost 2k back on one of em.", ">\n\nGreat. I’m a statistic", ">\n\nSurely this is a sustainable economic system. The media doesn't care as long as the line goes up though. Billionaire are fine and guys like Elon Musk can lose 182 billion dollars and still be one of the richest people on the planet. Must be nice I guess." ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou.", ">\n\nYea I do that on one of my cards but it's 0% interest for 24 months so why wouldn't I?", ">\n\nNothing more American than trying to accumulate $30 trillion dollars of debt", ">\n\nFraud is the future. Breached forums (Breached.vc) The financial industry and Department of Justice have been subverted by the rich and well connected. \nCompanies like Walmart and Target budget for theft.", ">\n\nIt looks like when big retail eliminates countless cashier positions that provided sustenance to working class Americans a spike in casual theft follows.\nFast food is expanding the use robotics to replace workers too. Doubtless other industries will follow. Elon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.", ">\n\n\nElon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.\n\nI think he has more immediate things to worry about.", ">\n\nWhat do you expect? 7% inflation with 3% raises and a president encouraging no raises to keep inflation down.", ">\n\nCredit card companies spend a hell of a lot of money in congress to make sure that number is as high as possible.", ">\n\nWhat exactly are they spending on and lobbying for?", ">\n\nI doubt they write reports on the stuff, but general rules and regulations (or spins on them) to maximize profits", ">\n\nOh hey, time to buy Visa stock.", ">\n\nYou mean bank stock?", ">\n\n\"At 19.6%, if you made minimum payments toward the average credit card balance — which is $5,474, according to Transunion — it would take you almost 17 years to pay off the debt and cost you more than $7,528 in interest\"", ">\n\nThis is why bankruptcy laws need to be changed! \nWhy is the rich and corporations allowed to wipe their debt clean and start fresh, yet the poor and middle class have to pay back?", ">\n\nThe single best thing the federal government can do is raise minimum wage. At this point, minimum wage needs to be around $25/hr.\nWhat most don't understand is that wages have been under attack since the 60s. Wages are so lean that they barely touch the bottom dollar. For a high volume manufacturer, you could double everyone's wages, and the sell price of goods made would need to increase by less than 1% to cover the added cost. For a low volume, labor intensive manufacturer, the sell price would only go up by 3% to 5%. The only hard hit industries are service industries were labor is the major component of the business. However, if your wages go from $40k a year to $80k a year, and you're rolling in $40,000, you're not going to care one bit that your Uber was $35 instead of $20. Your cereal will cost $0.01 more, and your new $2000 smart fridge will cost you $60 more. And for this financial burden EVERYBODY is making 2x income.\nThis is how far behind wages are because of a 60 year war against them. They almost don't matter to the sell price, but it's also the first thing management targets, because wages are costs and costs are evil.\nUltimately it's a self mutilating cycle of starvation and suffering for literally no good reason.\nWorse yet, we systematically stifle economic growth, buying power, and ultimately GDP. \nThe lack of adequate wages also drivers many social problems like crime and even mental illness. It drivers health issues and increases burdens on society for long term care. It also deters family planning, education, and social diversification.\nFrankly, the masochism of wage stagnation is wild. Why would you ever willfully chose suffering?", ">\n\nCould be worse. Round here I’ve seen credit cards with interest rates that can go up to 586% per year", ">\n\nWe have 3 credit cards that we used for bills and then just paid off immediately with actual cash. Then a funeral for my girlfriends grandma 2500 miles away caused us to max them out going to say goodbye. Now we've had that debt since June unable to catch up due to life's many cruel jokes. 😢", ">\n\nYou could have refused to go to the funeral or asked relatives for financial assistance. Admitting you can't go to a funeral because you can't afford it even if you want to shouldn't be looked down on.", ">\n\nUnfortunately funerals and the funeral industry are a massively exploitative affair designed to emotionally manipulate the fuck out of people to get their money. They go out of their way to make the cheap option like cremation into expensive items. O you wouldnt want your to be uncomfortable in the cardboard box before it burns, how about a $3k upgrade box to be burned?", ">\n\nI love how they're framing it like people are choosing to use credit cards. If this was honestly written it would sound more like \"46% of cardholders are forced to carry debt from month to month as expenses stay high\" or if they wanted to be neutral \"credit card use is high as a result of high expenses\" not this \"people are choosing to be poor\" shit.", ">\n\nThis is the kind of signal the fed is looking for to stop the rate hikes", ">\n\nNot at all surprised. Way too many people spending money they don't have. You're not entitled to have doordash every day because you're too important to get your own food (or even better to cook it). It seems like people are deciding what standard of living they deserve and then worrying about the cost after.", ">\n\nCan you please please please tell my wife this. She’s addicted to door dash and we even have a goddamn supermarket in our building.", ">\n\nI’ve never understood the allure to this. Paying premium prices for below average food that arrives luke warm at best", ">\n\nYou’ve never understood the allure to delivery?", ">\n\nDelivery in concept is fine. Doordash-style delivery is dumb if looked at in context.", ">\n\nWould you get heart surgery from someone who has never done heart surgery before?\nThe credit world is built on statistical analysis. If you have a history of managing debt well, you get a good score, and banks will give you the best rates. If you have a history of not managing debt well, you have a bad score and banks are going to give you high rates (or not lend to you at all) because you're a risk.\nIf you have no history and you're young you can get provisional cards, loans, etc. to start building it up. However, if you are older with no history and you suddenly start asking for credit, that's actually a big red flag.\nLike everything else in life, actions have consequences.", ">\n\nI received a credit card offer from my bank (Bank of America) at midnight on my 18th birthday. On the same day I got approved for a $500 limit credit card. They want to get you in as soon they can and keep you in the cycle of paying off the credit card just to put more stuff on it because all your money went to pay the credit card.", ">\n\nTake the card. Spend 10$ every month and pay off the card every month. Do no more or and no less and at least get a credit rating out of it.", ">\n\nA regular expense that is automatically deducted, like a streaming subscription, is a great way to accomplish this.\nI have a couple of older cards that I don't really use but haven't canceled because they're my oldest cards and I don't want to ding my account age. That's how I keep them active.", ">\n\nYou missed the part about an automatic payment! \nSetup at least automatic minimum payment to make sure you never get penalized for missing entirely, and then even better setup FULL automatic payment if you know you can afford to pay off the limit if you ever forgot.", ">\n\nI've never done automatic payment, as my budget software reminds me to pay it, but that's a good idea.", ">\n\nLook at this gal with the B word.", ">\n\nThat is a fuck ton to go out. Like even once a week is a luxury most people can't afford.", ">\n\nYea what the fuck.. I make an ok salary and i am still eating out maybe once or twice every two weeks. Saving and investing is still difficult.", ">\n\nShopping around for credit cards is very important if you're going to do this. I have a fixed 4.99% mbna card that I'll keep until i die. Low fix apr's with no annual fees is the way to go. If you can keep a 0.00 balance, use credit cards for everything and rack up on bonus points. That takes discipline tho.", ">\n\nEveryone needs to consider reducing expenses before using credit cards.\nSell your stuff, divest assets, learn to live with less stuff and things and most importantly, learn to say no to both others and your self. Financial discipline starts with you.", ">\n\nNo we should actually be protesting and striking. We do not need to lick boots.", ">\n\nr/usernamechecksout", ">\n\nMonth to month?! I've carried the same debt for years! Who are these rich money bags that were able to pay off thier credit card in a month and then had to do it again the next month?!", ">\n\nI would rather go hungry, than use a credit card for an expense i can’t afford. I pay off my balance as soon as it shows up on my account. Keeps things very simple. I’m not taking a loan, it’s my money I’m spending.\nBut I well understand the credit trap, and am terrified of it. It’s easy to slip.", ">\n\nNo need to be over dramatic.", ">\n\nIf you treat your financial well-being seriously… it’s being “diligent” not dramatic. \nNot being trapped in debt your whole life is a serious thing. People can kill themselves over debt. It can ruin lives.", ">\n\nYou’re still doing it. You can pay down credit card debt, especially if it’s a grocery bill or two. It will not ruin you and there is no reason to be terrified.", ">\n\nI don’t think you realize how habits are formed. \nAnd I don’t think it’s a good look to for you to dismiss good financial health as “being dramatic”. \nCredit cards are a curse to many, but if you’re smart they benefit you.", ">\n\nIt’s not good advice to tell people they should be so terrified of credit card debt and it’s a better alternative to go hungry. Buy a bag of rice/beans/potatoes and some chicken and eat. Credit card debt isn’t good, but you’re being dramatic.", ">\n\nAgain… I don’t think you understand how habits are formed. And I would go hungry ( or eat far cheaper, obviously ) than buy what I want on a credit card if I didn’t think I could pay it off in time. It’s literally how they get you. \nNo wonder people get caught in the credit card debt trap with people like you having flippant attitudes. \nDenial of gratification or delayed gratification is a thing. It’ll save you a lot in the long run.", ">\n\nI understand what you’re saying I just don’t agree. Delayed gratification lol… we’re talking about being able to eat not buying a new laptop. You can float a grocery bill on a credit card, especially if the alternative is going hungry. The idea that you should be terrified by that amount of debt is ridiculous. It’s fine to warn about credit cards but again, don’t be so dramatic.", ">\n\nAs a European I will never understand why you guys even bother with credit cards for the following reasons:\n\nWhy not use debit? It's mone you actually own and you don't have to deal with paying it back or forgetting about it.\nWhy does your credit score system work like that? It feels so alien to me, why don't they just rank it based on how well you repay other debts like car payments, student loan payments, phone payments, spotify etc?\nWhy isn't a credit card automatically locked if you fail to pay last month's balance until you repaid the debt?\n\nIf someone could enlighten me on this I'd actually be grateful.", ">\n\nI got one because apparently having a credit history makes you look better when applying for bigger loans (house loans, personal loans for car repair, etc).", ">\n\nBut does it actually make that easier?", ">\n\nI have no idea, haven't needed to take out any loans, but since I'm using it as slush rather than taking on debt that I can't pay immediately, the practical impact is minimal for me. I'll let you know if I ever have the money for a deposit on a house, probably 2040 or so.", ">\n\nWell, atleast those problems are universal in our modern world! Maybe I can show you around in my 50square feet tinyhouse somewhere near 2035 lmao", ">\n\nSounds good :D", ">\n\nI'll never understand why people would carry credit card debt. It's basically the most expensive borrowing you can do.", ">\n\npeople be broke yo.", ">\n\ntaking out loans at 20% interest doesn't seem like a good solution.", ">\n\nPeople at that point are in survival mode and they aren't worried about the future because they are focused on now. When you're just trying to put food on the table or pay the electric bill it's usually the only solution.", ">\n\nNowhere near 46% of credit card holders are in anywhere close to that situation.", ">\n\nDoubt that you’re right. We’re in a recession", ">\n\nUnemployment is near 0 and, on average, real wages fell a bit less than 2% in 2022. This is hardly the worst of economic times.", ">\n\nThe unemployment rate does not necessarily mean we're not in a recession especially when the unemployment rate doesn't include all unemployed people. Or underemployed people. The vast majority of economists are saying that we're in a recession we are.", ">\n\nWell I do it the mostly keep my credit score really high I normally pay it off after 2 months. I'll put some more on my credit again wait a month build it up again.", ">\n\nThere’s no reason whatsoever to do this. You don’t improve your credit score by paying interest", ">\n\nI don't pay interest on my cards when I do that. The cards that I have when I pay for certain items as long as I pay within the specific time I don't pay interest at all on them.", ">\n\nweren't we taught to hold 5-10% balance on credit cards for reasons?", ">\n\nNot in this household. I was raised to pay off the statement balance each month. The interest you pay when you carry a balance pays for someone else’s credit card rewards.", ">\n\ngotta say, that \"rule\" never made sense to me", ">\n\nIt's a common misconception that carrying a balance improves your credit score. It does not.", ">\n\nThey added a no cash, no register automatic convenience store in the Netherlands. The only problem is that nobody ever shows up except for a few foreigners. Why? Nobody here uses or wants to use credit cards. I hope they never push this shit anymore and learn from it.", ">\n\nWhat does this accomplish?", ">\n\nI literally paid off all my credit cards in may/june and already have almost 2k back on one of em.", ">\n\nGreat. I’m a statistic", ">\n\nSurely this is a sustainable economic system. The media doesn't care as long as the line goes up though. Billionaire are fine and guys like Elon Musk can lose 182 billion dollars and still be one of the richest people on the planet. Must be nice I guess.", ">\n\nHow many have like 0% interest due to various promotions that popped up during pandemic ?\nI have like 10k in debt but all 0%. It was like 20k last year. Thanks to Amex plan it.\nIt’s gonna be 20k next week as I pay my property taxes (still runs me cheaper with the cc fees) all 0%" ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou.", ">\n\nYea I do that on one of my cards but it's 0% interest for 24 months so why wouldn't I?", ">\n\nNothing more American than trying to accumulate $30 trillion dollars of debt", ">\n\nFraud is the future. Breached forums (Breached.vc) The financial industry and Department of Justice have been subverted by the rich and well connected. \nCompanies like Walmart and Target budget for theft.", ">\n\nIt looks like when big retail eliminates countless cashier positions that provided sustenance to working class Americans a spike in casual theft follows.\nFast food is expanding the use robotics to replace workers too. Doubtless other industries will follow. Elon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.", ">\n\n\nElon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.\n\nI think he has more immediate things to worry about.", ">\n\nWhat do you expect? 7% inflation with 3% raises and a president encouraging no raises to keep inflation down.", ">\n\nCredit card companies spend a hell of a lot of money in congress to make sure that number is as high as possible.", ">\n\nWhat exactly are they spending on and lobbying for?", ">\n\nI doubt they write reports on the stuff, but general rules and regulations (or spins on them) to maximize profits", ">\n\nOh hey, time to buy Visa stock.", ">\n\nYou mean bank stock?", ">\n\n\"At 19.6%, if you made minimum payments toward the average credit card balance — which is $5,474, according to Transunion — it would take you almost 17 years to pay off the debt and cost you more than $7,528 in interest\"", ">\n\nThis is why bankruptcy laws need to be changed! \nWhy is the rich and corporations allowed to wipe their debt clean and start fresh, yet the poor and middle class have to pay back?", ">\n\nThe single best thing the federal government can do is raise minimum wage. At this point, minimum wage needs to be around $25/hr.\nWhat most don't understand is that wages have been under attack since the 60s. Wages are so lean that they barely touch the bottom dollar. For a high volume manufacturer, you could double everyone's wages, and the sell price of goods made would need to increase by less than 1% to cover the added cost. For a low volume, labor intensive manufacturer, the sell price would only go up by 3% to 5%. The only hard hit industries are service industries were labor is the major component of the business. However, if your wages go from $40k a year to $80k a year, and you're rolling in $40,000, you're not going to care one bit that your Uber was $35 instead of $20. Your cereal will cost $0.01 more, and your new $2000 smart fridge will cost you $60 more. And for this financial burden EVERYBODY is making 2x income.\nThis is how far behind wages are because of a 60 year war against them. They almost don't matter to the sell price, but it's also the first thing management targets, because wages are costs and costs are evil.\nUltimately it's a self mutilating cycle of starvation and suffering for literally no good reason.\nWorse yet, we systematically stifle economic growth, buying power, and ultimately GDP. \nThe lack of adequate wages also drivers many social problems like crime and even mental illness. It drivers health issues and increases burdens on society for long term care. It also deters family planning, education, and social diversification.\nFrankly, the masochism of wage stagnation is wild. Why would you ever willfully chose suffering?", ">\n\nCould be worse. Round here I’ve seen credit cards with interest rates that can go up to 586% per year", ">\n\nWe have 3 credit cards that we used for bills and then just paid off immediately with actual cash. Then a funeral for my girlfriends grandma 2500 miles away caused us to max them out going to say goodbye. Now we've had that debt since June unable to catch up due to life's many cruel jokes. 😢", ">\n\nYou could have refused to go to the funeral or asked relatives for financial assistance. Admitting you can't go to a funeral because you can't afford it even if you want to shouldn't be looked down on.", ">\n\nUnfortunately funerals and the funeral industry are a massively exploitative affair designed to emotionally manipulate the fuck out of people to get their money. They go out of their way to make the cheap option like cremation into expensive items. O you wouldnt want your to be uncomfortable in the cardboard box before it burns, how about a $3k upgrade box to be burned?", ">\n\nI love how they're framing it like people are choosing to use credit cards. If this was honestly written it would sound more like \"46% of cardholders are forced to carry debt from month to month as expenses stay high\" or if they wanted to be neutral \"credit card use is high as a result of high expenses\" not this \"people are choosing to be poor\" shit.", ">\n\nThis is the kind of signal the fed is looking for to stop the rate hikes", ">\n\nNot at all surprised. Way too many people spending money they don't have. You're not entitled to have doordash every day because you're too important to get your own food (or even better to cook it). It seems like people are deciding what standard of living they deserve and then worrying about the cost after.", ">\n\nCan you please please please tell my wife this. She’s addicted to door dash and we even have a goddamn supermarket in our building.", ">\n\nI’ve never understood the allure to this. Paying premium prices for below average food that arrives luke warm at best", ">\n\nYou’ve never understood the allure to delivery?", ">\n\nDelivery in concept is fine. Doordash-style delivery is dumb if looked at in context.", ">\n\nWould you get heart surgery from someone who has never done heart surgery before?\nThe credit world is built on statistical analysis. If you have a history of managing debt well, you get a good score, and banks will give you the best rates. If you have a history of not managing debt well, you have a bad score and banks are going to give you high rates (or not lend to you at all) because you're a risk.\nIf you have no history and you're young you can get provisional cards, loans, etc. to start building it up. However, if you are older with no history and you suddenly start asking for credit, that's actually a big red flag.\nLike everything else in life, actions have consequences.", ">\n\nI received a credit card offer from my bank (Bank of America) at midnight on my 18th birthday. On the same day I got approved for a $500 limit credit card. They want to get you in as soon they can and keep you in the cycle of paying off the credit card just to put more stuff on it because all your money went to pay the credit card.", ">\n\nTake the card. Spend 10$ every month and pay off the card every month. Do no more or and no less and at least get a credit rating out of it.", ">\n\nA regular expense that is automatically deducted, like a streaming subscription, is a great way to accomplish this.\nI have a couple of older cards that I don't really use but haven't canceled because they're my oldest cards and I don't want to ding my account age. That's how I keep them active.", ">\n\nYou missed the part about an automatic payment! \nSetup at least automatic minimum payment to make sure you never get penalized for missing entirely, and then even better setup FULL automatic payment if you know you can afford to pay off the limit if you ever forgot.", ">\n\nI've never done automatic payment, as my budget software reminds me to pay it, but that's a good idea.", ">\n\nLook at this gal with the B word.", ">\n\nThat is a fuck ton to go out. Like even once a week is a luxury most people can't afford.", ">\n\nYea what the fuck.. I make an ok salary and i am still eating out maybe once or twice every two weeks. Saving and investing is still difficult.", ">\n\nShopping around for credit cards is very important if you're going to do this. I have a fixed 4.99% mbna card that I'll keep until i die. Low fix apr's with no annual fees is the way to go. If you can keep a 0.00 balance, use credit cards for everything and rack up on bonus points. That takes discipline tho.", ">\n\nEveryone needs to consider reducing expenses before using credit cards.\nSell your stuff, divest assets, learn to live with less stuff and things and most importantly, learn to say no to both others and your self. Financial discipline starts with you.", ">\n\nNo we should actually be protesting and striking. We do not need to lick boots.", ">\n\nr/usernamechecksout", ">\n\nMonth to month?! I've carried the same debt for years! Who are these rich money bags that were able to pay off thier credit card in a month and then had to do it again the next month?!", ">\n\nI would rather go hungry, than use a credit card for an expense i can’t afford. I pay off my balance as soon as it shows up on my account. Keeps things very simple. I’m not taking a loan, it’s my money I’m spending.\nBut I well understand the credit trap, and am terrified of it. It’s easy to slip.", ">\n\nNo need to be over dramatic.", ">\n\nIf you treat your financial well-being seriously… it’s being “diligent” not dramatic. \nNot being trapped in debt your whole life is a serious thing. People can kill themselves over debt. It can ruin lives.", ">\n\nYou’re still doing it. You can pay down credit card debt, especially if it’s a grocery bill or two. It will not ruin you and there is no reason to be terrified.", ">\n\nI don’t think you realize how habits are formed. \nAnd I don’t think it’s a good look to for you to dismiss good financial health as “being dramatic”. \nCredit cards are a curse to many, but if you’re smart they benefit you.", ">\n\nIt’s not good advice to tell people they should be so terrified of credit card debt and it’s a better alternative to go hungry. Buy a bag of rice/beans/potatoes and some chicken and eat. Credit card debt isn’t good, but you’re being dramatic.", ">\n\nAgain… I don’t think you understand how habits are formed. And I would go hungry ( or eat far cheaper, obviously ) than buy what I want on a credit card if I didn’t think I could pay it off in time. It’s literally how they get you. \nNo wonder people get caught in the credit card debt trap with people like you having flippant attitudes. \nDenial of gratification or delayed gratification is a thing. It’ll save you a lot in the long run.", ">\n\nI understand what you’re saying I just don’t agree. Delayed gratification lol… we’re talking about being able to eat not buying a new laptop. You can float a grocery bill on a credit card, especially if the alternative is going hungry. The idea that you should be terrified by that amount of debt is ridiculous. It’s fine to warn about credit cards but again, don’t be so dramatic.", ">\n\nAs a European I will never understand why you guys even bother with credit cards for the following reasons:\n\nWhy not use debit? It's mone you actually own and you don't have to deal with paying it back or forgetting about it.\nWhy does your credit score system work like that? It feels so alien to me, why don't they just rank it based on how well you repay other debts like car payments, student loan payments, phone payments, spotify etc?\nWhy isn't a credit card automatically locked if you fail to pay last month's balance until you repaid the debt?\n\nIf someone could enlighten me on this I'd actually be grateful.", ">\n\nI got one because apparently having a credit history makes you look better when applying for bigger loans (house loans, personal loans for car repair, etc).", ">\n\nBut does it actually make that easier?", ">\n\nI have no idea, haven't needed to take out any loans, but since I'm using it as slush rather than taking on debt that I can't pay immediately, the practical impact is minimal for me. I'll let you know if I ever have the money for a deposit on a house, probably 2040 or so.", ">\n\nWell, atleast those problems are universal in our modern world! Maybe I can show you around in my 50square feet tinyhouse somewhere near 2035 lmao", ">\n\nSounds good :D", ">\n\nI'll never understand why people would carry credit card debt. It's basically the most expensive borrowing you can do.", ">\n\npeople be broke yo.", ">\n\ntaking out loans at 20% interest doesn't seem like a good solution.", ">\n\nPeople at that point are in survival mode and they aren't worried about the future because they are focused on now. When you're just trying to put food on the table or pay the electric bill it's usually the only solution.", ">\n\nNowhere near 46% of credit card holders are in anywhere close to that situation.", ">\n\nDoubt that you’re right. We’re in a recession", ">\n\nUnemployment is near 0 and, on average, real wages fell a bit less than 2% in 2022. This is hardly the worst of economic times.", ">\n\nThe unemployment rate does not necessarily mean we're not in a recession especially when the unemployment rate doesn't include all unemployed people. Or underemployed people. The vast majority of economists are saying that we're in a recession we are.", ">\n\nWell I do it the mostly keep my credit score really high I normally pay it off after 2 months. I'll put some more on my credit again wait a month build it up again.", ">\n\nThere’s no reason whatsoever to do this. You don’t improve your credit score by paying interest", ">\n\nI don't pay interest on my cards when I do that. The cards that I have when I pay for certain items as long as I pay within the specific time I don't pay interest at all on them.", ">\n\nweren't we taught to hold 5-10% balance on credit cards for reasons?", ">\n\nNot in this household. I was raised to pay off the statement balance each month. The interest you pay when you carry a balance pays for someone else’s credit card rewards.", ">\n\ngotta say, that \"rule\" never made sense to me", ">\n\nIt's a common misconception that carrying a balance improves your credit score. It does not.", ">\n\nThey added a no cash, no register automatic convenience store in the Netherlands. The only problem is that nobody ever shows up except for a few foreigners. Why? Nobody here uses or wants to use credit cards. I hope they never push this shit anymore and learn from it.", ">\n\nWhat does this accomplish?", ">\n\nI literally paid off all my credit cards in may/june and already have almost 2k back on one of em.", ">\n\nGreat. I’m a statistic", ">\n\nSurely this is a sustainable economic system. The media doesn't care as long as the line goes up though. Billionaire are fine and guys like Elon Musk can lose 182 billion dollars and still be one of the richest people on the planet. Must be nice I guess.", ">\n\nHow many have like 0% interest due to various promotions that popped up during pandemic ?\nI have like 10k in debt but all 0%. It was like 20k last year. Thanks to Amex plan it.\nIt’s gonna be 20k next week as I pay my property taxes (still runs me cheaper with the cc fees) all 0%", ">\n\nI'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt." ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou.", ">\n\nYea I do that on one of my cards but it's 0% interest for 24 months so why wouldn't I?", ">\n\nNothing more American than trying to accumulate $30 trillion dollars of debt", ">\n\nFraud is the future. Breached forums (Breached.vc) The financial industry and Department of Justice have been subverted by the rich and well connected. \nCompanies like Walmart and Target budget for theft.", ">\n\nIt looks like when big retail eliminates countless cashier positions that provided sustenance to working class Americans a spike in casual theft follows.\nFast food is expanding the use robotics to replace workers too. Doubtless other industries will follow. Elon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.", ">\n\n\nElon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.\n\nI think he has more immediate things to worry about.", ">\n\nWhat do you expect? 7% inflation with 3% raises and a president encouraging no raises to keep inflation down.", ">\n\nCredit card companies spend a hell of a lot of money in congress to make sure that number is as high as possible.", ">\n\nWhat exactly are they spending on and lobbying for?", ">\n\nI doubt they write reports on the stuff, but general rules and regulations (or spins on them) to maximize profits", ">\n\nOh hey, time to buy Visa stock.", ">\n\nYou mean bank stock?", ">\n\n\"At 19.6%, if you made minimum payments toward the average credit card balance — which is $5,474, according to Transunion — it would take you almost 17 years to pay off the debt and cost you more than $7,528 in interest\"", ">\n\nThis is why bankruptcy laws need to be changed! \nWhy is the rich and corporations allowed to wipe their debt clean and start fresh, yet the poor and middle class have to pay back?", ">\n\nThe single best thing the federal government can do is raise minimum wage. At this point, minimum wage needs to be around $25/hr.\nWhat most don't understand is that wages have been under attack since the 60s. Wages are so lean that they barely touch the bottom dollar. For a high volume manufacturer, you could double everyone's wages, and the sell price of goods made would need to increase by less than 1% to cover the added cost. For a low volume, labor intensive manufacturer, the sell price would only go up by 3% to 5%. The only hard hit industries are service industries were labor is the major component of the business. However, if your wages go from $40k a year to $80k a year, and you're rolling in $40,000, you're not going to care one bit that your Uber was $35 instead of $20. Your cereal will cost $0.01 more, and your new $2000 smart fridge will cost you $60 more. And for this financial burden EVERYBODY is making 2x income.\nThis is how far behind wages are because of a 60 year war against them. They almost don't matter to the sell price, but it's also the first thing management targets, because wages are costs and costs are evil.\nUltimately it's a self mutilating cycle of starvation and suffering for literally no good reason.\nWorse yet, we systematically stifle economic growth, buying power, and ultimately GDP. \nThe lack of adequate wages also drivers many social problems like crime and even mental illness. It drivers health issues and increases burdens on society for long term care. It also deters family planning, education, and social diversification.\nFrankly, the masochism of wage stagnation is wild. Why would you ever willfully chose suffering?", ">\n\nCould be worse. Round here I’ve seen credit cards with interest rates that can go up to 586% per year", ">\n\nWe have 3 credit cards that we used for bills and then just paid off immediately with actual cash. Then a funeral for my girlfriends grandma 2500 miles away caused us to max them out going to say goodbye. Now we've had that debt since June unable to catch up due to life's many cruel jokes. 😢", ">\n\nYou could have refused to go to the funeral or asked relatives for financial assistance. Admitting you can't go to a funeral because you can't afford it even if you want to shouldn't be looked down on.", ">\n\nUnfortunately funerals and the funeral industry are a massively exploitative affair designed to emotionally manipulate the fuck out of people to get their money. They go out of their way to make the cheap option like cremation into expensive items. O you wouldnt want your to be uncomfortable in the cardboard box before it burns, how about a $3k upgrade box to be burned?", ">\n\nI love how they're framing it like people are choosing to use credit cards. If this was honestly written it would sound more like \"46% of cardholders are forced to carry debt from month to month as expenses stay high\" or if they wanted to be neutral \"credit card use is high as a result of high expenses\" not this \"people are choosing to be poor\" shit.", ">\n\nThis is the kind of signal the fed is looking for to stop the rate hikes", ">\n\nNot at all surprised. Way too many people spending money they don't have. You're not entitled to have doordash every day because you're too important to get your own food (or even better to cook it). It seems like people are deciding what standard of living they deserve and then worrying about the cost after.", ">\n\nCan you please please please tell my wife this. She’s addicted to door dash and we even have a goddamn supermarket in our building.", ">\n\nI’ve never understood the allure to this. Paying premium prices for below average food that arrives luke warm at best", ">\n\nYou’ve never understood the allure to delivery?", ">\n\nDelivery in concept is fine. Doordash-style delivery is dumb if looked at in context.", ">\n\nWould you get heart surgery from someone who has never done heart surgery before?\nThe credit world is built on statistical analysis. If you have a history of managing debt well, you get a good score, and banks will give you the best rates. If you have a history of not managing debt well, you have a bad score and banks are going to give you high rates (or not lend to you at all) because you're a risk.\nIf you have no history and you're young you can get provisional cards, loans, etc. to start building it up. However, if you are older with no history and you suddenly start asking for credit, that's actually a big red flag.\nLike everything else in life, actions have consequences.", ">\n\nI received a credit card offer from my bank (Bank of America) at midnight on my 18th birthday. On the same day I got approved for a $500 limit credit card. They want to get you in as soon they can and keep you in the cycle of paying off the credit card just to put more stuff on it because all your money went to pay the credit card.", ">\n\nTake the card. Spend 10$ every month and pay off the card every month. Do no more or and no less and at least get a credit rating out of it.", ">\n\nA regular expense that is automatically deducted, like a streaming subscription, is a great way to accomplish this.\nI have a couple of older cards that I don't really use but haven't canceled because they're my oldest cards and I don't want to ding my account age. That's how I keep them active.", ">\n\nYou missed the part about an automatic payment! \nSetup at least automatic minimum payment to make sure you never get penalized for missing entirely, and then even better setup FULL automatic payment if you know you can afford to pay off the limit if you ever forgot.", ">\n\nI've never done automatic payment, as my budget software reminds me to pay it, but that's a good idea.", ">\n\nLook at this gal with the B word.", ">\n\nThat is a fuck ton to go out. Like even once a week is a luxury most people can't afford.", ">\n\nYea what the fuck.. I make an ok salary and i am still eating out maybe once or twice every two weeks. Saving and investing is still difficult.", ">\n\nShopping around for credit cards is very important if you're going to do this. I have a fixed 4.99% mbna card that I'll keep until i die. Low fix apr's with no annual fees is the way to go. If you can keep a 0.00 balance, use credit cards for everything and rack up on bonus points. That takes discipline tho.", ">\n\nEveryone needs to consider reducing expenses before using credit cards.\nSell your stuff, divest assets, learn to live with less stuff and things and most importantly, learn to say no to both others and your self. Financial discipline starts with you.", ">\n\nNo we should actually be protesting and striking. We do not need to lick boots.", ">\n\nr/usernamechecksout", ">\n\nMonth to month?! I've carried the same debt for years! Who are these rich money bags that were able to pay off thier credit card in a month and then had to do it again the next month?!", ">\n\nI would rather go hungry, than use a credit card for an expense i can’t afford. I pay off my balance as soon as it shows up on my account. Keeps things very simple. I’m not taking a loan, it’s my money I’m spending.\nBut I well understand the credit trap, and am terrified of it. It’s easy to slip.", ">\n\nNo need to be over dramatic.", ">\n\nIf you treat your financial well-being seriously… it’s being “diligent” not dramatic. \nNot being trapped in debt your whole life is a serious thing. People can kill themselves over debt. It can ruin lives.", ">\n\nYou’re still doing it. You can pay down credit card debt, especially if it’s a grocery bill or two. It will not ruin you and there is no reason to be terrified.", ">\n\nI don’t think you realize how habits are formed. \nAnd I don’t think it’s a good look to for you to dismiss good financial health as “being dramatic”. \nCredit cards are a curse to many, but if you’re smart they benefit you.", ">\n\nIt’s not good advice to tell people they should be so terrified of credit card debt and it’s a better alternative to go hungry. Buy a bag of rice/beans/potatoes and some chicken and eat. Credit card debt isn’t good, but you’re being dramatic.", ">\n\nAgain… I don’t think you understand how habits are formed. And I would go hungry ( or eat far cheaper, obviously ) than buy what I want on a credit card if I didn’t think I could pay it off in time. It’s literally how they get you. \nNo wonder people get caught in the credit card debt trap with people like you having flippant attitudes. \nDenial of gratification or delayed gratification is a thing. It’ll save you a lot in the long run.", ">\n\nI understand what you’re saying I just don’t agree. Delayed gratification lol… we’re talking about being able to eat not buying a new laptop. You can float a grocery bill on a credit card, especially if the alternative is going hungry. The idea that you should be terrified by that amount of debt is ridiculous. It’s fine to warn about credit cards but again, don’t be so dramatic.", ">\n\nAs a European I will never understand why you guys even bother with credit cards for the following reasons:\n\nWhy not use debit? It's mone you actually own and you don't have to deal with paying it back or forgetting about it.\nWhy does your credit score system work like that? It feels so alien to me, why don't they just rank it based on how well you repay other debts like car payments, student loan payments, phone payments, spotify etc?\nWhy isn't a credit card automatically locked if you fail to pay last month's balance until you repaid the debt?\n\nIf someone could enlighten me on this I'd actually be grateful.", ">\n\nI got one because apparently having a credit history makes you look better when applying for bigger loans (house loans, personal loans for car repair, etc).", ">\n\nBut does it actually make that easier?", ">\n\nI have no idea, haven't needed to take out any loans, but since I'm using it as slush rather than taking on debt that I can't pay immediately, the practical impact is minimal for me. I'll let you know if I ever have the money for a deposit on a house, probably 2040 or so.", ">\n\nWell, atleast those problems are universal in our modern world! Maybe I can show you around in my 50square feet tinyhouse somewhere near 2035 lmao", ">\n\nSounds good :D", ">\n\nI'll never understand why people would carry credit card debt. It's basically the most expensive borrowing you can do.", ">\n\npeople be broke yo.", ">\n\ntaking out loans at 20% interest doesn't seem like a good solution.", ">\n\nPeople at that point are in survival mode and they aren't worried about the future because they are focused on now. When you're just trying to put food on the table or pay the electric bill it's usually the only solution.", ">\n\nNowhere near 46% of credit card holders are in anywhere close to that situation.", ">\n\nDoubt that you’re right. We’re in a recession", ">\n\nUnemployment is near 0 and, on average, real wages fell a bit less than 2% in 2022. This is hardly the worst of economic times.", ">\n\nThe unemployment rate does not necessarily mean we're not in a recession especially when the unemployment rate doesn't include all unemployed people. Or underemployed people. The vast majority of economists are saying that we're in a recession we are.", ">\n\nWell I do it the mostly keep my credit score really high I normally pay it off after 2 months. I'll put some more on my credit again wait a month build it up again.", ">\n\nThere’s no reason whatsoever to do this. You don’t improve your credit score by paying interest", ">\n\nI don't pay interest on my cards when I do that. The cards that I have when I pay for certain items as long as I pay within the specific time I don't pay interest at all on them.", ">\n\nweren't we taught to hold 5-10% balance on credit cards for reasons?", ">\n\nNot in this household. I was raised to pay off the statement balance each month. The interest you pay when you carry a balance pays for someone else’s credit card rewards.", ">\n\ngotta say, that \"rule\" never made sense to me", ">\n\nIt's a common misconception that carrying a balance improves your credit score. It does not.", ">\n\nThey added a no cash, no register automatic convenience store in the Netherlands. The only problem is that nobody ever shows up except for a few foreigners. Why? Nobody here uses or wants to use credit cards. I hope they never push this shit anymore and learn from it.", ">\n\nWhat does this accomplish?", ">\n\nI literally paid off all my credit cards in may/june and already have almost 2k back on one of em.", ">\n\nGreat. I’m a statistic", ">\n\nSurely this is a sustainable economic system. The media doesn't care as long as the line goes up though. Billionaire are fine and guys like Elon Musk can lose 182 billion dollars and still be one of the richest people on the planet. Must be nice I guess.", ">\n\nHow many have like 0% interest due to various promotions that popped up during pandemic ?\nI have like 10k in debt but all 0%. It was like 20k last year. Thanks to Amex plan it.\nIt’s gonna be 20k next week as I pay my property taxes (still runs me cheaper with the cc fees) all 0%", ">\n\nI'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent," ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou.", ">\n\nYea I do that on one of my cards but it's 0% interest for 24 months so why wouldn't I?", ">\n\nNothing more American than trying to accumulate $30 trillion dollars of debt", ">\n\nFraud is the future. Breached forums (Breached.vc) The financial industry and Department of Justice have been subverted by the rich and well connected. \nCompanies like Walmart and Target budget for theft.", ">\n\nIt looks like when big retail eliminates countless cashier positions that provided sustenance to working class Americans a spike in casual theft follows.\nFast food is expanding the use robotics to replace workers too. Doubtless other industries will follow. Elon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.", ">\n\n\nElon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.\n\nI think he has more immediate things to worry about.", ">\n\nWhat do you expect? 7% inflation with 3% raises and a president encouraging no raises to keep inflation down.", ">\n\nCredit card companies spend a hell of a lot of money in congress to make sure that number is as high as possible.", ">\n\nWhat exactly are they spending on and lobbying for?", ">\n\nI doubt they write reports on the stuff, but general rules and regulations (or spins on them) to maximize profits", ">\n\nOh hey, time to buy Visa stock.", ">\n\nYou mean bank stock?", ">\n\n\"At 19.6%, if you made minimum payments toward the average credit card balance — which is $5,474, according to Transunion — it would take you almost 17 years to pay off the debt and cost you more than $7,528 in interest\"", ">\n\nThis is why bankruptcy laws need to be changed! \nWhy is the rich and corporations allowed to wipe their debt clean and start fresh, yet the poor and middle class have to pay back?", ">\n\nThe single best thing the federal government can do is raise minimum wage. At this point, minimum wage needs to be around $25/hr.\nWhat most don't understand is that wages have been under attack since the 60s. Wages are so lean that they barely touch the bottom dollar. For a high volume manufacturer, you could double everyone's wages, and the sell price of goods made would need to increase by less than 1% to cover the added cost. For a low volume, labor intensive manufacturer, the sell price would only go up by 3% to 5%. The only hard hit industries are service industries were labor is the major component of the business. However, if your wages go from $40k a year to $80k a year, and you're rolling in $40,000, you're not going to care one bit that your Uber was $35 instead of $20. Your cereal will cost $0.01 more, and your new $2000 smart fridge will cost you $60 more. And for this financial burden EVERYBODY is making 2x income.\nThis is how far behind wages are because of a 60 year war against them. They almost don't matter to the sell price, but it's also the first thing management targets, because wages are costs and costs are evil.\nUltimately it's a self mutilating cycle of starvation and suffering for literally no good reason.\nWorse yet, we systematically stifle economic growth, buying power, and ultimately GDP. \nThe lack of adequate wages also drivers many social problems like crime and even mental illness. It drivers health issues and increases burdens on society for long term care. It also deters family planning, education, and social diversification.\nFrankly, the masochism of wage stagnation is wild. Why would you ever willfully chose suffering?", ">\n\nCould be worse. Round here I’ve seen credit cards with interest rates that can go up to 586% per year", ">\n\nWe have 3 credit cards that we used for bills and then just paid off immediately with actual cash. Then a funeral for my girlfriends grandma 2500 miles away caused us to max them out going to say goodbye. Now we've had that debt since June unable to catch up due to life's many cruel jokes. 😢", ">\n\nYou could have refused to go to the funeral or asked relatives for financial assistance. Admitting you can't go to a funeral because you can't afford it even if you want to shouldn't be looked down on.", ">\n\nUnfortunately funerals and the funeral industry are a massively exploitative affair designed to emotionally manipulate the fuck out of people to get their money. They go out of their way to make the cheap option like cremation into expensive items. O you wouldnt want your to be uncomfortable in the cardboard box before it burns, how about a $3k upgrade box to be burned?", ">\n\nI love how they're framing it like people are choosing to use credit cards. If this was honestly written it would sound more like \"46% of cardholders are forced to carry debt from month to month as expenses stay high\" or if they wanted to be neutral \"credit card use is high as a result of high expenses\" not this \"people are choosing to be poor\" shit.", ">\n\nThis is the kind of signal the fed is looking for to stop the rate hikes", ">\n\nNot at all surprised. Way too many people spending money they don't have. You're not entitled to have doordash every day because you're too important to get your own food (or even better to cook it). It seems like people are deciding what standard of living they deserve and then worrying about the cost after.", ">\n\nCan you please please please tell my wife this. She’s addicted to door dash and we even have a goddamn supermarket in our building.", ">\n\nI’ve never understood the allure to this. Paying premium prices for below average food that arrives luke warm at best", ">\n\nYou’ve never understood the allure to delivery?", ">\n\nDelivery in concept is fine. Doordash-style delivery is dumb if looked at in context.", ">\n\nWould you get heart surgery from someone who has never done heart surgery before?\nThe credit world is built on statistical analysis. If you have a history of managing debt well, you get a good score, and banks will give you the best rates. If you have a history of not managing debt well, you have a bad score and banks are going to give you high rates (or not lend to you at all) because you're a risk.\nIf you have no history and you're young you can get provisional cards, loans, etc. to start building it up. However, if you are older with no history and you suddenly start asking for credit, that's actually a big red flag.\nLike everything else in life, actions have consequences.", ">\n\nI received a credit card offer from my bank (Bank of America) at midnight on my 18th birthday. On the same day I got approved for a $500 limit credit card. They want to get you in as soon they can and keep you in the cycle of paying off the credit card just to put more stuff on it because all your money went to pay the credit card.", ">\n\nTake the card. Spend 10$ every month and pay off the card every month. Do no more or and no less and at least get a credit rating out of it.", ">\n\nA regular expense that is automatically deducted, like a streaming subscription, is a great way to accomplish this.\nI have a couple of older cards that I don't really use but haven't canceled because they're my oldest cards and I don't want to ding my account age. That's how I keep them active.", ">\n\nYou missed the part about an automatic payment! \nSetup at least automatic minimum payment to make sure you never get penalized for missing entirely, and then even better setup FULL automatic payment if you know you can afford to pay off the limit if you ever forgot.", ">\n\nI've never done automatic payment, as my budget software reminds me to pay it, but that's a good idea.", ">\n\nLook at this gal with the B word.", ">\n\nThat is a fuck ton to go out. Like even once a week is a luxury most people can't afford.", ">\n\nYea what the fuck.. I make an ok salary and i am still eating out maybe once or twice every two weeks. Saving and investing is still difficult.", ">\n\nShopping around for credit cards is very important if you're going to do this. I have a fixed 4.99% mbna card that I'll keep until i die. Low fix apr's with no annual fees is the way to go. If you can keep a 0.00 balance, use credit cards for everything and rack up on bonus points. That takes discipline tho.", ">\n\nEveryone needs to consider reducing expenses before using credit cards.\nSell your stuff, divest assets, learn to live with less stuff and things and most importantly, learn to say no to both others and your self. Financial discipline starts with you.", ">\n\nNo we should actually be protesting and striking. We do not need to lick boots.", ">\n\nr/usernamechecksout", ">\n\nMonth to month?! I've carried the same debt for years! Who are these rich money bags that were able to pay off thier credit card in a month and then had to do it again the next month?!", ">\n\nI would rather go hungry, than use a credit card for an expense i can’t afford. I pay off my balance as soon as it shows up on my account. Keeps things very simple. I’m not taking a loan, it’s my money I’m spending.\nBut I well understand the credit trap, and am terrified of it. It’s easy to slip.", ">\n\nNo need to be over dramatic.", ">\n\nIf you treat your financial well-being seriously… it’s being “diligent” not dramatic. \nNot being trapped in debt your whole life is a serious thing. People can kill themselves over debt. It can ruin lives.", ">\n\nYou’re still doing it. You can pay down credit card debt, especially if it’s a grocery bill or two. It will not ruin you and there is no reason to be terrified.", ">\n\nI don’t think you realize how habits are formed. \nAnd I don’t think it’s a good look to for you to dismiss good financial health as “being dramatic”. \nCredit cards are a curse to many, but if you’re smart they benefit you.", ">\n\nIt’s not good advice to tell people they should be so terrified of credit card debt and it’s a better alternative to go hungry. Buy a bag of rice/beans/potatoes and some chicken and eat. Credit card debt isn’t good, but you’re being dramatic.", ">\n\nAgain… I don’t think you understand how habits are formed. And I would go hungry ( or eat far cheaper, obviously ) than buy what I want on a credit card if I didn’t think I could pay it off in time. It’s literally how they get you. \nNo wonder people get caught in the credit card debt trap with people like you having flippant attitudes. \nDenial of gratification or delayed gratification is a thing. It’ll save you a lot in the long run.", ">\n\nI understand what you’re saying I just don’t agree. Delayed gratification lol… we’re talking about being able to eat not buying a new laptop. You can float a grocery bill on a credit card, especially if the alternative is going hungry. The idea that you should be terrified by that amount of debt is ridiculous. It’s fine to warn about credit cards but again, don’t be so dramatic.", ">\n\nAs a European I will never understand why you guys even bother with credit cards for the following reasons:\n\nWhy not use debit? It's mone you actually own and you don't have to deal with paying it back or forgetting about it.\nWhy does your credit score system work like that? It feels so alien to me, why don't they just rank it based on how well you repay other debts like car payments, student loan payments, phone payments, spotify etc?\nWhy isn't a credit card automatically locked if you fail to pay last month's balance until you repaid the debt?\n\nIf someone could enlighten me on this I'd actually be grateful.", ">\n\nI got one because apparently having a credit history makes you look better when applying for bigger loans (house loans, personal loans for car repair, etc).", ">\n\nBut does it actually make that easier?", ">\n\nI have no idea, haven't needed to take out any loans, but since I'm using it as slush rather than taking on debt that I can't pay immediately, the practical impact is minimal for me. I'll let you know if I ever have the money for a deposit on a house, probably 2040 or so.", ">\n\nWell, atleast those problems are universal in our modern world! Maybe I can show you around in my 50square feet tinyhouse somewhere near 2035 lmao", ">\n\nSounds good :D", ">\n\nI'll never understand why people would carry credit card debt. It's basically the most expensive borrowing you can do.", ">\n\npeople be broke yo.", ">\n\ntaking out loans at 20% interest doesn't seem like a good solution.", ">\n\nPeople at that point are in survival mode and they aren't worried about the future because they are focused on now. When you're just trying to put food on the table or pay the electric bill it's usually the only solution.", ">\n\nNowhere near 46% of credit card holders are in anywhere close to that situation.", ">\n\nDoubt that you’re right. We’re in a recession", ">\n\nUnemployment is near 0 and, on average, real wages fell a bit less than 2% in 2022. This is hardly the worst of economic times.", ">\n\nThe unemployment rate does not necessarily mean we're not in a recession especially when the unemployment rate doesn't include all unemployed people. Or underemployed people. The vast majority of economists are saying that we're in a recession we are.", ">\n\nWell I do it the mostly keep my credit score really high I normally pay it off after 2 months. I'll put some more on my credit again wait a month build it up again.", ">\n\nThere’s no reason whatsoever to do this. You don’t improve your credit score by paying interest", ">\n\nI don't pay interest on my cards when I do that. The cards that I have when I pay for certain items as long as I pay within the specific time I don't pay interest at all on them.", ">\n\nweren't we taught to hold 5-10% balance on credit cards for reasons?", ">\n\nNot in this household. I was raised to pay off the statement balance each month. The interest you pay when you carry a balance pays for someone else’s credit card rewards.", ">\n\ngotta say, that \"rule\" never made sense to me", ">\n\nIt's a common misconception that carrying a balance improves your credit score. It does not.", ">\n\nThey added a no cash, no register automatic convenience store in the Netherlands. The only problem is that nobody ever shows up except for a few foreigners. Why? Nobody here uses or wants to use credit cards. I hope they never push this shit anymore and learn from it.", ">\n\nWhat does this accomplish?", ">\n\nI literally paid off all my credit cards in may/june and already have almost 2k back on one of em.", ">\n\nGreat. I’m a statistic", ">\n\nSurely this is a sustainable economic system. The media doesn't care as long as the line goes up though. Billionaire are fine and guys like Elon Musk can lose 182 billion dollars and still be one of the richest people on the planet. Must be nice I guess.", ">\n\nHow many have like 0% interest due to various promotions that popped up during pandemic ?\nI have like 10k in debt but all 0%. It was like 20k last year. Thanks to Amex plan it.\nIt’s gonna be 20k next week as I pay my property taxes (still runs me cheaper with the cc fees) all 0%", ">\n\nI'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance." ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou.", ">\n\nYea I do that on one of my cards but it's 0% interest for 24 months so why wouldn't I?", ">\n\nNothing more American than trying to accumulate $30 trillion dollars of debt", ">\n\nFraud is the future. Breached forums (Breached.vc) The financial industry and Department of Justice have been subverted by the rich and well connected. \nCompanies like Walmart and Target budget for theft.", ">\n\nIt looks like when big retail eliminates countless cashier positions that provided sustenance to working class Americans a spike in casual theft follows.\nFast food is expanding the use robotics to replace workers too. Doubtless other industries will follow. Elon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.", ">\n\n\nElon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.\n\nI think he has more immediate things to worry about.", ">\n\nWhat do you expect? 7% inflation with 3% raises and a president encouraging no raises to keep inflation down.", ">\n\nCredit card companies spend a hell of a lot of money in congress to make sure that number is as high as possible.", ">\n\nWhat exactly are they spending on and lobbying for?", ">\n\nI doubt they write reports on the stuff, but general rules and regulations (or spins on them) to maximize profits", ">\n\nOh hey, time to buy Visa stock.", ">\n\nYou mean bank stock?", ">\n\n\"At 19.6%, if you made minimum payments toward the average credit card balance — which is $5,474, according to Transunion — it would take you almost 17 years to pay off the debt and cost you more than $7,528 in interest\"", ">\n\nThis is why bankruptcy laws need to be changed! \nWhy is the rich and corporations allowed to wipe their debt clean and start fresh, yet the poor and middle class have to pay back?", ">\n\nThe single best thing the federal government can do is raise minimum wage. At this point, minimum wage needs to be around $25/hr.\nWhat most don't understand is that wages have been under attack since the 60s. Wages are so lean that they barely touch the bottom dollar. For a high volume manufacturer, you could double everyone's wages, and the sell price of goods made would need to increase by less than 1% to cover the added cost. For a low volume, labor intensive manufacturer, the sell price would only go up by 3% to 5%. The only hard hit industries are service industries were labor is the major component of the business. However, if your wages go from $40k a year to $80k a year, and you're rolling in $40,000, you're not going to care one bit that your Uber was $35 instead of $20. Your cereal will cost $0.01 more, and your new $2000 smart fridge will cost you $60 more. And for this financial burden EVERYBODY is making 2x income.\nThis is how far behind wages are because of a 60 year war against them. They almost don't matter to the sell price, but it's also the first thing management targets, because wages are costs and costs are evil.\nUltimately it's a self mutilating cycle of starvation and suffering for literally no good reason.\nWorse yet, we systematically stifle economic growth, buying power, and ultimately GDP. \nThe lack of adequate wages also drivers many social problems like crime and even mental illness. It drivers health issues and increases burdens on society for long term care. It also deters family planning, education, and social diversification.\nFrankly, the masochism of wage stagnation is wild. Why would you ever willfully chose suffering?", ">\n\nCould be worse. Round here I’ve seen credit cards with interest rates that can go up to 586% per year", ">\n\nWe have 3 credit cards that we used for bills and then just paid off immediately with actual cash. Then a funeral for my girlfriends grandma 2500 miles away caused us to max them out going to say goodbye. Now we've had that debt since June unable to catch up due to life's many cruel jokes. 😢", ">\n\nYou could have refused to go to the funeral or asked relatives for financial assistance. Admitting you can't go to a funeral because you can't afford it even if you want to shouldn't be looked down on.", ">\n\nUnfortunately funerals and the funeral industry are a massively exploitative affair designed to emotionally manipulate the fuck out of people to get their money. They go out of their way to make the cheap option like cremation into expensive items. O you wouldnt want your to be uncomfortable in the cardboard box before it burns, how about a $3k upgrade box to be burned?", ">\n\nI love how they're framing it like people are choosing to use credit cards. If this was honestly written it would sound more like \"46% of cardholders are forced to carry debt from month to month as expenses stay high\" or if they wanted to be neutral \"credit card use is high as a result of high expenses\" not this \"people are choosing to be poor\" shit.", ">\n\nThis is the kind of signal the fed is looking for to stop the rate hikes", ">\n\nNot at all surprised. Way too many people spending money they don't have. You're not entitled to have doordash every day because you're too important to get your own food (or even better to cook it). It seems like people are deciding what standard of living they deserve and then worrying about the cost after.", ">\n\nCan you please please please tell my wife this. She’s addicted to door dash and we even have a goddamn supermarket in our building.", ">\n\nI’ve never understood the allure to this. Paying premium prices for below average food that arrives luke warm at best", ">\n\nYou’ve never understood the allure to delivery?", ">\n\nDelivery in concept is fine. Doordash-style delivery is dumb if looked at in context.", ">\n\nWould you get heart surgery from someone who has never done heart surgery before?\nThe credit world is built on statistical analysis. If you have a history of managing debt well, you get a good score, and banks will give you the best rates. If you have a history of not managing debt well, you have a bad score and banks are going to give you high rates (or not lend to you at all) because you're a risk.\nIf you have no history and you're young you can get provisional cards, loans, etc. to start building it up. However, if you are older with no history and you suddenly start asking for credit, that's actually a big red flag.\nLike everything else in life, actions have consequences.", ">\n\nI received a credit card offer from my bank (Bank of America) at midnight on my 18th birthday. On the same day I got approved for a $500 limit credit card. They want to get you in as soon they can and keep you in the cycle of paying off the credit card just to put more stuff on it because all your money went to pay the credit card.", ">\n\nTake the card. Spend 10$ every month and pay off the card every month. Do no more or and no less and at least get a credit rating out of it.", ">\n\nA regular expense that is automatically deducted, like a streaming subscription, is a great way to accomplish this.\nI have a couple of older cards that I don't really use but haven't canceled because they're my oldest cards and I don't want to ding my account age. That's how I keep them active.", ">\n\nYou missed the part about an automatic payment! \nSetup at least automatic minimum payment to make sure you never get penalized for missing entirely, and then even better setup FULL automatic payment if you know you can afford to pay off the limit if you ever forgot.", ">\n\nI've never done automatic payment, as my budget software reminds me to pay it, but that's a good idea.", ">\n\nLook at this gal with the B word.", ">\n\nThat is a fuck ton to go out. Like even once a week is a luxury most people can't afford.", ">\n\nYea what the fuck.. I make an ok salary and i am still eating out maybe once or twice every two weeks. Saving and investing is still difficult.", ">\n\nShopping around for credit cards is very important if you're going to do this. I have a fixed 4.99% mbna card that I'll keep until i die. Low fix apr's with no annual fees is the way to go. If you can keep a 0.00 balance, use credit cards for everything and rack up on bonus points. That takes discipline tho.", ">\n\nEveryone needs to consider reducing expenses before using credit cards.\nSell your stuff, divest assets, learn to live with less stuff and things and most importantly, learn to say no to both others and your self. Financial discipline starts with you.", ">\n\nNo we should actually be protesting and striking. We do not need to lick boots.", ">\n\nr/usernamechecksout", ">\n\nMonth to month?! I've carried the same debt for years! Who are these rich money bags that were able to pay off thier credit card in a month and then had to do it again the next month?!", ">\n\nI would rather go hungry, than use a credit card for an expense i can’t afford. I pay off my balance as soon as it shows up on my account. Keeps things very simple. I’m not taking a loan, it’s my money I’m spending.\nBut I well understand the credit trap, and am terrified of it. It’s easy to slip.", ">\n\nNo need to be over dramatic.", ">\n\nIf you treat your financial well-being seriously… it’s being “diligent” not dramatic. \nNot being trapped in debt your whole life is a serious thing. People can kill themselves over debt. It can ruin lives.", ">\n\nYou’re still doing it. You can pay down credit card debt, especially if it’s a grocery bill or two. It will not ruin you and there is no reason to be terrified.", ">\n\nI don’t think you realize how habits are formed. \nAnd I don’t think it’s a good look to for you to dismiss good financial health as “being dramatic”. \nCredit cards are a curse to many, but if you’re smart they benefit you.", ">\n\nIt’s not good advice to tell people they should be so terrified of credit card debt and it’s a better alternative to go hungry. Buy a bag of rice/beans/potatoes and some chicken and eat. Credit card debt isn’t good, but you’re being dramatic.", ">\n\nAgain… I don’t think you understand how habits are formed. And I would go hungry ( or eat far cheaper, obviously ) than buy what I want on a credit card if I didn’t think I could pay it off in time. It’s literally how they get you. \nNo wonder people get caught in the credit card debt trap with people like you having flippant attitudes. \nDenial of gratification or delayed gratification is a thing. It’ll save you a lot in the long run.", ">\n\nI understand what you’re saying I just don’t agree. Delayed gratification lol… we’re talking about being able to eat not buying a new laptop. You can float a grocery bill on a credit card, especially if the alternative is going hungry. The idea that you should be terrified by that amount of debt is ridiculous. It’s fine to warn about credit cards but again, don’t be so dramatic.", ">\n\nAs a European I will never understand why you guys even bother with credit cards for the following reasons:\n\nWhy not use debit? It's mone you actually own and you don't have to deal with paying it back or forgetting about it.\nWhy does your credit score system work like that? It feels so alien to me, why don't they just rank it based on how well you repay other debts like car payments, student loan payments, phone payments, spotify etc?\nWhy isn't a credit card automatically locked if you fail to pay last month's balance until you repaid the debt?\n\nIf someone could enlighten me on this I'd actually be grateful.", ">\n\nI got one because apparently having a credit history makes you look better when applying for bigger loans (house loans, personal loans for car repair, etc).", ">\n\nBut does it actually make that easier?", ">\n\nI have no idea, haven't needed to take out any loans, but since I'm using it as slush rather than taking on debt that I can't pay immediately, the practical impact is minimal for me. I'll let you know if I ever have the money for a deposit on a house, probably 2040 or so.", ">\n\nWell, atleast those problems are universal in our modern world! Maybe I can show you around in my 50square feet tinyhouse somewhere near 2035 lmao", ">\n\nSounds good :D", ">\n\nI'll never understand why people would carry credit card debt. It's basically the most expensive borrowing you can do.", ">\n\npeople be broke yo.", ">\n\ntaking out loans at 20% interest doesn't seem like a good solution.", ">\n\nPeople at that point are in survival mode and they aren't worried about the future because they are focused on now. When you're just trying to put food on the table or pay the electric bill it's usually the only solution.", ">\n\nNowhere near 46% of credit card holders are in anywhere close to that situation.", ">\n\nDoubt that you’re right. We’re in a recession", ">\n\nUnemployment is near 0 and, on average, real wages fell a bit less than 2% in 2022. This is hardly the worst of economic times.", ">\n\nThe unemployment rate does not necessarily mean we're not in a recession especially when the unemployment rate doesn't include all unemployed people. Or underemployed people. The vast majority of economists are saying that we're in a recession we are.", ">\n\nWell I do it the mostly keep my credit score really high I normally pay it off after 2 months. I'll put some more on my credit again wait a month build it up again.", ">\n\nThere’s no reason whatsoever to do this. You don’t improve your credit score by paying interest", ">\n\nI don't pay interest on my cards when I do that. The cards that I have when I pay for certain items as long as I pay within the specific time I don't pay interest at all on them.", ">\n\nweren't we taught to hold 5-10% balance on credit cards for reasons?", ">\n\nNot in this household. I was raised to pay off the statement balance each month. The interest you pay when you carry a balance pays for someone else’s credit card rewards.", ">\n\ngotta say, that \"rule\" never made sense to me", ">\n\nIt's a common misconception that carrying a balance improves your credit score. It does not.", ">\n\nThey added a no cash, no register automatic convenience store in the Netherlands. The only problem is that nobody ever shows up except for a few foreigners. Why? Nobody here uses or wants to use credit cards. I hope they never push this shit anymore and learn from it.", ">\n\nWhat does this accomplish?", ">\n\nI literally paid off all my credit cards in may/june and already have almost 2k back on one of em.", ">\n\nGreat. I’m a statistic", ">\n\nSurely this is a sustainable economic system. The media doesn't care as long as the line goes up though. Billionaire are fine and guys like Elon Musk can lose 182 billion dollars and still be one of the richest people on the planet. Must be nice I guess.", ">\n\nHow many have like 0% interest due to various promotions that popped up during pandemic ?\nI have like 10k in debt but all 0%. It was like 20k last year. Thanks to Amex plan it.\nIt’s gonna be 20k next week as I pay my property taxes (still runs me cheaper with the cc fees) all 0%", ">\n\nI'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!" ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou.", ">\n\nYea I do that on one of my cards but it's 0% interest for 24 months so why wouldn't I?", ">\n\nNothing more American than trying to accumulate $30 trillion dollars of debt", ">\n\nFraud is the future. Breached forums (Breached.vc) The financial industry and Department of Justice have been subverted by the rich and well connected. \nCompanies like Walmart and Target budget for theft.", ">\n\nIt looks like when big retail eliminates countless cashier positions that provided sustenance to working class Americans a spike in casual theft follows.\nFast food is expanding the use robotics to replace workers too. Doubtless other industries will follow. Elon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.", ">\n\n\nElon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.\n\nI think he has more immediate things to worry about.", ">\n\nWhat do you expect? 7% inflation with 3% raises and a president encouraging no raises to keep inflation down.", ">\n\nCredit card companies spend a hell of a lot of money in congress to make sure that number is as high as possible.", ">\n\nWhat exactly are they spending on and lobbying for?", ">\n\nI doubt they write reports on the stuff, but general rules and regulations (or spins on them) to maximize profits", ">\n\nOh hey, time to buy Visa stock.", ">\n\nYou mean bank stock?", ">\n\n\"At 19.6%, if you made minimum payments toward the average credit card balance — which is $5,474, according to Transunion — it would take you almost 17 years to pay off the debt and cost you more than $7,528 in interest\"", ">\n\nThis is why bankruptcy laws need to be changed! \nWhy is the rich and corporations allowed to wipe their debt clean and start fresh, yet the poor and middle class have to pay back?", ">\n\nThe single best thing the federal government can do is raise minimum wage. At this point, minimum wage needs to be around $25/hr.\nWhat most don't understand is that wages have been under attack since the 60s. Wages are so lean that they barely touch the bottom dollar. For a high volume manufacturer, you could double everyone's wages, and the sell price of goods made would need to increase by less than 1% to cover the added cost. For a low volume, labor intensive manufacturer, the sell price would only go up by 3% to 5%. The only hard hit industries are service industries were labor is the major component of the business. However, if your wages go from $40k a year to $80k a year, and you're rolling in $40,000, you're not going to care one bit that your Uber was $35 instead of $20. Your cereal will cost $0.01 more, and your new $2000 smart fridge will cost you $60 more. And for this financial burden EVERYBODY is making 2x income.\nThis is how far behind wages are because of a 60 year war against them. They almost don't matter to the sell price, but it's also the first thing management targets, because wages are costs and costs are evil.\nUltimately it's a self mutilating cycle of starvation and suffering for literally no good reason.\nWorse yet, we systematically stifle economic growth, buying power, and ultimately GDP. \nThe lack of adequate wages also drivers many social problems like crime and even mental illness. It drivers health issues and increases burdens on society for long term care. It also deters family planning, education, and social diversification.\nFrankly, the masochism of wage stagnation is wild. Why would you ever willfully chose suffering?", ">\n\nCould be worse. Round here I’ve seen credit cards with interest rates that can go up to 586% per year", ">\n\nWe have 3 credit cards that we used for bills and then just paid off immediately with actual cash. Then a funeral for my girlfriends grandma 2500 miles away caused us to max them out going to say goodbye. Now we've had that debt since June unable to catch up due to life's many cruel jokes. 😢", ">\n\nYou could have refused to go to the funeral or asked relatives for financial assistance. Admitting you can't go to a funeral because you can't afford it even if you want to shouldn't be looked down on.", ">\n\nUnfortunately funerals and the funeral industry are a massively exploitative affair designed to emotionally manipulate the fuck out of people to get their money. They go out of their way to make the cheap option like cremation into expensive items. O you wouldnt want your to be uncomfortable in the cardboard box before it burns, how about a $3k upgrade box to be burned?", ">\n\nI love how they're framing it like people are choosing to use credit cards. If this was honestly written it would sound more like \"46% of cardholders are forced to carry debt from month to month as expenses stay high\" or if they wanted to be neutral \"credit card use is high as a result of high expenses\" not this \"people are choosing to be poor\" shit.", ">\n\nThis is the kind of signal the fed is looking for to stop the rate hikes", ">\n\nNot at all surprised. Way too many people spending money they don't have. You're not entitled to have doordash every day because you're too important to get your own food (or even better to cook it). It seems like people are deciding what standard of living they deserve and then worrying about the cost after.", ">\n\nCan you please please please tell my wife this. She’s addicted to door dash and we even have a goddamn supermarket in our building.", ">\n\nI’ve never understood the allure to this. Paying premium prices for below average food that arrives luke warm at best", ">\n\nYou’ve never understood the allure to delivery?", ">\n\nDelivery in concept is fine. Doordash-style delivery is dumb if looked at in context.", ">\n\nWould you get heart surgery from someone who has never done heart surgery before?\nThe credit world is built on statistical analysis. If you have a history of managing debt well, you get a good score, and banks will give you the best rates. If you have a history of not managing debt well, you have a bad score and banks are going to give you high rates (or not lend to you at all) because you're a risk.\nIf you have no history and you're young you can get provisional cards, loans, etc. to start building it up. However, if you are older with no history and you suddenly start asking for credit, that's actually a big red flag.\nLike everything else in life, actions have consequences.", ">\n\nI received a credit card offer from my bank (Bank of America) at midnight on my 18th birthday. On the same day I got approved for a $500 limit credit card. They want to get you in as soon they can and keep you in the cycle of paying off the credit card just to put more stuff on it because all your money went to pay the credit card.", ">\n\nTake the card. Spend 10$ every month and pay off the card every month. Do no more or and no less and at least get a credit rating out of it.", ">\n\nA regular expense that is automatically deducted, like a streaming subscription, is a great way to accomplish this.\nI have a couple of older cards that I don't really use but haven't canceled because they're my oldest cards and I don't want to ding my account age. That's how I keep them active.", ">\n\nYou missed the part about an automatic payment! \nSetup at least automatic minimum payment to make sure you never get penalized for missing entirely, and then even better setup FULL automatic payment if you know you can afford to pay off the limit if you ever forgot.", ">\n\nI've never done automatic payment, as my budget software reminds me to pay it, but that's a good idea.", ">\n\nLook at this gal with the B word.", ">\n\nThat is a fuck ton to go out. Like even once a week is a luxury most people can't afford.", ">\n\nYea what the fuck.. I make an ok salary and i am still eating out maybe once or twice every two weeks. Saving and investing is still difficult.", ">\n\nShopping around for credit cards is very important if you're going to do this. I have a fixed 4.99% mbna card that I'll keep until i die. Low fix apr's with no annual fees is the way to go. If you can keep a 0.00 balance, use credit cards for everything and rack up on bonus points. That takes discipline tho.", ">\n\nEveryone needs to consider reducing expenses before using credit cards.\nSell your stuff, divest assets, learn to live with less stuff and things and most importantly, learn to say no to both others and your self. Financial discipline starts with you.", ">\n\nNo we should actually be protesting and striking. We do not need to lick boots.", ">\n\nr/usernamechecksout", ">\n\nMonth to month?! I've carried the same debt for years! Who are these rich money bags that were able to pay off thier credit card in a month and then had to do it again the next month?!", ">\n\nI would rather go hungry, than use a credit card for an expense i can’t afford. I pay off my balance as soon as it shows up on my account. Keeps things very simple. I’m not taking a loan, it’s my money I’m spending.\nBut I well understand the credit trap, and am terrified of it. It’s easy to slip.", ">\n\nNo need to be over dramatic.", ">\n\nIf you treat your financial well-being seriously… it’s being “diligent” not dramatic. \nNot being trapped in debt your whole life is a serious thing. People can kill themselves over debt. It can ruin lives.", ">\n\nYou’re still doing it. You can pay down credit card debt, especially if it’s a grocery bill or two. It will not ruin you and there is no reason to be terrified.", ">\n\nI don’t think you realize how habits are formed. \nAnd I don’t think it’s a good look to for you to dismiss good financial health as “being dramatic”. \nCredit cards are a curse to many, but if you’re smart they benefit you.", ">\n\nIt’s not good advice to tell people they should be so terrified of credit card debt and it’s a better alternative to go hungry. Buy a bag of rice/beans/potatoes and some chicken and eat. Credit card debt isn’t good, but you’re being dramatic.", ">\n\nAgain… I don’t think you understand how habits are formed. And I would go hungry ( or eat far cheaper, obviously ) than buy what I want on a credit card if I didn’t think I could pay it off in time. It’s literally how they get you. \nNo wonder people get caught in the credit card debt trap with people like you having flippant attitudes. \nDenial of gratification or delayed gratification is a thing. It’ll save you a lot in the long run.", ">\n\nI understand what you’re saying I just don’t agree. Delayed gratification lol… we’re talking about being able to eat not buying a new laptop. You can float a grocery bill on a credit card, especially if the alternative is going hungry. The idea that you should be terrified by that amount of debt is ridiculous. It’s fine to warn about credit cards but again, don’t be so dramatic.", ">\n\nAs a European I will never understand why you guys even bother with credit cards for the following reasons:\n\nWhy not use debit? It's mone you actually own and you don't have to deal with paying it back or forgetting about it.\nWhy does your credit score system work like that? It feels so alien to me, why don't they just rank it based on how well you repay other debts like car payments, student loan payments, phone payments, spotify etc?\nWhy isn't a credit card automatically locked if you fail to pay last month's balance until you repaid the debt?\n\nIf someone could enlighten me on this I'd actually be grateful.", ">\n\nI got one because apparently having a credit history makes you look better when applying for bigger loans (house loans, personal loans for car repair, etc).", ">\n\nBut does it actually make that easier?", ">\n\nI have no idea, haven't needed to take out any loans, but since I'm using it as slush rather than taking on debt that I can't pay immediately, the practical impact is minimal for me. I'll let you know if I ever have the money for a deposit on a house, probably 2040 or so.", ">\n\nWell, atleast those problems are universal in our modern world! Maybe I can show you around in my 50square feet tinyhouse somewhere near 2035 lmao", ">\n\nSounds good :D", ">\n\nI'll never understand why people would carry credit card debt. It's basically the most expensive borrowing you can do.", ">\n\npeople be broke yo.", ">\n\ntaking out loans at 20% interest doesn't seem like a good solution.", ">\n\nPeople at that point are in survival mode and they aren't worried about the future because they are focused on now. When you're just trying to put food on the table or pay the electric bill it's usually the only solution.", ">\n\nNowhere near 46% of credit card holders are in anywhere close to that situation.", ">\n\nDoubt that you’re right. We’re in a recession", ">\n\nUnemployment is near 0 and, on average, real wages fell a bit less than 2% in 2022. This is hardly the worst of economic times.", ">\n\nThe unemployment rate does not necessarily mean we're not in a recession especially when the unemployment rate doesn't include all unemployed people. Or underemployed people. The vast majority of economists are saying that we're in a recession we are.", ">\n\nWell I do it the mostly keep my credit score really high I normally pay it off after 2 months. I'll put some more on my credit again wait a month build it up again.", ">\n\nThere’s no reason whatsoever to do this. You don’t improve your credit score by paying interest", ">\n\nI don't pay interest on my cards when I do that. The cards that I have when I pay for certain items as long as I pay within the specific time I don't pay interest at all on them.", ">\n\nweren't we taught to hold 5-10% balance on credit cards for reasons?", ">\n\nNot in this household. I was raised to pay off the statement balance each month. The interest you pay when you carry a balance pays for someone else’s credit card rewards.", ">\n\ngotta say, that \"rule\" never made sense to me", ">\n\nIt's a common misconception that carrying a balance improves your credit score. It does not.", ">\n\nThey added a no cash, no register automatic convenience store in the Netherlands. The only problem is that nobody ever shows up except for a few foreigners. Why? Nobody here uses or wants to use credit cards. I hope they never push this shit anymore and learn from it.", ">\n\nWhat does this accomplish?", ">\n\nI literally paid off all my credit cards in may/june and already have almost 2k back on one of em.", ">\n\nGreat. I’m a statistic", ">\n\nSurely this is a sustainable economic system. The media doesn't care as long as the line goes up though. Billionaire are fine and guys like Elon Musk can lose 182 billion dollars and still be one of the richest people on the planet. Must be nice I guess.", ">\n\nHow many have like 0% interest due to various promotions that popped up during pandemic ?\nI have like 10k in debt but all 0%. It was like 20k last year. Thanks to Amex plan it.\nIt’s gonna be 20k next week as I pay my property taxes (still runs me cheaper with the cc fees) all 0%", ">\n\nI'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s." ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou.", ">\n\nYea I do that on one of my cards but it's 0% interest for 24 months so why wouldn't I?", ">\n\nNothing more American than trying to accumulate $30 trillion dollars of debt", ">\n\nFraud is the future. Breached forums (Breached.vc) The financial industry and Department of Justice have been subverted by the rich and well connected. \nCompanies like Walmart and Target budget for theft.", ">\n\nIt looks like when big retail eliminates countless cashier positions that provided sustenance to working class Americans a spike in casual theft follows.\nFast food is expanding the use robotics to replace workers too. Doubtless other industries will follow. Elon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.", ">\n\n\nElon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.\n\nI think he has more immediate things to worry about.", ">\n\nWhat do you expect? 7% inflation with 3% raises and a president encouraging no raises to keep inflation down.", ">\n\nCredit card companies spend a hell of a lot of money in congress to make sure that number is as high as possible.", ">\n\nWhat exactly are they spending on and lobbying for?", ">\n\nI doubt they write reports on the stuff, but general rules and regulations (or spins on them) to maximize profits", ">\n\nOh hey, time to buy Visa stock.", ">\n\nYou mean bank stock?", ">\n\n\"At 19.6%, if you made minimum payments toward the average credit card balance — which is $5,474, according to Transunion — it would take you almost 17 years to pay off the debt and cost you more than $7,528 in interest\"", ">\n\nThis is why bankruptcy laws need to be changed! \nWhy is the rich and corporations allowed to wipe their debt clean and start fresh, yet the poor and middle class have to pay back?", ">\n\nThe single best thing the federal government can do is raise minimum wage. At this point, minimum wage needs to be around $25/hr.\nWhat most don't understand is that wages have been under attack since the 60s. Wages are so lean that they barely touch the bottom dollar. For a high volume manufacturer, you could double everyone's wages, and the sell price of goods made would need to increase by less than 1% to cover the added cost. For a low volume, labor intensive manufacturer, the sell price would only go up by 3% to 5%. The only hard hit industries are service industries were labor is the major component of the business. However, if your wages go from $40k a year to $80k a year, and you're rolling in $40,000, you're not going to care one bit that your Uber was $35 instead of $20. Your cereal will cost $0.01 more, and your new $2000 smart fridge will cost you $60 more. And for this financial burden EVERYBODY is making 2x income.\nThis is how far behind wages are because of a 60 year war against them. They almost don't matter to the sell price, but it's also the first thing management targets, because wages are costs and costs are evil.\nUltimately it's a self mutilating cycle of starvation and suffering for literally no good reason.\nWorse yet, we systematically stifle economic growth, buying power, and ultimately GDP. \nThe lack of adequate wages also drivers many social problems like crime and even mental illness. It drivers health issues and increases burdens on society for long term care. It also deters family planning, education, and social diversification.\nFrankly, the masochism of wage stagnation is wild. Why would you ever willfully chose suffering?", ">\n\nCould be worse. Round here I’ve seen credit cards with interest rates that can go up to 586% per year", ">\n\nWe have 3 credit cards that we used for bills and then just paid off immediately with actual cash. Then a funeral for my girlfriends grandma 2500 miles away caused us to max them out going to say goodbye. Now we've had that debt since June unable to catch up due to life's many cruel jokes. 😢", ">\n\nYou could have refused to go to the funeral or asked relatives for financial assistance. Admitting you can't go to a funeral because you can't afford it even if you want to shouldn't be looked down on.", ">\n\nUnfortunately funerals and the funeral industry are a massively exploitative affair designed to emotionally manipulate the fuck out of people to get their money. They go out of their way to make the cheap option like cremation into expensive items. O you wouldnt want your to be uncomfortable in the cardboard box before it burns, how about a $3k upgrade box to be burned?", ">\n\nI love how they're framing it like people are choosing to use credit cards. If this was honestly written it would sound more like \"46% of cardholders are forced to carry debt from month to month as expenses stay high\" or if they wanted to be neutral \"credit card use is high as a result of high expenses\" not this \"people are choosing to be poor\" shit.", ">\n\nThis is the kind of signal the fed is looking for to stop the rate hikes", ">\n\nNot at all surprised. Way too many people spending money they don't have. You're not entitled to have doordash every day because you're too important to get your own food (or even better to cook it). It seems like people are deciding what standard of living they deserve and then worrying about the cost after.", ">\n\nCan you please please please tell my wife this. She’s addicted to door dash and we even have a goddamn supermarket in our building.", ">\n\nI’ve never understood the allure to this. Paying premium prices for below average food that arrives luke warm at best", ">\n\nYou’ve never understood the allure to delivery?", ">\n\nDelivery in concept is fine. Doordash-style delivery is dumb if looked at in context.", ">\n\nWould you get heart surgery from someone who has never done heart surgery before?\nThe credit world is built on statistical analysis. If you have a history of managing debt well, you get a good score, and banks will give you the best rates. If you have a history of not managing debt well, you have a bad score and banks are going to give you high rates (or not lend to you at all) because you're a risk.\nIf you have no history and you're young you can get provisional cards, loans, etc. to start building it up. However, if you are older with no history and you suddenly start asking for credit, that's actually a big red flag.\nLike everything else in life, actions have consequences.", ">\n\nI received a credit card offer from my bank (Bank of America) at midnight on my 18th birthday. On the same day I got approved for a $500 limit credit card. They want to get you in as soon they can and keep you in the cycle of paying off the credit card just to put more stuff on it because all your money went to pay the credit card.", ">\n\nTake the card. Spend 10$ every month and pay off the card every month. Do no more or and no less and at least get a credit rating out of it.", ">\n\nA regular expense that is automatically deducted, like a streaming subscription, is a great way to accomplish this.\nI have a couple of older cards that I don't really use but haven't canceled because they're my oldest cards and I don't want to ding my account age. That's how I keep them active.", ">\n\nYou missed the part about an automatic payment! \nSetup at least automatic minimum payment to make sure you never get penalized for missing entirely, and then even better setup FULL automatic payment if you know you can afford to pay off the limit if you ever forgot.", ">\n\nI've never done automatic payment, as my budget software reminds me to pay it, but that's a good idea.", ">\n\nLook at this gal with the B word.", ">\n\nThat is a fuck ton to go out. Like even once a week is a luxury most people can't afford.", ">\n\nYea what the fuck.. I make an ok salary and i am still eating out maybe once or twice every two weeks. Saving and investing is still difficult.", ">\n\nShopping around for credit cards is very important if you're going to do this. I have a fixed 4.99% mbna card that I'll keep until i die. Low fix apr's with no annual fees is the way to go. If you can keep a 0.00 balance, use credit cards for everything and rack up on bonus points. That takes discipline tho.", ">\n\nEveryone needs to consider reducing expenses before using credit cards.\nSell your stuff, divest assets, learn to live with less stuff and things and most importantly, learn to say no to both others and your self. Financial discipline starts with you.", ">\n\nNo we should actually be protesting and striking. We do not need to lick boots.", ">\n\nr/usernamechecksout", ">\n\nMonth to month?! I've carried the same debt for years! Who are these rich money bags that were able to pay off thier credit card in a month and then had to do it again the next month?!", ">\n\nI would rather go hungry, than use a credit card for an expense i can’t afford. I pay off my balance as soon as it shows up on my account. Keeps things very simple. I’m not taking a loan, it’s my money I’m spending.\nBut I well understand the credit trap, and am terrified of it. It’s easy to slip.", ">\n\nNo need to be over dramatic.", ">\n\nIf you treat your financial well-being seriously… it’s being “diligent” not dramatic. \nNot being trapped in debt your whole life is a serious thing. People can kill themselves over debt. It can ruin lives.", ">\n\nYou’re still doing it. You can pay down credit card debt, especially if it’s a grocery bill or two. It will not ruin you and there is no reason to be terrified.", ">\n\nI don’t think you realize how habits are formed. \nAnd I don’t think it’s a good look to for you to dismiss good financial health as “being dramatic”. \nCredit cards are a curse to many, but if you’re smart they benefit you.", ">\n\nIt’s not good advice to tell people they should be so terrified of credit card debt and it’s a better alternative to go hungry. Buy a bag of rice/beans/potatoes and some chicken and eat. Credit card debt isn’t good, but you’re being dramatic.", ">\n\nAgain… I don’t think you understand how habits are formed. And I would go hungry ( or eat far cheaper, obviously ) than buy what I want on a credit card if I didn’t think I could pay it off in time. It’s literally how they get you. \nNo wonder people get caught in the credit card debt trap with people like you having flippant attitudes. \nDenial of gratification or delayed gratification is a thing. It’ll save you a lot in the long run.", ">\n\nI understand what you’re saying I just don’t agree. Delayed gratification lol… we’re talking about being able to eat not buying a new laptop. You can float a grocery bill on a credit card, especially if the alternative is going hungry. The idea that you should be terrified by that amount of debt is ridiculous. It’s fine to warn about credit cards but again, don’t be so dramatic.", ">\n\nAs a European I will never understand why you guys even bother with credit cards for the following reasons:\n\nWhy not use debit? It's mone you actually own and you don't have to deal with paying it back or forgetting about it.\nWhy does your credit score system work like that? It feels so alien to me, why don't they just rank it based on how well you repay other debts like car payments, student loan payments, phone payments, spotify etc?\nWhy isn't a credit card automatically locked if you fail to pay last month's balance until you repaid the debt?\n\nIf someone could enlighten me on this I'd actually be grateful.", ">\n\nI got one because apparently having a credit history makes you look better when applying for bigger loans (house loans, personal loans for car repair, etc).", ">\n\nBut does it actually make that easier?", ">\n\nI have no idea, haven't needed to take out any loans, but since I'm using it as slush rather than taking on debt that I can't pay immediately, the practical impact is minimal for me. I'll let you know if I ever have the money for a deposit on a house, probably 2040 or so.", ">\n\nWell, atleast those problems are universal in our modern world! Maybe I can show you around in my 50square feet tinyhouse somewhere near 2035 lmao", ">\n\nSounds good :D", ">\n\nI'll never understand why people would carry credit card debt. It's basically the most expensive borrowing you can do.", ">\n\npeople be broke yo.", ">\n\ntaking out loans at 20% interest doesn't seem like a good solution.", ">\n\nPeople at that point are in survival mode and they aren't worried about the future because they are focused on now. When you're just trying to put food on the table or pay the electric bill it's usually the only solution.", ">\n\nNowhere near 46% of credit card holders are in anywhere close to that situation.", ">\n\nDoubt that you’re right. We’re in a recession", ">\n\nUnemployment is near 0 and, on average, real wages fell a bit less than 2% in 2022. This is hardly the worst of economic times.", ">\n\nThe unemployment rate does not necessarily mean we're not in a recession especially when the unemployment rate doesn't include all unemployed people. Or underemployed people. The vast majority of economists are saying that we're in a recession we are.", ">\n\nWell I do it the mostly keep my credit score really high I normally pay it off after 2 months. I'll put some more on my credit again wait a month build it up again.", ">\n\nThere’s no reason whatsoever to do this. You don’t improve your credit score by paying interest", ">\n\nI don't pay interest on my cards when I do that. The cards that I have when I pay for certain items as long as I pay within the specific time I don't pay interest at all on them.", ">\n\nweren't we taught to hold 5-10% balance on credit cards for reasons?", ">\n\nNot in this household. I was raised to pay off the statement balance each month. The interest you pay when you carry a balance pays for someone else’s credit card rewards.", ">\n\ngotta say, that \"rule\" never made sense to me", ">\n\nIt's a common misconception that carrying a balance improves your credit score. It does not.", ">\n\nThey added a no cash, no register automatic convenience store in the Netherlands. The only problem is that nobody ever shows up except for a few foreigners. Why? Nobody here uses or wants to use credit cards. I hope they never push this shit anymore and learn from it.", ">\n\nWhat does this accomplish?", ">\n\nI literally paid off all my credit cards in may/june and already have almost 2k back on one of em.", ">\n\nGreat. I’m a statistic", ">\n\nSurely this is a sustainable economic system. The media doesn't care as long as the line goes up though. Billionaire are fine and guys like Elon Musk can lose 182 billion dollars and still be one of the richest people on the planet. Must be nice I guess.", ">\n\nHow many have like 0% interest due to various promotions that popped up during pandemic ?\nI have like 10k in debt but all 0%. It was like 20k last year. Thanks to Amex plan it.\nIt’s gonna be 20k next week as I pay my property taxes (still runs me cheaper with the cc fees) all 0%", ">\n\nI'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul" ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou.", ">\n\nYea I do that on one of my cards but it's 0% interest for 24 months so why wouldn't I?", ">\n\nNothing more American than trying to accumulate $30 trillion dollars of debt", ">\n\nFraud is the future. Breached forums (Breached.vc) The financial industry and Department of Justice have been subverted by the rich and well connected. \nCompanies like Walmart and Target budget for theft.", ">\n\nIt looks like when big retail eliminates countless cashier positions that provided sustenance to working class Americans a spike in casual theft follows.\nFast food is expanding the use robotics to replace workers too. Doubtless other industries will follow. Elon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.", ">\n\n\nElon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.\n\nI think he has more immediate things to worry about.", ">\n\nWhat do you expect? 7% inflation with 3% raises and a president encouraging no raises to keep inflation down.", ">\n\nCredit card companies spend a hell of a lot of money in congress to make sure that number is as high as possible.", ">\n\nWhat exactly are they spending on and lobbying for?", ">\n\nI doubt they write reports on the stuff, but general rules and regulations (or spins on them) to maximize profits", ">\n\nOh hey, time to buy Visa stock.", ">\n\nYou mean bank stock?", ">\n\n\"At 19.6%, if you made minimum payments toward the average credit card balance — which is $5,474, according to Transunion — it would take you almost 17 years to pay off the debt and cost you more than $7,528 in interest\"", ">\n\nThis is why bankruptcy laws need to be changed! \nWhy is the rich and corporations allowed to wipe their debt clean and start fresh, yet the poor and middle class have to pay back?", ">\n\nThe single best thing the federal government can do is raise minimum wage. At this point, minimum wage needs to be around $25/hr.\nWhat most don't understand is that wages have been under attack since the 60s. Wages are so lean that they barely touch the bottom dollar. For a high volume manufacturer, you could double everyone's wages, and the sell price of goods made would need to increase by less than 1% to cover the added cost. For a low volume, labor intensive manufacturer, the sell price would only go up by 3% to 5%. The only hard hit industries are service industries were labor is the major component of the business. However, if your wages go from $40k a year to $80k a year, and you're rolling in $40,000, you're not going to care one bit that your Uber was $35 instead of $20. Your cereal will cost $0.01 more, and your new $2000 smart fridge will cost you $60 more. And for this financial burden EVERYBODY is making 2x income.\nThis is how far behind wages are because of a 60 year war against them. They almost don't matter to the sell price, but it's also the first thing management targets, because wages are costs and costs are evil.\nUltimately it's a self mutilating cycle of starvation and suffering for literally no good reason.\nWorse yet, we systematically stifle economic growth, buying power, and ultimately GDP. \nThe lack of adequate wages also drivers many social problems like crime and even mental illness. It drivers health issues and increases burdens on society for long term care. It also deters family planning, education, and social diversification.\nFrankly, the masochism of wage stagnation is wild. Why would you ever willfully chose suffering?", ">\n\nCould be worse. Round here I’ve seen credit cards with interest rates that can go up to 586% per year", ">\n\nWe have 3 credit cards that we used for bills and then just paid off immediately with actual cash. Then a funeral for my girlfriends grandma 2500 miles away caused us to max them out going to say goodbye. Now we've had that debt since June unable to catch up due to life's many cruel jokes. 😢", ">\n\nYou could have refused to go to the funeral or asked relatives for financial assistance. Admitting you can't go to a funeral because you can't afford it even if you want to shouldn't be looked down on.", ">\n\nUnfortunately funerals and the funeral industry are a massively exploitative affair designed to emotionally manipulate the fuck out of people to get their money. They go out of their way to make the cheap option like cremation into expensive items. O you wouldnt want your to be uncomfortable in the cardboard box before it burns, how about a $3k upgrade box to be burned?", ">\n\nI love how they're framing it like people are choosing to use credit cards. If this was honestly written it would sound more like \"46% of cardholders are forced to carry debt from month to month as expenses stay high\" or if they wanted to be neutral \"credit card use is high as a result of high expenses\" not this \"people are choosing to be poor\" shit.", ">\n\nThis is the kind of signal the fed is looking for to stop the rate hikes", ">\n\nNot at all surprised. Way too many people spending money they don't have. You're not entitled to have doordash every day because you're too important to get your own food (or even better to cook it). It seems like people are deciding what standard of living they deserve and then worrying about the cost after.", ">\n\nCan you please please please tell my wife this. She’s addicted to door dash and we even have a goddamn supermarket in our building.", ">\n\nI’ve never understood the allure to this. Paying premium prices for below average food that arrives luke warm at best", ">\n\nYou’ve never understood the allure to delivery?", ">\n\nDelivery in concept is fine. Doordash-style delivery is dumb if looked at in context.", ">\n\nWould you get heart surgery from someone who has never done heart surgery before?\nThe credit world is built on statistical analysis. If you have a history of managing debt well, you get a good score, and banks will give you the best rates. If you have a history of not managing debt well, you have a bad score and banks are going to give you high rates (or not lend to you at all) because you're a risk.\nIf you have no history and you're young you can get provisional cards, loans, etc. to start building it up. However, if you are older with no history and you suddenly start asking for credit, that's actually a big red flag.\nLike everything else in life, actions have consequences.", ">\n\nI received a credit card offer from my bank (Bank of America) at midnight on my 18th birthday. On the same day I got approved for a $500 limit credit card. They want to get you in as soon they can and keep you in the cycle of paying off the credit card just to put more stuff on it because all your money went to pay the credit card.", ">\n\nTake the card. Spend 10$ every month and pay off the card every month. Do no more or and no less and at least get a credit rating out of it.", ">\n\nA regular expense that is automatically deducted, like a streaming subscription, is a great way to accomplish this.\nI have a couple of older cards that I don't really use but haven't canceled because they're my oldest cards and I don't want to ding my account age. That's how I keep them active.", ">\n\nYou missed the part about an automatic payment! \nSetup at least automatic minimum payment to make sure you never get penalized for missing entirely, and then even better setup FULL automatic payment if you know you can afford to pay off the limit if you ever forgot.", ">\n\nI've never done automatic payment, as my budget software reminds me to pay it, but that's a good idea.", ">\n\nLook at this gal with the B word.", ">\n\nThat is a fuck ton to go out. Like even once a week is a luxury most people can't afford.", ">\n\nYea what the fuck.. I make an ok salary and i am still eating out maybe once or twice every two weeks. Saving and investing is still difficult.", ">\n\nShopping around for credit cards is very important if you're going to do this. I have a fixed 4.99% mbna card that I'll keep until i die. Low fix apr's with no annual fees is the way to go. If you can keep a 0.00 balance, use credit cards for everything and rack up on bonus points. That takes discipline tho.", ">\n\nEveryone needs to consider reducing expenses before using credit cards.\nSell your stuff, divest assets, learn to live with less stuff and things and most importantly, learn to say no to both others and your self. Financial discipline starts with you.", ">\n\nNo we should actually be protesting and striking. We do not need to lick boots.", ">\n\nr/usernamechecksout", ">\n\nMonth to month?! I've carried the same debt for years! Who are these rich money bags that were able to pay off thier credit card in a month and then had to do it again the next month?!", ">\n\nI would rather go hungry, than use a credit card for an expense i can’t afford. I pay off my balance as soon as it shows up on my account. Keeps things very simple. I’m not taking a loan, it’s my money I’m spending.\nBut I well understand the credit trap, and am terrified of it. It’s easy to slip.", ">\n\nNo need to be over dramatic.", ">\n\nIf you treat your financial well-being seriously… it’s being “diligent” not dramatic. \nNot being trapped in debt your whole life is a serious thing. People can kill themselves over debt. It can ruin lives.", ">\n\nYou’re still doing it. You can pay down credit card debt, especially if it’s a grocery bill or two. It will not ruin you and there is no reason to be terrified.", ">\n\nI don’t think you realize how habits are formed. \nAnd I don’t think it’s a good look to for you to dismiss good financial health as “being dramatic”. \nCredit cards are a curse to many, but if you’re smart they benefit you.", ">\n\nIt’s not good advice to tell people they should be so terrified of credit card debt and it’s a better alternative to go hungry. Buy a bag of rice/beans/potatoes and some chicken and eat. Credit card debt isn’t good, but you’re being dramatic.", ">\n\nAgain… I don’t think you understand how habits are formed. And I would go hungry ( or eat far cheaper, obviously ) than buy what I want on a credit card if I didn’t think I could pay it off in time. It’s literally how they get you. \nNo wonder people get caught in the credit card debt trap with people like you having flippant attitudes. \nDenial of gratification or delayed gratification is a thing. It’ll save you a lot in the long run.", ">\n\nI understand what you’re saying I just don’t agree. Delayed gratification lol… we’re talking about being able to eat not buying a new laptop. You can float a grocery bill on a credit card, especially if the alternative is going hungry. The idea that you should be terrified by that amount of debt is ridiculous. It’s fine to warn about credit cards but again, don’t be so dramatic.", ">\n\nAs a European I will never understand why you guys even bother with credit cards for the following reasons:\n\nWhy not use debit? It's mone you actually own and you don't have to deal with paying it back or forgetting about it.\nWhy does your credit score system work like that? It feels so alien to me, why don't they just rank it based on how well you repay other debts like car payments, student loan payments, phone payments, spotify etc?\nWhy isn't a credit card automatically locked if you fail to pay last month's balance until you repaid the debt?\n\nIf someone could enlighten me on this I'd actually be grateful.", ">\n\nI got one because apparently having a credit history makes you look better when applying for bigger loans (house loans, personal loans for car repair, etc).", ">\n\nBut does it actually make that easier?", ">\n\nI have no idea, haven't needed to take out any loans, but since I'm using it as slush rather than taking on debt that I can't pay immediately, the practical impact is minimal for me. I'll let you know if I ever have the money for a deposit on a house, probably 2040 or so.", ">\n\nWell, atleast those problems are universal in our modern world! Maybe I can show you around in my 50square feet tinyhouse somewhere near 2035 lmao", ">\n\nSounds good :D", ">\n\nI'll never understand why people would carry credit card debt. It's basically the most expensive borrowing you can do.", ">\n\npeople be broke yo.", ">\n\ntaking out loans at 20% interest doesn't seem like a good solution.", ">\n\nPeople at that point are in survival mode and they aren't worried about the future because they are focused on now. When you're just trying to put food on the table or pay the electric bill it's usually the only solution.", ">\n\nNowhere near 46% of credit card holders are in anywhere close to that situation.", ">\n\nDoubt that you’re right. We’re in a recession", ">\n\nUnemployment is near 0 and, on average, real wages fell a bit less than 2% in 2022. This is hardly the worst of economic times.", ">\n\nThe unemployment rate does not necessarily mean we're not in a recession especially when the unemployment rate doesn't include all unemployed people. Or underemployed people. The vast majority of economists are saying that we're in a recession we are.", ">\n\nWell I do it the mostly keep my credit score really high I normally pay it off after 2 months. I'll put some more on my credit again wait a month build it up again.", ">\n\nThere’s no reason whatsoever to do this. You don’t improve your credit score by paying interest", ">\n\nI don't pay interest on my cards when I do that. The cards that I have when I pay for certain items as long as I pay within the specific time I don't pay interest at all on them.", ">\n\nweren't we taught to hold 5-10% balance on credit cards for reasons?", ">\n\nNot in this household. I was raised to pay off the statement balance each month. The interest you pay when you carry a balance pays for someone else’s credit card rewards.", ">\n\ngotta say, that \"rule\" never made sense to me", ">\n\nIt's a common misconception that carrying a balance improves your credit score. It does not.", ">\n\nThey added a no cash, no register automatic convenience store in the Netherlands. The only problem is that nobody ever shows up except for a few foreigners. Why? Nobody here uses or wants to use credit cards. I hope they never push this shit anymore and learn from it.", ">\n\nWhat does this accomplish?", ">\n\nI literally paid off all my credit cards in may/june and already have almost 2k back on one of em.", ">\n\nGreat. I’m a statistic", ">\n\nSurely this is a sustainable economic system. The media doesn't care as long as the line goes up though. Billionaire are fine and guys like Elon Musk can lose 182 billion dollars and still be one of the richest people on the planet. Must be nice I guess.", ">\n\nHow many have like 0% interest due to various promotions that popped up during pandemic ?\nI have like 10k in debt but all 0%. It was like 20k last year. Thanks to Amex plan it.\nIt’s gonna be 20k next week as I pay my property taxes (still runs me cheaper with the cc fees) all 0%", ">\n\nI'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score." ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou.", ">\n\nYea I do that on one of my cards but it's 0% interest for 24 months so why wouldn't I?", ">\n\nNothing more American than trying to accumulate $30 trillion dollars of debt", ">\n\nFraud is the future. Breached forums (Breached.vc) The financial industry and Department of Justice have been subverted by the rich and well connected. \nCompanies like Walmart and Target budget for theft.", ">\n\nIt looks like when big retail eliminates countless cashier positions that provided sustenance to working class Americans a spike in casual theft follows.\nFast food is expanding the use robotics to replace workers too. Doubtless other industries will follow. Elon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.", ">\n\n\nElon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.\n\nI think he has more immediate things to worry about.", ">\n\nWhat do you expect? 7% inflation with 3% raises and a president encouraging no raises to keep inflation down.", ">\n\nCredit card companies spend a hell of a lot of money in congress to make sure that number is as high as possible.", ">\n\nWhat exactly are they spending on and lobbying for?", ">\n\nI doubt they write reports on the stuff, but general rules and regulations (or spins on them) to maximize profits", ">\n\nOh hey, time to buy Visa stock.", ">\n\nYou mean bank stock?", ">\n\n\"At 19.6%, if you made minimum payments toward the average credit card balance — which is $5,474, according to Transunion — it would take you almost 17 years to pay off the debt and cost you more than $7,528 in interest\"", ">\n\nThis is why bankruptcy laws need to be changed! \nWhy is the rich and corporations allowed to wipe their debt clean and start fresh, yet the poor and middle class have to pay back?", ">\n\nThe single best thing the federal government can do is raise minimum wage. At this point, minimum wage needs to be around $25/hr.\nWhat most don't understand is that wages have been under attack since the 60s. Wages are so lean that they barely touch the bottom dollar. For a high volume manufacturer, you could double everyone's wages, and the sell price of goods made would need to increase by less than 1% to cover the added cost. For a low volume, labor intensive manufacturer, the sell price would only go up by 3% to 5%. The only hard hit industries are service industries were labor is the major component of the business. However, if your wages go from $40k a year to $80k a year, and you're rolling in $40,000, you're not going to care one bit that your Uber was $35 instead of $20. Your cereal will cost $0.01 more, and your new $2000 smart fridge will cost you $60 more. And for this financial burden EVERYBODY is making 2x income.\nThis is how far behind wages are because of a 60 year war against them. They almost don't matter to the sell price, but it's also the first thing management targets, because wages are costs and costs are evil.\nUltimately it's a self mutilating cycle of starvation and suffering for literally no good reason.\nWorse yet, we systematically stifle economic growth, buying power, and ultimately GDP. \nThe lack of adequate wages also drivers many social problems like crime and even mental illness. It drivers health issues and increases burdens on society for long term care. It also deters family planning, education, and social diversification.\nFrankly, the masochism of wage stagnation is wild. Why would you ever willfully chose suffering?", ">\n\nCould be worse. Round here I’ve seen credit cards with interest rates that can go up to 586% per year", ">\n\nWe have 3 credit cards that we used for bills and then just paid off immediately with actual cash. Then a funeral for my girlfriends grandma 2500 miles away caused us to max them out going to say goodbye. Now we've had that debt since June unable to catch up due to life's many cruel jokes. 😢", ">\n\nYou could have refused to go to the funeral or asked relatives for financial assistance. Admitting you can't go to a funeral because you can't afford it even if you want to shouldn't be looked down on.", ">\n\nUnfortunately funerals and the funeral industry are a massively exploitative affair designed to emotionally manipulate the fuck out of people to get their money. They go out of their way to make the cheap option like cremation into expensive items. O you wouldnt want your to be uncomfortable in the cardboard box before it burns, how about a $3k upgrade box to be burned?", ">\n\nI love how they're framing it like people are choosing to use credit cards. If this was honestly written it would sound more like \"46% of cardholders are forced to carry debt from month to month as expenses stay high\" or if they wanted to be neutral \"credit card use is high as a result of high expenses\" not this \"people are choosing to be poor\" shit.", ">\n\nThis is the kind of signal the fed is looking for to stop the rate hikes", ">\n\nNot at all surprised. Way too many people spending money they don't have. You're not entitled to have doordash every day because you're too important to get your own food (or even better to cook it). It seems like people are deciding what standard of living they deserve and then worrying about the cost after.", ">\n\nCan you please please please tell my wife this. She’s addicted to door dash and we even have a goddamn supermarket in our building.", ">\n\nI’ve never understood the allure to this. Paying premium prices for below average food that arrives luke warm at best", ">\n\nYou’ve never understood the allure to delivery?", ">\n\nDelivery in concept is fine. Doordash-style delivery is dumb if looked at in context.", ">\n\nWould you get heart surgery from someone who has never done heart surgery before?\nThe credit world is built on statistical analysis. If you have a history of managing debt well, you get a good score, and banks will give you the best rates. If you have a history of not managing debt well, you have a bad score and banks are going to give you high rates (or not lend to you at all) because you're a risk.\nIf you have no history and you're young you can get provisional cards, loans, etc. to start building it up. However, if you are older with no history and you suddenly start asking for credit, that's actually a big red flag.\nLike everything else in life, actions have consequences.", ">\n\nI received a credit card offer from my bank (Bank of America) at midnight on my 18th birthday. On the same day I got approved for a $500 limit credit card. They want to get you in as soon they can and keep you in the cycle of paying off the credit card just to put more stuff on it because all your money went to pay the credit card.", ">\n\nTake the card. Spend 10$ every month and pay off the card every month. Do no more or and no less and at least get a credit rating out of it.", ">\n\nA regular expense that is automatically deducted, like a streaming subscription, is a great way to accomplish this.\nI have a couple of older cards that I don't really use but haven't canceled because they're my oldest cards and I don't want to ding my account age. That's how I keep them active.", ">\n\nYou missed the part about an automatic payment! \nSetup at least automatic minimum payment to make sure you never get penalized for missing entirely, and then even better setup FULL automatic payment if you know you can afford to pay off the limit if you ever forgot.", ">\n\nI've never done automatic payment, as my budget software reminds me to pay it, but that's a good idea.", ">\n\nLook at this gal with the B word.", ">\n\nThat is a fuck ton to go out. Like even once a week is a luxury most people can't afford.", ">\n\nYea what the fuck.. I make an ok salary and i am still eating out maybe once or twice every two weeks. Saving and investing is still difficult.", ">\n\nShopping around for credit cards is very important if you're going to do this. I have a fixed 4.99% mbna card that I'll keep until i die. Low fix apr's with no annual fees is the way to go. If you can keep a 0.00 balance, use credit cards for everything and rack up on bonus points. That takes discipline tho.", ">\n\nEveryone needs to consider reducing expenses before using credit cards.\nSell your stuff, divest assets, learn to live with less stuff and things and most importantly, learn to say no to both others and your self. Financial discipline starts with you.", ">\n\nNo we should actually be protesting and striking. We do not need to lick boots.", ">\n\nr/usernamechecksout", ">\n\nMonth to month?! I've carried the same debt for years! Who are these rich money bags that were able to pay off thier credit card in a month and then had to do it again the next month?!", ">\n\nI would rather go hungry, than use a credit card for an expense i can’t afford. I pay off my balance as soon as it shows up on my account. Keeps things very simple. I’m not taking a loan, it’s my money I’m spending.\nBut I well understand the credit trap, and am terrified of it. It’s easy to slip.", ">\n\nNo need to be over dramatic.", ">\n\nIf you treat your financial well-being seriously… it’s being “diligent” not dramatic. \nNot being trapped in debt your whole life is a serious thing. People can kill themselves over debt. It can ruin lives.", ">\n\nYou’re still doing it. You can pay down credit card debt, especially if it’s a grocery bill or two. It will not ruin you and there is no reason to be terrified.", ">\n\nI don’t think you realize how habits are formed. \nAnd I don’t think it’s a good look to for you to dismiss good financial health as “being dramatic”. \nCredit cards are a curse to many, but if you’re smart they benefit you.", ">\n\nIt’s not good advice to tell people they should be so terrified of credit card debt and it’s a better alternative to go hungry. Buy a bag of rice/beans/potatoes and some chicken and eat. Credit card debt isn’t good, but you’re being dramatic.", ">\n\nAgain… I don’t think you understand how habits are formed. And I would go hungry ( or eat far cheaper, obviously ) than buy what I want on a credit card if I didn’t think I could pay it off in time. It’s literally how they get you. \nNo wonder people get caught in the credit card debt trap with people like you having flippant attitudes. \nDenial of gratification or delayed gratification is a thing. It’ll save you a lot in the long run.", ">\n\nI understand what you’re saying I just don’t agree. Delayed gratification lol… we’re talking about being able to eat not buying a new laptop. You can float a grocery bill on a credit card, especially if the alternative is going hungry. The idea that you should be terrified by that amount of debt is ridiculous. It’s fine to warn about credit cards but again, don’t be so dramatic.", ">\n\nAs a European I will never understand why you guys even bother with credit cards for the following reasons:\n\nWhy not use debit? It's mone you actually own and you don't have to deal with paying it back or forgetting about it.\nWhy does your credit score system work like that? It feels so alien to me, why don't they just rank it based on how well you repay other debts like car payments, student loan payments, phone payments, spotify etc?\nWhy isn't a credit card automatically locked if you fail to pay last month's balance until you repaid the debt?\n\nIf someone could enlighten me on this I'd actually be grateful.", ">\n\nI got one because apparently having a credit history makes you look better when applying for bigger loans (house loans, personal loans for car repair, etc).", ">\n\nBut does it actually make that easier?", ">\n\nI have no idea, haven't needed to take out any loans, but since I'm using it as slush rather than taking on debt that I can't pay immediately, the practical impact is minimal for me. I'll let you know if I ever have the money for a deposit on a house, probably 2040 or so.", ">\n\nWell, atleast those problems are universal in our modern world! Maybe I can show you around in my 50square feet tinyhouse somewhere near 2035 lmao", ">\n\nSounds good :D", ">\n\nI'll never understand why people would carry credit card debt. It's basically the most expensive borrowing you can do.", ">\n\npeople be broke yo.", ">\n\ntaking out loans at 20% interest doesn't seem like a good solution.", ">\n\nPeople at that point are in survival mode and they aren't worried about the future because they are focused on now. When you're just trying to put food on the table or pay the electric bill it's usually the only solution.", ">\n\nNowhere near 46% of credit card holders are in anywhere close to that situation.", ">\n\nDoubt that you’re right. We’re in a recession", ">\n\nUnemployment is near 0 and, on average, real wages fell a bit less than 2% in 2022. This is hardly the worst of economic times.", ">\n\nThe unemployment rate does not necessarily mean we're not in a recession especially when the unemployment rate doesn't include all unemployed people. Or underemployed people. The vast majority of economists are saying that we're in a recession we are.", ">\n\nWell I do it the mostly keep my credit score really high I normally pay it off after 2 months. I'll put some more on my credit again wait a month build it up again.", ">\n\nThere’s no reason whatsoever to do this. You don’t improve your credit score by paying interest", ">\n\nI don't pay interest on my cards when I do that. The cards that I have when I pay for certain items as long as I pay within the specific time I don't pay interest at all on them.", ">\n\nweren't we taught to hold 5-10% balance on credit cards for reasons?", ">\n\nNot in this household. I was raised to pay off the statement balance each month. The interest you pay when you carry a balance pays for someone else’s credit card rewards.", ">\n\ngotta say, that \"rule\" never made sense to me", ">\n\nIt's a common misconception that carrying a balance improves your credit score. It does not.", ">\n\nThey added a no cash, no register automatic convenience store in the Netherlands. The only problem is that nobody ever shows up except for a few foreigners. Why? Nobody here uses or wants to use credit cards. I hope they never push this shit anymore and learn from it.", ">\n\nWhat does this accomplish?", ">\n\nI literally paid off all my credit cards in may/june and already have almost 2k back on one of em.", ">\n\nGreat. I’m a statistic", ">\n\nSurely this is a sustainable economic system. The media doesn't care as long as the line goes up though. Billionaire are fine and guys like Elon Musk can lose 182 billion dollars and still be one of the richest people on the planet. Must be nice I guess.", ">\n\nHow many have like 0% interest due to various promotions that popped up during pandemic ?\nI have like 10k in debt but all 0%. It was like 20k last year. Thanks to Amex plan it.\nIt’s gonna be 20k next week as I pay my property taxes (still runs me cheaper with the cc fees) all 0%", ">\n\nI'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans." ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou.", ">\n\nYea I do that on one of my cards but it's 0% interest for 24 months so why wouldn't I?", ">\n\nNothing more American than trying to accumulate $30 trillion dollars of debt", ">\n\nFraud is the future. Breached forums (Breached.vc) The financial industry and Department of Justice have been subverted by the rich and well connected. \nCompanies like Walmart and Target budget for theft.", ">\n\nIt looks like when big retail eliminates countless cashier positions that provided sustenance to working class Americans a spike in casual theft follows.\nFast food is expanding the use robotics to replace workers too. Doubtless other industries will follow. Elon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.", ">\n\n\nElon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.\n\nI think he has more immediate things to worry about.", ">\n\nWhat do you expect? 7% inflation with 3% raises and a president encouraging no raises to keep inflation down.", ">\n\nCredit card companies spend a hell of a lot of money in congress to make sure that number is as high as possible.", ">\n\nWhat exactly are they spending on and lobbying for?", ">\n\nI doubt they write reports on the stuff, but general rules and regulations (or spins on them) to maximize profits", ">\n\nOh hey, time to buy Visa stock.", ">\n\nYou mean bank stock?", ">\n\n\"At 19.6%, if you made minimum payments toward the average credit card balance — which is $5,474, according to Transunion — it would take you almost 17 years to pay off the debt and cost you more than $7,528 in interest\"", ">\n\nThis is why bankruptcy laws need to be changed! \nWhy is the rich and corporations allowed to wipe their debt clean and start fresh, yet the poor and middle class have to pay back?", ">\n\nThe single best thing the federal government can do is raise minimum wage. At this point, minimum wage needs to be around $25/hr.\nWhat most don't understand is that wages have been under attack since the 60s. Wages are so lean that they barely touch the bottom dollar. For a high volume manufacturer, you could double everyone's wages, and the sell price of goods made would need to increase by less than 1% to cover the added cost. For a low volume, labor intensive manufacturer, the sell price would only go up by 3% to 5%. The only hard hit industries are service industries were labor is the major component of the business. However, if your wages go from $40k a year to $80k a year, and you're rolling in $40,000, you're not going to care one bit that your Uber was $35 instead of $20. Your cereal will cost $0.01 more, and your new $2000 smart fridge will cost you $60 more. And for this financial burden EVERYBODY is making 2x income.\nThis is how far behind wages are because of a 60 year war against them. They almost don't matter to the sell price, but it's also the first thing management targets, because wages are costs and costs are evil.\nUltimately it's a self mutilating cycle of starvation and suffering for literally no good reason.\nWorse yet, we systematically stifle economic growth, buying power, and ultimately GDP. \nThe lack of adequate wages also drivers many social problems like crime and even mental illness. It drivers health issues and increases burdens on society for long term care. It also deters family planning, education, and social diversification.\nFrankly, the masochism of wage stagnation is wild. Why would you ever willfully chose suffering?", ">\n\nCould be worse. Round here I’ve seen credit cards with interest rates that can go up to 586% per year", ">\n\nWe have 3 credit cards that we used for bills and then just paid off immediately with actual cash. Then a funeral for my girlfriends grandma 2500 miles away caused us to max them out going to say goodbye. Now we've had that debt since June unable to catch up due to life's many cruel jokes. 😢", ">\n\nYou could have refused to go to the funeral or asked relatives for financial assistance. Admitting you can't go to a funeral because you can't afford it even if you want to shouldn't be looked down on.", ">\n\nUnfortunately funerals and the funeral industry are a massively exploitative affair designed to emotionally manipulate the fuck out of people to get their money. They go out of their way to make the cheap option like cremation into expensive items. O you wouldnt want your to be uncomfortable in the cardboard box before it burns, how about a $3k upgrade box to be burned?", ">\n\nI love how they're framing it like people are choosing to use credit cards. If this was honestly written it would sound more like \"46% of cardholders are forced to carry debt from month to month as expenses stay high\" or if they wanted to be neutral \"credit card use is high as a result of high expenses\" not this \"people are choosing to be poor\" shit.", ">\n\nThis is the kind of signal the fed is looking for to stop the rate hikes", ">\n\nNot at all surprised. Way too many people spending money they don't have. You're not entitled to have doordash every day because you're too important to get your own food (or even better to cook it). It seems like people are deciding what standard of living they deserve and then worrying about the cost after.", ">\n\nCan you please please please tell my wife this. She’s addicted to door dash and we even have a goddamn supermarket in our building.", ">\n\nI’ve never understood the allure to this. Paying premium prices for below average food that arrives luke warm at best", ">\n\nYou’ve never understood the allure to delivery?", ">\n\nDelivery in concept is fine. Doordash-style delivery is dumb if looked at in context.", ">\n\nWould you get heart surgery from someone who has never done heart surgery before?\nThe credit world is built on statistical analysis. If you have a history of managing debt well, you get a good score, and banks will give you the best rates. If you have a history of not managing debt well, you have a bad score and banks are going to give you high rates (or not lend to you at all) because you're a risk.\nIf you have no history and you're young you can get provisional cards, loans, etc. to start building it up. However, if you are older with no history and you suddenly start asking for credit, that's actually a big red flag.\nLike everything else in life, actions have consequences.", ">\n\nI received a credit card offer from my bank (Bank of America) at midnight on my 18th birthday. On the same day I got approved for a $500 limit credit card. They want to get you in as soon they can and keep you in the cycle of paying off the credit card just to put more stuff on it because all your money went to pay the credit card.", ">\n\nTake the card. Spend 10$ every month and pay off the card every month. Do no more or and no less and at least get a credit rating out of it.", ">\n\nA regular expense that is automatically deducted, like a streaming subscription, is a great way to accomplish this.\nI have a couple of older cards that I don't really use but haven't canceled because they're my oldest cards and I don't want to ding my account age. That's how I keep them active.", ">\n\nYou missed the part about an automatic payment! \nSetup at least automatic minimum payment to make sure you never get penalized for missing entirely, and then even better setup FULL automatic payment if you know you can afford to pay off the limit if you ever forgot.", ">\n\nI've never done automatic payment, as my budget software reminds me to pay it, but that's a good idea.", ">\n\nLook at this gal with the B word.", ">\n\nThat is a fuck ton to go out. Like even once a week is a luxury most people can't afford.", ">\n\nYea what the fuck.. I make an ok salary and i am still eating out maybe once or twice every two weeks. Saving and investing is still difficult.", ">\n\nShopping around for credit cards is very important if you're going to do this. I have a fixed 4.99% mbna card that I'll keep until i die. Low fix apr's with no annual fees is the way to go. If you can keep a 0.00 balance, use credit cards for everything and rack up on bonus points. That takes discipline tho.", ">\n\nEveryone needs to consider reducing expenses before using credit cards.\nSell your stuff, divest assets, learn to live with less stuff and things and most importantly, learn to say no to both others and your self. Financial discipline starts with you.", ">\n\nNo we should actually be protesting and striking. We do not need to lick boots.", ">\n\nr/usernamechecksout", ">\n\nMonth to month?! I've carried the same debt for years! Who are these rich money bags that were able to pay off thier credit card in a month and then had to do it again the next month?!", ">\n\nI would rather go hungry, than use a credit card for an expense i can’t afford. I pay off my balance as soon as it shows up on my account. Keeps things very simple. I’m not taking a loan, it’s my money I’m spending.\nBut I well understand the credit trap, and am terrified of it. It’s easy to slip.", ">\n\nNo need to be over dramatic.", ">\n\nIf you treat your financial well-being seriously… it’s being “diligent” not dramatic. \nNot being trapped in debt your whole life is a serious thing. People can kill themselves over debt. It can ruin lives.", ">\n\nYou’re still doing it. You can pay down credit card debt, especially if it’s a grocery bill or two. It will not ruin you and there is no reason to be terrified.", ">\n\nI don’t think you realize how habits are formed. \nAnd I don’t think it’s a good look to for you to dismiss good financial health as “being dramatic”. \nCredit cards are a curse to many, but if you’re smart they benefit you.", ">\n\nIt’s not good advice to tell people they should be so terrified of credit card debt and it’s a better alternative to go hungry. Buy a bag of rice/beans/potatoes and some chicken and eat. Credit card debt isn’t good, but you’re being dramatic.", ">\n\nAgain… I don’t think you understand how habits are formed. And I would go hungry ( or eat far cheaper, obviously ) than buy what I want on a credit card if I didn’t think I could pay it off in time. It’s literally how they get you. \nNo wonder people get caught in the credit card debt trap with people like you having flippant attitudes. \nDenial of gratification or delayed gratification is a thing. It’ll save you a lot in the long run.", ">\n\nI understand what you’re saying I just don’t agree. Delayed gratification lol… we’re talking about being able to eat not buying a new laptop. You can float a grocery bill on a credit card, especially if the alternative is going hungry. The idea that you should be terrified by that amount of debt is ridiculous. It’s fine to warn about credit cards but again, don’t be so dramatic.", ">\n\nAs a European I will never understand why you guys even bother with credit cards for the following reasons:\n\nWhy not use debit? It's mone you actually own and you don't have to deal with paying it back or forgetting about it.\nWhy does your credit score system work like that? It feels so alien to me, why don't they just rank it based on how well you repay other debts like car payments, student loan payments, phone payments, spotify etc?\nWhy isn't a credit card automatically locked if you fail to pay last month's balance until you repaid the debt?\n\nIf someone could enlighten me on this I'd actually be grateful.", ">\n\nI got one because apparently having a credit history makes you look better when applying for bigger loans (house loans, personal loans for car repair, etc).", ">\n\nBut does it actually make that easier?", ">\n\nI have no idea, haven't needed to take out any loans, but since I'm using it as slush rather than taking on debt that I can't pay immediately, the practical impact is minimal for me. I'll let you know if I ever have the money for a deposit on a house, probably 2040 or so.", ">\n\nWell, atleast those problems are universal in our modern world! Maybe I can show you around in my 50square feet tinyhouse somewhere near 2035 lmao", ">\n\nSounds good :D", ">\n\nI'll never understand why people would carry credit card debt. It's basically the most expensive borrowing you can do.", ">\n\npeople be broke yo.", ">\n\ntaking out loans at 20% interest doesn't seem like a good solution.", ">\n\nPeople at that point are in survival mode and they aren't worried about the future because they are focused on now. When you're just trying to put food on the table or pay the electric bill it's usually the only solution.", ">\n\nNowhere near 46% of credit card holders are in anywhere close to that situation.", ">\n\nDoubt that you’re right. We’re in a recession", ">\n\nUnemployment is near 0 and, on average, real wages fell a bit less than 2% in 2022. This is hardly the worst of economic times.", ">\n\nThe unemployment rate does not necessarily mean we're not in a recession especially when the unemployment rate doesn't include all unemployed people. Or underemployed people. The vast majority of economists are saying that we're in a recession we are.", ">\n\nWell I do it the mostly keep my credit score really high I normally pay it off after 2 months. I'll put some more on my credit again wait a month build it up again.", ">\n\nThere’s no reason whatsoever to do this. You don’t improve your credit score by paying interest", ">\n\nI don't pay interest on my cards when I do that. The cards that I have when I pay for certain items as long as I pay within the specific time I don't pay interest at all on them.", ">\n\nweren't we taught to hold 5-10% balance on credit cards for reasons?", ">\n\nNot in this household. I was raised to pay off the statement balance each month. The interest you pay when you carry a balance pays for someone else’s credit card rewards.", ">\n\ngotta say, that \"rule\" never made sense to me", ">\n\nIt's a common misconception that carrying a balance improves your credit score. It does not.", ">\n\nThey added a no cash, no register automatic convenience store in the Netherlands. The only problem is that nobody ever shows up except for a few foreigners. Why? Nobody here uses or wants to use credit cards. I hope they never push this shit anymore and learn from it.", ">\n\nWhat does this accomplish?", ">\n\nI literally paid off all my credit cards in may/june and already have almost 2k back on one of em.", ">\n\nGreat. I’m a statistic", ">\n\nSurely this is a sustainable economic system. The media doesn't care as long as the line goes up though. Billionaire are fine and guys like Elon Musk can lose 182 billion dollars and still be one of the richest people on the planet. Must be nice I guess.", ">\n\nHow many have like 0% interest due to various promotions that popped up during pandemic ?\nI have like 10k in debt but all 0%. It was like 20k last year. Thanks to Amex plan it.\nIt’s gonna be 20k next week as I pay my property taxes (still runs me cheaper with the cc fees) all 0%", ">\n\nI'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit." ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou.", ">\n\nYea I do that on one of my cards but it's 0% interest for 24 months so why wouldn't I?", ">\n\nNothing more American than trying to accumulate $30 trillion dollars of debt", ">\n\nFraud is the future. Breached forums (Breached.vc) The financial industry and Department of Justice have been subverted by the rich and well connected. \nCompanies like Walmart and Target budget for theft.", ">\n\nIt looks like when big retail eliminates countless cashier positions that provided sustenance to working class Americans a spike in casual theft follows.\nFast food is expanding the use robotics to replace workers too. Doubtless other industries will follow. Elon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.", ">\n\n\nElon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.\n\nI think he has more immediate things to worry about.", ">\n\nWhat do you expect? 7% inflation with 3% raises and a president encouraging no raises to keep inflation down.", ">\n\nCredit card companies spend a hell of a lot of money in congress to make sure that number is as high as possible.", ">\n\nWhat exactly are they spending on and lobbying for?", ">\n\nI doubt they write reports on the stuff, but general rules and regulations (or spins on them) to maximize profits", ">\n\nOh hey, time to buy Visa stock.", ">\n\nYou mean bank stock?", ">\n\n\"At 19.6%, if you made minimum payments toward the average credit card balance — which is $5,474, according to Transunion — it would take you almost 17 years to pay off the debt and cost you more than $7,528 in interest\"", ">\n\nThis is why bankruptcy laws need to be changed! \nWhy is the rich and corporations allowed to wipe their debt clean and start fresh, yet the poor and middle class have to pay back?", ">\n\nThe single best thing the federal government can do is raise minimum wage. At this point, minimum wage needs to be around $25/hr.\nWhat most don't understand is that wages have been under attack since the 60s. Wages are so lean that they barely touch the bottom dollar. For a high volume manufacturer, you could double everyone's wages, and the sell price of goods made would need to increase by less than 1% to cover the added cost. For a low volume, labor intensive manufacturer, the sell price would only go up by 3% to 5%. The only hard hit industries are service industries were labor is the major component of the business. However, if your wages go from $40k a year to $80k a year, and you're rolling in $40,000, you're not going to care one bit that your Uber was $35 instead of $20. Your cereal will cost $0.01 more, and your new $2000 smart fridge will cost you $60 more. And for this financial burden EVERYBODY is making 2x income.\nThis is how far behind wages are because of a 60 year war against them. They almost don't matter to the sell price, but it's also the first thing management targets, because wages are costs and costs are evil.\nUltimately it's a self mutilating cycle of starvation and suffering for literally no good reason.\nWorse yet, we systematically stifle economic growth, buying power, and ultimately GDP. \nThe lack of adequate wages also drivers many social problems like crime and even mental illness. It drivers health issues and increases burdens on society for long term care. It also deters family planning, education, and social diversification.\nFrankly, the masochism of wage stagnation is wild. Why would you ever willfully chose suffering?", ">\n\nCould be worse. Round here I’ve seen credit cards with interest rates that can go up to 586% per year", ">\n\nWe have 3 credit cards that we used for bills and then just paid off immediately with actual cash. Then a funeral for my girlfriends grandma 2500 miles away caused us to max them out going to say goodbye. Now we've had that debt since June unable to catch up due to life's many cruel jokes. 😢", ">\n\nYou could have refused to go to the funeral or asked relatives for financial assistance. Admitting you can't go to a funeral because you can't afford it even if you want to shouldn't be looked down on.", ">\n\nUnfortunately funerals and the funeral industry are a massively exploitative affair designed to emotionally manipulate the fuck out of people to get their money. They go out of their way to make the cheap option like cremation into expensive items. O you wouldnt want your to be uncomfortable in the cardboard box before it burns, how about a $3k upgrade box to be burned?", ">\n\nI love how they're framing it like people are choosing to use credit cards. If this was honestly written it would sound more like \"46% of cardholders are forced to carry debt from month to month as expenses stay high\" or if they wanted to be neutral \"credit card use is high as a result of high expenses\" not this \"people are choosing to be poor\" shit.", ">\n\nThis is the kind of signal the fed is looking for to stop the rate hikes", ">\n\nNot at all surprised. Way too many people spending money they don't have. You're not entitled to have doordash every day because you're too important to get your own food (or even better to cook it). It seems like people are deciding what standard of living they deserve and then worrying about the cost after.", ">\n\nCan you please please please tell my wife this. She’s addicted to door dash and we even have a goddamn supermarket in our building.", ">\n\nI’ve never understood the allure to this. Paying premium prices for below average food that arrives luke warm at best", ">\n\nYou’ve never understood the allure to delivery?", ">\n\nDelivery in concept is fine. Doordash-style delivery is dumb if looked at in context.", ">\n\nWould you get heart surgery from someone who has never done heart surgery before?\nThe credit world is built on statistical analysis. If you have a history of managing debt well, you get a good score, and banks will give you the best rates. If you have a history of not managing debt well, you have a bad score and banks are going to give you high rates (or not lend to you at all) because you're a risk.\nIf you have no history and you're young you can get provisional cards, loans, etc. to start building it up. However, if you are older with no history and you suddenly start asking for credit, that's actually a big red flag.\nLike everything else in life, actions have consequences.", ">\n\nI received a credit card offer from my bank (Bank of America) at midnight on my 18th birthday. On the same day I got approved for a $500 limit credit card. They want to get you in as soon they can and keep you in the cycle of paying off the credit card just to put more stuff on it because all your money went to pay the credit card.", ">\n\nTake the card. Spend 10$ every month and pay off the card every month. Do no more or and no less and at least get a credit rating out of it.", ">\n\nA regular expense that is automatically deducted, like a streaming subscription, is a great way to accomplish this.\nI have a couple of older cards that I don't really use but haven't canceled because they're my oldest cards and I don't want to ding my account age. That's how I keep them active.", ">\n\nYou missed the part about an automatic payment! \nSetup at least automatic minimum payment to make sure you never get penalized for missing entirely, and then even better setup FULL automatic payment if you know you can afford to pay off the limit if you ever forgot.", ">\n\nI've never done automatic payment, as my budget software reminds me to pay it, but that's a good idea.", ">\n\nLook at this gal with the B word.", ">\n\nThat is a fuck ton to go out. Like even once a week is a luxury most people can't afford.", ">\n\nYea what the fuck.. I make an ok salary and i am still eating out maybe once or twice every two weeks. Saving and investing is still difficult.", ">\n\nShopping around for credit cards is very important if you're going to do this. I have a fixed 4.99% mbna card that I'll keep until i die. Low fix apr's with no annual fees is the way to go. If you can keep a 0.00 balance, use credit cards for everything and rack up on bonus points. That takes discipline tho.", ">\n\nEveryone needs to consider reducing expenses before using credit cards.\nSell your stuff, divest assets, learn to live with less stuff and things and most importantly, learn to say no to both others and your self. Financial discipline starts with you.", ">\n\nNo we should actually be protesting and striking. We do not need to lick boots.", ">\n\nr/usernamechecksout", ">\n\nMonth to month?! I've carried the same debt for years! Who are these rich money bags that were able to pay off thier credit card in a month and then had to do it again the next month?!", ">\n\nI would rather go hungry, than use a credit card for an expense i can’t afford. I pay off my balance as soon as it shows up on my account. Keeps things very simple. I’m not taking a loan, it’s my money I’m spending.\nBut I well understand the credit trap, and am terrified of it. It’s easy to slip.", ">\n\nNo need to be over dramatic.", ">\n\nIf you treat your financial well-being seriously… it’s being “diligent” not dramatic. \nNot being trapped in debt your whole life is a serious thing. People can kill themselves over debt. It can ruin lives.", ">\n\nYou’re still doing it. You can pay down credit card debt, especially if it’s a grocery bill or two. It will not ruin you and there is no reason to be terrified.", ">\n\nI don’t think you realize how habits are formed. \nAnd I don’t think it’s a good look to for you to dismiss good financial health as “being dramatic”. \nCredit cards are a curse to many, but if you’re smart they benefit you.", ">\n\nIt’s not good advice to tell people they should be so terrified of credit card debt and it’s a better alternative to go hungry. Buy a bag of rice/beans/potatoes and some chicken and eat. Credit card debt isn’t good, but you’re being dramatic.", ">\n\nAgain… I don’t think you understand how habits are formed. And I would go hungry ( or eat far cheaper, obviously ) than buy what I want on a credit card if I didn’t think I could pay it off in time. It’s literally how they get you. \nNo wonder people get caught in the credit card debt trap with people like you having flippant attitudes. \nDenial of gratification or delayed gratification is a thing. It’ll save you a lot in the long run.", ">\n\nI understand what you’re saying I just don’t agree. Delayed gratification lol… we’re talking about being able to eat not buying a new laptop. You can float a grocery bill on a credit card, especially if the alternative is going hungry. The idea that you should be terrified by that amount of debt is ridiculous. It’s fine to warn about credit cards but again, don’t be so dramatic.", ">\n\nAs a European I will never understand why you guys even bother with credit cards for the following reasons:\n\nWhy not use debit? It's mone you actually own and you don't have to deal with paying it back or forgetting about it.\nWhy does your credit score system work like that? It feels so alien to me, why don't they just rank it based on how well you repay other debts like car payments, student loan payments, phone payments, spotify etc?\nWhy isn't a credit card automatically locked if you fail to pay last month's balance until you repaid the debt?\n\nIf someone could enlighten me on this I'd actually be grateful.", ">\n\nI got one because apparently having a credit history makes you look better when applying for bigger loans (house loans, personal loans for car repair, etc).", ">\n\nBut does it actually make that easier?", ">\n\nI have no idea, haven't needed to take out any loans, but since I'm using it as slush rather than taking on debt that I can't pay immediately, the practical impact is minimal for me. I'll let you know if I ever have the money for a deposit on a house, probably 2040 or so.", ">\n\nWell, atleast those problems are universal in our modern world! Maybe I can show you around in my 50square feet tinyhouse somewhere near 2035 lmao", ">\n\nSounds good :D", ">\n\nI'll never understand why people would carry credit card debt. It's basically the most expensive borrowing you can do.", ">\n\npeople be broke yo.", ">\n\ntaking out loans at 20% interest doesn't seem like a good solution.", ">\n\nPeople at that point are in survival mode and they aren't worried about the future because they are focused on now. When you're just trying to put food on the table or pay the electric bill it's usually the only solution.", ">\n\nNowhere near 46% of credit card holders are in anywhere close to that situation.", ">\n\nDoubt that you’re right. We’re in a recession", ">\n\nUnemployment is near 0 and, on average, real wages fell a bit less than 2% in 2022. This is hardly the worst of economic times.", ">\n\nThe unemployment rate does not necessarily mean we're not in a recession especially when the unemployment rate doesn't include all unemployed people. Or underemployed people. The vast majority of economists are saying that we're in a recession we are.", ">\n\nWell I do it the mostly keep my credit score really high I normally pay it off after 2 months. I'll put some more on my credit again wait a month build it up again.", ">\n\nThere’s no reason whatsoever to do this. You don’t improve your credit score by paying interest", ">\n\nI don't pay interest on my cards when I do that. The cards that I have when I pay for certain items as long as I pay within the specific time I don't pay interest at all on them.", ">\n\nweren't we taught to hold 5-10% balance on credit cards for reasons?", ">\n\nNot in this household. I was raised to pay off the statement balance each month. The interest you pay when you carry a balance pays for someone else’s credit card rewards.", ">\n\ngotta say, that \"rule\" never made sense to me", ">\n\nIt's a common misconception that carrying a balance improves your credit score. It does not.", ">\n\nThey added a no cash, no register automatic convenience store in the Netherlands. The only problem is that nobody ever shows up except for a few foreigners. Why? Nobody here uses or wants to use credit cards. I hope they never push this shit anymore and learn from it.", ">\n\nWhat does this accomplish?", ">\n\nI literally paid off all my credit cards in may/june and already have almost 2k back on one of em.", ">\n\nGreat. I’m a statistic", ">\n\nSurely this is a sustainable economic system. The media doesn't care as long as the line goes up though. Billionaire are fine and guys like Elon Musk can lose 182 billion dollars and still be one of the richest people on the planet. Must be nice I guess.", ">\n\nHow many have like 0% interest due to various promotions that popped up during pandemic ?\nI have like 10k in debt but all 0%. It was like 20k last year. Thanks to Amex plan it.\nIt’s gonna be 20k next week as I pay my property taxes (still runs me cheaper with the cc fees) all 0%", ">\n\nI'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!" ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou.", ">\n\nYea I do that on one of my cards but it's 0% interest for 24 months so why wouldn't I?", ">\n\nNothing more American than trying to accumulate $30 trillion dollars of debt", ">\n\nFraud is the future. Breached forums (Breached.vc) The financial industry and Department of Justice have been subverted by the rich and well connected. \nCompanies like Walmart and Target budget for theft.", ">\n\nIt looks like when big retail eliminates countless cashier positions that provided sustenance to working class Americans a spike in casual theft follows.\nFast food is expanding the use robotics to replace workers too. Doubtless other industries will follow. Elon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.", ">\n\n\nElon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.\n\nI think he has more immediate things to worry about.", ">\n\nWhat do you expect? 7% inflation with 3% raises and a president encouraging no raises to keep inflation down.", ">\n\nCredit card companies spend a hell of a lot of money in congress to make sure that number is as high as possible.", ">\n\nWhat exactly are they spending on and lobbying for?", ">\n\nI doubt they write reports on the stuff, but general rules and regulations (or spins on them) to maximize profits", ">\n\nOh hey, time to buy Visa stock.", ">\n\nYou mean bank stock?", ">\n\n\"At 19.6%, if you made minimum payments toward the average credit card balance — which is $5,474, according to Transunion — it would take you almost 17 years to pay off the debt and cost you more than $7,528 in interest\"", ">\n\nThis is why bankruptcy laws need to be changed! \nWhy is the rich and corporations allowed to wipe their debt clean and start fresh, yet the poor and middle class have to pay back?", ">\n\nThe single best thing the federal government can do is raise minimum wage. At this point, minimum wage needs to be around $25/hr.\nWhat most don't understand is that wages have been under attack since the 60s. Wages are so lean that they barely touch the bottom dollar. For a high volume manufacturer, you could double everyone's wages, and the sell price of goods made would need to increase by less than 1% to cover the added cost. For a low volume, labor intensive manufacturer, the sell price would only go up by 3% to 5%. The only hard hit industries are service industries were labor is the major component of the business. However, if your wages go from $40k a year to $80k a year, and you're rolling in $40,000, you're not going to care one bit that your Uber was $35 instead of $20. Your cereal will cost $0.01 more, and your new $2000 smart fridge will cost you $60 more. And for this financial burden EVERYBODY is making 2x income.\nThis is how far behind wages are because of a 60 year war against them. They almost don't matter to the sell price, but it's also the first thing management targets, because wages are costs and costs are evil.\nUltimately it's a self mutilating cycle of starvation and suffering for literally no good reason.\nWorse yet, we systematically stifle economic growth, buying power, and ultimately GDP. \nThe lack of adequate wages also drivers many social problems like crime and even mental illness. It drivers health issues and increases burdens on society for long term care. It also deters family planning, education, and social diversification.\nFrankly, the masochism of wage stagnation is wild. Why would you ever willfully chose suffering?", ">\n\nCould be worse. Round here I’ve seen credit cards with interest rates that can go up to 586% per year", ">\n\nWe have 3 credit cards that we used for bills and then just paid off immediately with actual cash. Then a funeral for my girlfriends grandma 2500 miles away caused us to max them out going to say goodbye. Now we've had that debt since June unable to catch up due to life's many cruel jokes. 😢", ">\n\nYou could have refused to go to the funeral or asked relatives for financial assistance. Admitting you can't go to a funeral because you can't afford it even if you want to shouldn't be looked down on.", ">\n\nUnfortunately funerals and the funeral industry are a massively exploitative affair designed to emotionally manipulate the fuck out of people to get their money. They go out of their way to make the cheap option like cremation into expensive items. O you wouldnt want your to be uncomfortable in the cardboard box before it burns, how about a $3k upgrade box to be burned?", ">\n\nI love how they're framing it like people are choosing to use credit cards. If this was honestly written it would sound more like \"46% of cardholders are forced to carry debt from month to month as expenses stay high\" or if they wanted to be neutral \"credit card use is high as a result of high expenses\" not this \"people are choosing to be poor\" shit.", ">\n\nThis is the kind of signal the fed is looking for to stop the rate hikes", ">\n\nNot at all surprised. Way too many people spending money they don't have. You're not entitled to have doordash every day because you're too important to get your own food (or even better to cook it). It seems like people are deciding what standard of living they deserve and then worrying about the cost after.", ">\n\nCan you please please please tell my wife this. She’s addicted to door dash and we even have a goddamn supermarket in our building.", ">\n\nI’ve never understood the allure to this. Paying premium prices for below average food that arrives luke warm at best", ">\n\nYou’ve never understood the allure to delivery?", ">\n\nDelivery in concept is fine. Doordash-style delivery is dumb if looked at in context.", ">\n\nWould you get heart surgery from someone who has never done heart surgery before?\nThe credit world is built on statistical analysis. If you have a history of managing debt well, you get a good score, and banks will give you the best rates. If you have a history of not managing debt well, you have a bad score and banks are going to give you high rates (or not lend to you at all) because you're a risk.\nIf you have no history and you're young you can get provisional cards, loans, etc. to start building it up. However, if you are older with no history and you suddenly start asking for credit, that's actually a big red flag.\nLike everything else in life, actions have consequences.", ">\n\nI received a credit card offer from my bank (Bank of America) at midnight on my 18th birthday. On the same day I got approved for a $500 limit credit card. They want to get you in as soon they can and keep you in the cycle of paying off the credit card just to put more stuff on it because all your money went to pay the credit card.", ">\n\nTake the card. Spend 10$ every month and pay off the card every month. Do no more or and no less and at least get a credit rating out of it.", ">\n\nA regular expense that is automatically deducted, like a streaming subscription, is a great way to accomplish this.\nI have a couple of older cards that I don't really use but haven't canceled because they're my oldest cards and I don't want to ding my account age. That's how I keep them active.", ">\n\nYou missed the part about an automatic payment! \nSetup at least automatic minimum payment to make sure you never get penalized for missing entirely, and then even better setup FULL automatic payment if you know you can afford to pay off the limit if you ever forgot.", ">\n\nI've never done automatic payment, as my budget software reminds me to pay it, but that's a good idea.", ">\n\nLook at this gal with the B word.", ">\n\nThat is a fuck ton to go out. Like even once a week is a luxury most people can't afford.", ">\n\nYea what the fuck.. I make an ok salary and i am still eating out maybe once or twice every two weeks. Saving and investing is still difficult.", ">\n\nShopping around for credit cards is very important if you're going to do this. I have a fixed 4.99% mbna card that I'll keep until i die. Low fix apr's with no annual fees is the way to go. If you can keep a 0.00 balance, use credit cards for everything and rack up on bonus points. That takes discipline tho.", ">\n\nEveryone needs to consider reducing expenses before using credit cards.\nSell your stuff, divest assets, learn to live with less stuff and things and most importantly, learn to say no to both others and your self. Financial discipline starts with you.", ">\n\nNo we should actually be protesting and striking. We do not need to lick boots.", ">\n\nr/usernamechecksout", ">\n\nMonth to month?! I've carried the same debt for years! Who are these rich money bags that were able to pay off thier credit card in a month and then had to do it again the next month?!", ">\n\nI would rather go hungry, than use a credit card for an expense i can’t afford. I pay off my balance as soon as it shows up on my account. Keeps things very simple. I’m not taking a loan, it’s my money I’m spending.\nBut I well understand the credit trap, and am terrified of it. It’s easy to slip.", ">\n\nNo need to be over dramatic.", ">\n\nIf you treat your financial well-being seriously… it’s being “diligent” not dramatic. \nNot being trapped in debt your whole life is a serious thing. People can kill themselves over debt. It can ruin lives.", ">\n\nYou’re still doing it. You can pay down credit card debt, especially if it’s a grocery bill or two. It will not ruin you and there is no reason to be terrified.", ">\n\nI don’t think you realize how habits are formed. \nAnd I don’t think it’s a good look to for you to dismiss good financial health as “being dramatic”. \nCredit cards are a curse to many, but if you’re smart they benefit you.", ">\n\nIt’s not good advice to tell people they should be so terrified of credit card debt and it’s a better alternative to go hungry. Buy a bag of rice/beans/potatoes and some chicken and eat. Credit card debt isn’t good, but you’re being dramatic.", ">\n\nAgain… I don’t think you understand how habits are formed. And I would go hungry ( or eat far cheaper, obviously ) than buy what I want on a credit card if I didn’t think I could pay it off in time. It’s literally how they get you. \nNo wonder people get caught in the credit card debt trap with people like you having flippant attitudes. \nDenial of gratification or delayed gratification is a thing. It’ll save you a lot in the long run.", ">\n\nI understand what you’re saying I just don’t agree. Delayed gratification lol… we’re talking about being able to eat not buying a new laptop. You can float a grocery bill on a credit card, especially if the alternative is going hungry. The idea that you should be terrified by that amount of debt is ridiculous. It’s fine to warn about credit cards but again, don’t be so dramatic.", ">\n\nAs a European I will never understand why you guys even bother with credit cards for the following reasons:\n\nWhy not use debit? It's mone you actually own and you don't have to deal with paying it back or forgetting about it.\nWhy does your credit score system work like that? It feels so alien to me, why don't they just rank it based on how well you repay other debts like car payments, student loan payments, phone payments, spotify etc?\nWhy isn't a credit card automatically locked if you fail to pay last month's balance until you repaid the debt?\n\nIf someone could enlighten me on this I'd actually be grateful.", ">\n\nI got one because apparently having a credit history makes you look better when applying for bigger loans (house loans, personal loans for car repair, etc).", ">\n\nBut does it actually make that easier?", ">\n\nI have no idea, haven't needed to take out any loans, but since I'm using it as slush rather than taking on debt that I can't pay immediately, the practical impact is minimal for me. I'll let you know if I ever have the money for a deposit on a house, probably 2040 or so.", ">\n\nWell, atleast those problems are universal in our modern world! Maybe I can show you around in my 50square feet tinyhouse somewhere near 2035 lmao", ">\n\nSounds good :D", ">\n\nI'll never understand why people would carry credit card debt. It's basically the most expensive borrowing you can do.", ">\n\npeople be broke yo.", ">\n\ntaking out loans at 20% interest doesn't seem like a good solution.", ">\n\nPeople at that point are in survival mode and they aren't worried about the future because they are focused on now. When you're just trying to put food on the table or pay the electric bill it's usually the only solution.", ">\n\nNowhere near 46% of credit card holders are in anywhere close to that situation.", ">\n\nDoubt that you’re right. We’re in a recession", ">\n\nUnemployment is near 0 and, on average, real wages fell a bit less than 2% in 2022. This is hardly the worst of economic times.", ">\n\nThe unemployment rate does not necessarily mean we're not in a recession especially when the unemployment rate doesn't include all unemployed people. Or underemployed people. The vast majority of economists are saying that we're in a recession we are.", ">\n\nWell I do it the mostly keep my credit score really high I normally pay it off after 2 months. I'll put some more on my credit again wait a month build it up again.", ">\n\nThere’s no reason whatsoever to do this. You don’t improve your credit score by paying interest", ">\n\nI don't pay interest on my cards when I do that. The cards that I have when I pay for certain items as long as I pay within the specific time I don't pay interest at all on them.", ">\n\nweren't we taught to hold 5-10% balance on credit cards for reasons?", ">\n\nNot in this household. I was raised to pay off the statement balance each month. The interest you pay when you carry a balance pays for someone else’s credit card rewards.", ">\n\ngotta say, that \"rule\" never made sense to me", ">\n\nIt's a common misconception that carrying a balance improves your credit score. It does not.", ">\n\nThey added a no cash, no register automatic convenience store in the Netherlands. The only problem is that nobody ever shows up except for a few foreigners. Why? Nobody here uses or wants to use credit cards. I hope they never push this shit anymore and learn from it.", ">\n\nWhat does this accomplish?", ">\n\nI literally paid off all my credit cards in may/june and already have almost 2k back on one of em.", ">\n\nGreat. I’m a statistic", ">\n\nSurely this is a sustainable economic system. The media doesn't care as long as the line goes up though. Billionaire are fine and guys like Elon Musk can lose 182 billion dollars and still be one of the richest people on the planet. Must be nice I guess.", ">\n\nHow many have like 0% interest due to various promotions that popped up during pandemic ?\nI have like 10k in debt but all 0%. It was like 20k last year. Thanks to Amex plan it.\nIt’s gonna be 20k next week as I pay my property taxes (still runs me cheaper with the cc fees) all 0%", ">\n\nI'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon." ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou.", ">\n\nYea I do that on one of my cards but it's 0% interest for 24 months so why wouldn't I?", ">\n\nNothing more American than trying to accumulate $30 trillion dollars of debt", ">\n\nFraud is the future. Breached forums (Breached.vc) The financial industry and Department of Justice have been subverted by the rich and well connected. \nCompanies like Walmart and Target budget for theft.", ">\n\nIt looks like when big retail eliminates countless cashier positions that provided sustenance to working class Americans a spike in casual theft follows.\nFast food is expanding the use robotics to replace workers too. Doubtless other industries will follow. Elon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.", ">\n\n\nElon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.\n\nI think he has more immediate things to worry about.", ">\n\nWhat do you expect? 7% inflation with 3% raises and a president encouraging no raises to keep inflation down.", ">\n\nCredit card companies spend a hell of a lot of money in congress to make sure that number is as high as possible.", ">\n\nWhat exactly are they spending on and lobbying for?", ">\n\nI doubt they write reports on the stuff, but general rules and regulations (or spins on them) to maximize profits", ">\n\nOh hey, time to buy Visa stock.", ">\n\nYou mean bank stock?", ">\n\n\"At 19.6%, if you made minimum payments toward the average credit card balance — which is $5,474, according to Transunion — it would take you almost 17 years to pay off the debt and cost you more than $7,528 in interest\"", ">\n\nThis is why bankruptcy laws need to be changed! \nWhy is the rich and corporations allowed to wipe their debt clean and start fresh, yet the poor and middle class have to pay back?", ">\n\nThe single best thing the federal government can do is raise minimum wage. At this point, minimum wage needs to be around $25/hr.\nWhat most don't understand is that wages have been under attack since the 60s. Wages are so lean that they barely touch the bottom dollar. For a high volume manufacturer, you could double everyone's wages, and the sell price of goods made would need to increase by less than 1% to cover the added cost. For a low volume, labor intensive manufacturer, the sell price would only go up by 3% to 5%. The only hard hit industries are service industries were labor is the major component of the business. However, if your wages go from $40k a year to $80k a year, and you're rolling in $40,000, you're not going to care one bit that your Uber was $35 instead of $20. Your cereal will cost $0.01 more, and your new $2000 smart fridge will cost you $60 more. And for this financial burden EVERYBODY is making 2x income.\nThis is how far behind wages are because of a 60 year war against them. They almost don't matter to the sell price, but it's also the first thing management targets, because wages are costs and costs are evil.\nUltimately it's a self mutilating cycle of starvation and suffering for literally no good reason.\nWorse yet, we systematically stifle economic growth, buying power, and ultimately GDP. \nThe lack of adequate wages also drivers many social problems like crime and even mental illness. It drivers health issues and increases burdens on society for long term care. It also deters family planning, education, and social diversification.\nFrankly, the masochism of wage stagnation is wild. Why would you ever willfully chose suffering?", ">\n\nCould be worse. Round here I’ve seen credit cards with interest rates that can go up to 586% per year", ">\n\nWe have 3 credit cards that we used for bills and then just paid off immediately with actual cash. Then a funeral for my girlfriends grandma 2500 miles away caused us to max them out going to say goodbye. Now we've had that debt since June unable to catch up due to life's many cruel jokes. 😢", ">\n\nYou could have refused to go to the funeral or asked relatives for financial assistance. Admitting you can't go to a funeral because you can't afford it even if you want to shouldn't be looked down on.", ">\n\nUnfortunately funerals and the funeral industry are a massively exploitative affair designed to emotionally manipulate the fuck out of people to get their money. They go out of their way to make the cheap option like cremation into expensive items. O you wouldnt want your to be uncomfortable in the cardboard box before it burns, how about a $3k upgrade box to be burned?", ">\n\nI love how they're framing it like people are choosing to use credit cards. If this was honestly written it would sound more like \"46% of cardholders are forced to carry debt from month to month as expenses stay high\" or if they wanted to be neutral \"credit card use is high as a result of high expenses\" not this \"people are choosing to be poor\" shit.", ">\n\nThis is the kind of signal the fed is looking for to stop the rate hikes", ">\n\nNot at all surprised. Way too many people spending money they don't have. You're not entitled to have doordash every day because you're too important to get your own food (or even better to cook it). It seems like people are deciding what standard of living they deserve and then worrying about the cost after.", ">\n\nCan you please please please tell my wife this. She’s addicted to door dash and we even have a goddamn supermarket in our building.", ">\n\nI’ve never understood the allure to this. Paying premium prices for below average food that arrives luke warm at best", ">\n\nYou’ve never understood the allure to delivery?", ">\n\nDelivery in concept is fine. Doordash-style delivery is dumb if looked at in context.", ">\n\nWould you get heart surgery from someone who has never done heart surgery before?\nThe credit world is built on statistical analysis. If you have a history of managing debt well, you get a good score, and banks will give you the best rates. If you have a history of not managing debt well, you have a bad score and banks are going to give you high rates (or not lend to you at all) because you're a risk.\nIf you have no history and you're young you can get provisional cards, loans, etc. to start building it up. However, if you are older with no history and you suddenly start asking for credit, that's actually a big red flag.\nLike everything else in life, actions have consequences.", ">\n\nI received a credit card offer from my bank (Bank of America) at midnight on my 18th birthday. On the same day I got approved for a $500 limit credit card. They want to get you in as soon they can and keep you in the cycle of paying off the credit card just to put more stuff on it because all your money went to pay the credit card.", ">\n\nTake the card. Spend 10$ every month and pay off the card every month. Do no more or and no less and at least get a credit rating out of it.", ">\n\nA regular expense that is automatically deducted, like a streaming subscription, is a great way to accomplish this.\nI have a couple of older cards that I don't really use but haven't canceled because they're my oldest cards and I don't want to ding my account age. That's how I keep them active.", ">\n\nYou missed the part about an automatic payment! \nSetup at least automatic minimum payment to make sure you never get penalized for missing entirely, and then even better setup FULL automatic payment if you know you can afford to pay off the limit if you ever forgot.", ">\n\nI've never done automatic payment, as my budget software reminds me to pay it, but that's a good idea.", ">\n\nLook at this gal with the B word.", ">\n\nThat is a fuck ton to go out. Like even once a week is a luxury most people can't afford.", ">\n\nYea what the fuck.. I make an ok salary and i am still eating out maybe once or twice every two weeks. Saving and investing is still difficult.", ">\n\nShopping around for credit cards is very important if you're going to do this. I have a fixed 4.99% mbna card that I'll keep until i die. Low fix apr's with no annual fees is the way to go. If you can keep a 0.00 balance, use credit cards for everything and rack up on bonus points. That takes discipline tho.", ">\n\nEveryone needs to consider reducing expenses before using credit cards.\nSell your stuff, divest assets, learn to live with less stuff and things and most importantly, learn to say no to both others and your self. Financial discipline starts with you.", ">\n\nNo we should actually be protesting and striking. We do not need to lick boots.", ">\n\nr/usernamechecksout", ">\n\nMonth to month?! I've carried the same debt for years! Who are these rich money bags that were able to pay off thier credit card in a month and then had to do it again the next month?!", ">\n\nI would rather go hungry, than use a credit card for an expense i can’t afford. I pay off my balance as soon as it shows up on my account. Keeps things very simple. I’m not taking a loan, it’s my money I’m spending.\nBut I well understand the credit trap, and am terrified of it. It’s easy to slip.", ">\n\nNo need to be over dramatic.", ">\n\nIf you treat your financial well-being seriously… it’s being “diligent” not dramatic. \nNot being trapped in debt your whole life is a serious thing. People can kill themselves over debt. It can ruin lives.", ">\n\nYou’re still doing it. You can pay down credit card debt, especially if it’s a grocery bill or two. It will not ruin you and there is no reason to be terrified.", ">\n\nI don’t think you realize how habits are formed. \nAnd I don’t think it’s a good look to for you to dismiss good financial health as “being dramatic”. \nCredit cards are a curse to many, but if you’re smart they benefit you.", ">\n\nIt’s not good advice to tell people they should be so terrified of credit card debt and it’s a better alternative to go hungry. Buy a bag of rice/beans/potatoes and some chicken and eat. Credit card debt isn’t good, but you’re being dramatic.", ">\n\nAgain… I don’t think you understand how habits are formed. And I would go hungry ( or eat far cheaper, obviously ) than buy what I want on a credit card if I didn’t think I could pay it off in time. It’s literally how they get you. \nNo wonder people get caught in the credit card debt trap with people like you having flippant attitudes. \nDenial of gratification or delayed gratification is a thing. It’ll save you a lot in the long run.", ">\n\nI understand what you’re saying I just don’t agree. Delayed gratification lol… we’re talking about being able to eat not buying a new laptop. You can float a grocery bill on a credit card, especially if the alternative is going hungry. The idea that you should be terrified by that amount of debt is ridiculous. It’s fine to warn about credit cards but again, don’t be so dramatic.", ">\n\nAs a European I will never understand why you guys even bother with credit cards for the following reasons:\n\nWhy not use debit? It's mone you actually own and you don't have to deal with paying it back or forgetting about it.\nWhy does your credit score system work like that? It feels so alien to me, why don't they just rank it based on how well you repay other debts like car payments, student loan payments, phone payments, spotify etc?\nWhy isn't a credit card automatically locked if you fail to pay last month's balance until you repaid the debt?\n\nIf someone could enlighten me on this I'd actually be grateful.", ">\n\nI got one because apparently having a credit history makes you look better when applying for bigger loans (house loans, personal loans for car repair, etc).", ">\n\nBut does it actually make that easier?", ">\n\nI have no idea, haven't needed to take out any loans, but since I'm using it as slush rather than taking on debt that I can't pay immediately, the practical impact is minimal for me. I'll let you know if I ever have the money for a deposit on a house, probably 2040 or so.", ">\n\nWell, atleast those problems are universal in our modern world! Maybe I can show you around in my 50square feet tinyhouse somewhere near 2035 lmao", ">\n\nSounds good :D", ">\n\nI'll never understand why people would carry credit card debt. It's basically the most expensive borrowing you can do.", ">\n\npeople be broke yo.", ">\n\ntaking out loans at 20% interest doesn't seem like a good solution.", ">\n\nPeople at that point are in survival mode and they aren't worried about the future because they are focused on now. When you're just trying to put food on the table or pay the electric bill it's usually the only solution.", ">\n\nNowhere near 46% of credit card holders are in anywhere close to that situation.", ">\n\nDoubt that you’re right. We’re in a recession", ">\n\nUnemployment is near 0 and, on average, real wages fell a bit less than 2% in 2022. This is hardly the worst of economic times.", ">\n\nThe unemployment rate does not necessarily mean we're not in a recession especially when the unemployment rate doesn't include all unemployed people. Or underemployed people. The vast majority of economists are saying that we're in a recession we are.", ">\n\nWell I do it the mostly keep my credit score really high I normally pay it off after 2 months. I'll put some more on my credit again wait a month build it up again.", ">\n\nThere’s no reason whatsoever to do this. You don’t improve your credit score by paying interest", ">\n\nI don't pay interest on my cards when I do that. The cards that I have when I pay for certain items as long as I pay within the specific time I don't pay interest at all on them.", ">\n\nweren't we taught to hold 5-10% balance on credit cards for reasons?", ">\n\nNot in this household. I was raised to pay off the statement balance each month. The interest you pay when you carry a balance pays for someone else’s credit card rewards.", ">\n\ngotta say, that \"rule\" never made sense to me", ">\n\nIt's a common misconception that carrying a balance improves your credit score. It does not.", ">\n\nThey added a no cash, no register automatic convenience store in the Netherlands. The only problem is that nobody ever shows up except for a few foreigners. Why? Nobody here uses or wants to use credit cards. I hope they never push this shit anymore and learn from it.", ">\n\nWhat does this accomplish?", ">\n\nI literally paid off all my credit cards in may/june and already have almost 2k back on one of em.", ">\n\nGreat. I’m a statistic", ">\n\nSurely this is a sustainable economic system. The media doesn't care as long as the line goes up though. Billionaire are fine and guys like Elon Musk can lose 182 billion dollars and still be one of the richest people on the planet. Must be nice I guess.", ">\n\nHow many have like 0% interest due to various promotions that popped up during pandemic ?\nI have like 10k in debt but all 0%. It was like 20k last year. Thanks to Amex plan it.\nIt’s gonna be 20k next week as I pay my property taxes (still runs me cheaper with the cc fees) all 0%", ">\n\nI'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible." ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou.", ">\n\nYea I do that on one of my cards but it's 0% interest for 24 months so why wouldn't I?", ">\n\nNothing more American than trying to accumulate $30 trillion dollars of debt", ">\n\nFraud is the future. Breached forums (Breached.vc) The financial industry and Department of Justice have been subverted by the rich and well connected. \nCompanies like Walmart and Target budget for theft.", ">\n\nIt looks like when big retail eliminates countless cashier positions that provided sustenance to working class Americans a spike in casual theft follows.\nFast food is expanding the use robotics to replace workers too. Doubtless other industries will follow. Elon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.", ">\n\n\nElon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.\n\nI think he has more immediate things to worry about.", ">\n\nWhat do you expect? 7% inflation with 3% raises and a president encouraging no raises to keep inflation down.", ">\n\nCredit card companies spend a hell of a lot of money in congress to make sure that number is as high as possible.", ">\n\nWhat exactly are they spending on and lobbying for?", ">\n\nI doubt they write reports on the stuff, but general rules and regulations (or spins on them) to maximize profits", ">\n\nOh hey, time to buy Visa stock.", ">\n\nYou mean bank stock?", ">\n\n\"At 19.6%, if you made minimum payments toward the average credit card balance — which is $5,474, according to Transunion — it would take you almost 17 years to pay off the debt and cost you more than $7,528 in interest\"", ">\n\nThis is why bankruptcy laws need to be changed! \nWhy is the rich and corporations allowed to wipe their debt clean and start fresh, yet the poor and middle class have to pay back?", ">\n\nThe single best thing the federal government can do is raise minimum wage. At this point, minimum wage needs to be around $25/hr.\nWhat most don't understand is that wages have been under attack since the 60s. Wages are so lean that they barely touch the bottom dollar. For a high volume manufacturer, you could double everyone's wages, and the sell price of goods made would need to increase by less than 1% to cover the added cost. For a low volume, labor intensive manufacturer, the sell price would only go up by 3% to 5%. The only hard hit industries are service industries were labor is the major component of the business. However, if your wages go from $40k a year to $80k a year, and you're rolling in $40,000, you're not going to care one bit that your Uber was $35 instead of $20. Your cereal will cost $0.01 more, and your new $2000 smart fridge will cost you $60 more. And for this financial burden EVERYBODY is making 2x income.\nThis is how far behind wages are because of a 60 year war against them. They almost don't matter to the sell price, but it's also the first thing management targets, because wages are costs and costs are evil.\nUltimately it's a self mutilating cycle of starvation and suffering for literally no good reason.\nWorse yet, we systematically stifle economic growth, buying power, and ultimately GDP. \nThe lack of adequate wages also drivers many social problems like crime and even mental illness. It drivers health issues and increases burdens on society for long term care. It also deters family planning, education, and social diversification.\nFrankly, the masochism of wage stagnation is wild. Why would you ever willfully chose suffering?", ">\n\nCould be worse. Round here I’ve seen credit cards with interest rates that can go up to 586% per year", ">\n\nWe have 3 credit cards that we used for bills and then just paid off immediately with actual cash. Then a funeral for my girlfriends grandma 2500 miles away caused us to max them out going to say goodbye. Now we've had that debt since June unable to catch up due to life's many cruel jokes. 😢", ">\n\nYou could have refused to go to the funeral or asked relatives for financial assistance. Admitting you can't go to a funeral because you can't afford it even if you want to shouldn't be looked down on.", ">\n\nUnfortunately funerals and the funeral industry are a massively exploitative affair designed to emotionally manipulate the fuck out of people to get their money. They go out of their way to make the cheap option like cremation into expensive items. O you wouldnt want your to be uncomfortable in the cardboard box before it burns, how about a $3k upgrade box to be burned?", ">\n\nI love how they're framing it like people are choosing to use credit cards. If this was honestly written it would sound more like \"46% of cardholders are forced to carry debt from month to month as expenses stay high\" or if they wanted to be neutral \"credit card use is high as a result of high expenses\" not this \"people are choosing to be poor\" shit.", ">\n\nThis is the kind of signal the fed is looking for to stop the rate hikes", ">\n\nNot at all surprised. Way too many people spending money they don't have. You're not entitled to have doordash every day because you're too important to get your own food (or even better to cook it). It seems like people are deciding what standard of living they deserve and then worrying about the cost after.", ">\n\nCan you please please please tell my wife this. She’s addicted to door dash and we even have a goddamn supermarket in our building.", ">\n\nI’ve never understood the allure to this. Paying premium prices for below average food that arrives luke warm at best", ">\n\nYou’ve never understood the allure to delivery?", ">\n\nDelivery in concept is fine. Doordash-style delivery is dumb if looked at in context.", ">\n\nWould you get heart surgery from someone who has never done heart surgery before?\nThe credit world is built on statistical analysis. If you have a history of managing debt well, you get a good score, and banks will give you the best rates. If you have a history of not managing debt well, you have a bad score and banks are going to give you high rates (or not lend to you at all) because you're a risk.\nIf you have no history and you're young you can get provisional cards, loans, etc. to start building it up. However, if you are older with no history and you suddenly start asking for credit, that's actually a big red flag.\nLike everything else in life, actions have consequences.", ">\n\nI received a credit card offer from my bank (Bank of America) at midnight on my 18th birthday. On the same day I got approved for a $500 limit credit card. They want to get you in as soon they can and keep you in the cycle of paying off the credit card just to put more stuff on it because all your money went to pay the credit card.", ">\n\nTake the card. Spend 10$ every month and pay off the card every month. Do no more or and no less and at least get a credit rating out of it.", ">\n\nA regular expense that is automatically deducted, like a streaming subscription, is a great way to accomplish this.\nI have a couple of older cards that I don't really use but haven't canceled because they're my oldest cards and I don't want to ding my account age. That's how I keep them active.", ">\n\nYou missed the part about an automatic payment! \nSetup at least automatic minimum payment to make sure you never get penalized for missing entirely, and then even better setup FULL automatic payment if you know you can afford to pay off the limit if you ever forgot.", ">\n\nI've never done automatic payment, as my budget software reminds me to pay it, but that's a good idea.", ">\n\nLook at this gal with the B word.", ">\n\nThat is a fuck ton to go out. Like even once a week is a luxury most people can't afford.", ">\n\nYea what the fuck.. I make an ok salary and i am still eating out maybe once or twice every two weeks. Saving and investing is still difficult.", ">\n\nShopping around for credit cards is very important if you're going to do this. I have a fixed 4.99% mbna card that I'll keep until i die. Low fix apr's with no annual fees is the way to go. If you can keep a 0.00 balance, use credit cards for everything and rack up on bonus points. That takes discipline tho.", ">\n\nEveryone needs to consider reducing expenses before using credit cards.\nSell your stuff, divest assets, learn to live with less stuff and things and most importantly, learn to say no to both others and your self. Financial discipline starts with you.", ">\n\nNo we should actually be protesting and striking. We do not need to lick boots.", ">\n\nr/usernamechecksout", ">\n\nMonth to month?! I've carried the same debt for years! Who are these rich money bags that were able to pay off thier credit card in a month and then had to do it again the next month?!", ">\n\nI would rather go hungry, than use a credit card for an expense i can’t afford. I pay off my balance as soon as it shows up on my account. Keeps things very simple. I’m not taking a loan, it’s my money I’m spending.\nBut I well understand the credit trap, and am terrified of it. It’s easy to slip.", ">\n\nNo need to be over dramatic.", ">\n\nIf you treat your financial well-being seriously… it’s being “diligent” not dramatic. \nNot being trapped in debt your whole life is a serious thing. People can kill themselves over debt. It can ruin lives.", ">\n\nYou’re still doing it. You can pay down credit card debt, especially if it’s a grocery bill or two. It will not ruin you and there is no reason to be terrified.", ">\n\nI don’t think you realize how habits are formed. \nAnd I don’t think it’s a good look to for you to dismiss good financial health as “being dramatic”. \nCredit cards are a curse to many, but if you’re smart they benefit you.", ">\n\nIt’s not good advice to tell people they should be so terrified of credit card debt and it’s a better alternative to go hungry. Buy a bag of rice/beans/potatoes and some chicken and eat. Credit card debt isn’t good, but you’re being dramatic.", ">\n\nAgain… I don’t think you understand how habits are formed. And I would go hungry ( or eat far cheaper, obviously ) than buy what I want on a credit card if I didn’t think I could pay it off in time. It’s literally how they get you. \nNo wonder people get caught in the credit card debt trap with people like you having flippant attitudes. \nDenial of gratification or delayed gratification is a thing. It’ll save you a lot in the long run.", ">\n\nI understand what you’re saying I just don’t agree. Delayed gratification lol… we’re talking about being able to eat not buying a new laptop. You can float a grocery bill on a credit card, especially if the alternative is going hungry. The idea that you should be terrified by that amount of debt is ridiculous. It’s fine to warn about credit cards but again, don’t be so dramatic.", ">\n\nAs a European I will never understand why you guys even bother with credit cards for the following reasons:\n\nWhy not use debit? It's mone you actually own and you don't have to deal with paying it back or forgetting about it.\nWhy does your credit score system work like that? It feels so alien to me, why don't they just rank it based on how well you repay other debts like car payments, student loan payments, phone payments, spotify etc?\nWhy isn't a credit card automatically locked if you fail to pay last month's balance until you repaid the debt?\n\nIf someone could enlighten me on this I'd actually be grateful.", ">\n\nI got one because apparently having a credit history makes you look better when applying for bigger loans (house loans, personal loans for car repair, etc).", ">\n\nBut does it actually make that easier?", ">\n\nI have no idea, haven't needed to take out any loans, but since I'm using it as slush rather than taking on debt that I can't pay immediately, the practical impact is minimal for me. I'll let you know if I ever have the money for a deposit on a house, probably 2040 or so.", ">\n\nWell, atleast those problems are universal in our modern world! Maybe I can show you around in my 50square feet tinyhouse somewhere near 2035 lmao", ">\n\nSounds good :D", ">\n\nI'll never understand why people would carry credit card debt. It's basically the most expensive borrowing you can do.", ">\n\npeople be broke yo.", ">\n\ntaking out loans at 20% interest doesn't seem like a good solution.", ">\n\nPeople at that point are in survival mode and they aren't worried about the future because they are focused on now. When you're just trying to put food on the table or pay the electric bill it's usually the only solution.", ">\n\nNowhere near 46% of credit card holders are in anywhere close to that situation.", ">\n\nDoubt that you’re right. We’re in a recession", ">\n\nUnemployment is near 0 and, on average, real wages fell a bit less than 2% in 2022. This is hardly the worst of economic times.", ">\n\nThe unemployment rate does not necessarily mean we're not in a recession especially when the unemployment rate doesn't include all unemployed people. Or underemployed people. The vast majority of economists are saying that we're in a recession we are.", ">\n\nWell I do it the mostly keep my credit score really high I normally pay it off after 2 months. I'll put some more on my credit again wait a month build it up again.", ">\n\nThere’s no reason whatsoever to do this. You don’t improve your credit score by paying interest", ">\n\nI don't pay interest on my cards when I do that. The cards that I have when I pay for certain items as long as I pay within the specific time I don't pay interest at all on them.", ">\n\nweren't we taught to hold 5-10% balance on credit cards for reasons?", ">\n\nNot in this household. I was raised to pay off the statement balance each month. The interest you pay when you carry a balance pays for someone else’s credit card rewards.", ">\n\ngotta say, that \"rule\" never made sense to me", ">\n\nIt's a common misconception that carrying a balance improves your credit score. It does not.", ">\n\nThey added a no cash, no register automatic convenience store in the Netherlands. The only problem is that nobody ever shows up except for a few foreigners. Why? Nobody here uses or wants to use credit cards. I hope they never push this shit anymore and learn from it.", ">\n\nWhat does this accomplish?", ">\n\nI literally paid off all my credit cards in may/june and already have almost 2k back on one of em.", ">\n\nGreat. I’m a statistic", ">\n\nSurely this is a sustainable economic system. The media doesn't care as long as the line goes up though. Billionaire are fine and guys like Elon Musk can lose 182 billion dollars and still be one of the richest people on the planet. Must be nice I guess.", ">\n\nHow many have like 0% interest due to various promotions that popped up during pandemic ?\nI have like 10k in debt but all 0%. It was like 20k last year. Thanks to Amex plan it.\nIt’s gonna be 20k next week as I pay my property taxes (still runs me cheaper with the cc fees) all 0%", ">\n\nI'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water." ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou.", ">\n\nYea I do that on one of my cards but it's 0% interest for 24 months so why wouldn't I?", ">\n\nNothing more American than trying to accumulate $30 trillion dollars of debt", ">\n\nFraud is the future. Breached forums (Breached.vc) The financial industry and Department of Justice have been subverted by the rich and well connected. \nCompanies like Walmart and Target budget for theft.", ">\n\nIt looks like when big retail eliminates countless cashier positions that provided sustenance to working class Americans a spike in casual theft follows.\nFast food is expanding the use robotics to replace workers too. Doubtless other industries will follow. Elon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.", ">\n\n\nElon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.\n\nI think he has more immediate things to worry about.", ">\n\nWhat do you expect? 7% inflation with 3% raises and a president encouraging no raises to keep inflation down.", ">\n\nCredit card companies spend a hell of a lot of money in congress to make sure that number is as high as possible.", ">\n\nWhat exactly are they spending on and lobbying for?", ">\n\nI doubt they write reports on the stuff, but general rules and regulations (or spins on them) to maximize profits", ">\n\nOh hey, time to buy Visa stock.", ">\n\nYou mean bank stock?", ">\n\n\"At 19.6%, if you made minimum payments toward the average credit card balance — which is $5,474, according to Transunion — it would take you almost 17 years to pay off the debt and cost you more than $7,528 in interest\"", ">\n\nThis is why bankruptcy laws need to be changed! \nWhy is the rich and corporations allowed to wipe their debt clean and start fresh, yet the poor and middle class have to pay back?", ">\n\nThe single best thing the federal government can do is raise minimum wage. At this point, minimum wage needs to be around $25/hr.\nWhat most don't understand is that wages have been under attack since the 60s. Wages are so lean that they barely touch the bottom dollar. For a high volume manufacturer, you could double everyone's wages, and the sell price of goods made would need to increase by less than 1% to cover the added cost. For a low volume, labor intensive manufacturer, the sell price would only go up by 3% to 5%. The only hard hit industries are service industries were labor is the major component of the business. However, if your wages go from $40k a year to $80k a year, and you're rolling in $40,000, you're not going to care one bit that your Uber was $35 instead of $20. Your cereal will cost $0.01 more, and your new $2000 smart fridge will cost you $60 more. And for this financial burden EVERYBODY is making 2x income.\nThis is how far behind wages are because of a 60 year war against them. They almost don't matter to the sell price, but it's also the first thing management targets, because wages are costs and costs are evil.\nUltimately it's a self mutilating cycle of starvation and suffering for literally no good reason.\nWorse yet, we systematically stifle economic growth, buying power, and ultimately GDP. \nThe lack of adequate wages also drivers many social problems like crime and even mental illness. It drivers health issues and increases burdens on society for long term care. It also deters family planning, education, and social diversification.\nFrankly, the masochism of wage stagnation is wild. Why would you ever willfully chose suffering?", ">\n\nCould be worse. Round here I’ve seen credit cards with interest rates that can go up to 586% per year", ">\n\nWe have 3 credit cards that we used for bills and then just paid off immediately with actual cash. Then a funeral for my girlfriends grandma 2500 miles away caused us to max them out going to say goodbye. Now we've had that debt since June unable to catch up due to life's many cruel jokes. 😢", ">\n\nYou could have refused to go to the funeral or asked relatives for financial assistance. Admitting you can't go to a funeral because you can't afford it even if you want to shouldn't be looked down on.", ">\n\nUnfortunately funerals and the funeral industry are a massively exploitative affair designed to emotionally manipulate the fuck out of people to get their money. They go out of their way to make the cheap option like cremation into expensive items. O you wouldnt want your to be uncomfortable in the cardboard box before it burns, how about a $3k upgrade box to be burned?", ">\n\nI love how they're framing it like people are choosing to use credit cards. If this was honestly written it would sound more like \"46% of cardholders are forced to carry debt from month to month as expenses stay high\" or if they wanted to be neutral \"credit card use is high as a result of high expenses\" not this \"people are choosing to be poor\" shit.", ">\n\nThis is the kind of signal the fed is looking for to stop the rate hikes", ">\n\nNot at all surprised. Way too many people spending money they don't have. You're not entitled to have doordash every day because you're too important to get your own food (or even better to cook it). It seems like people are deciding what standard of living they deserve and then worrying about the cost after.", ">\n\nCan you please please please tell my wife this. She’s addicted to door dash and we even have a goddamn supermarket in our building.", ">\n\nI’ve never understood the allure to this. Paying premium prices for below average food that arrives luke warm at best", ">\n\nYou’ve never understood the allure to delivery?", ">\n\nDelivery in concept is fine. Doordash-style delivery is dumb if looked at in context.", ">\n\nWould you get heart surgery from someone who has never done heart surgery before?\nThe credit world is built on statistical analysis. If you have a history of managing debt well, you get a good score, and banks will give you the best rates. If you have a history of not managing debt well, you have a bad score and banks are going to give you high rates (or not lend to you at all) because you're a risk.\nIf you have no history and you're young you can get provisional cards, loans, etc. to start building it up. However, if you are older with no history and you suddenly start asking for credit, that's actually a big red flag.\nLike everything else in life, actions have consequences.", ">\n\nI received a credit card offer from my bank (Bank of America) at midnight on my 18th birthday. On the same day I got approved for a $500 limit credit card. They want to get you in as soon they can and keep you in the cycle of paying off the credit card just to put more stuff on it because all your money went to pay the credit card.", ">\n\nTake the card. Spend 10$ every month and pay off the card every month. Do no more or and no less and at least get a credit rating out of it.", ">\n\nA regular expense that is automatically deducted, like a streaming subscription, is a great way to accomplish this.\nI have a couple of older cards that I don't really use but haven't canceled because they're my oldest cards and I don't want to ding my account age. That's how I keep them active.", ">\n\nYou missed the part about an automatic payment! \nSetup at least automatic minimum payment to make sure you never get penalized for missing entirely, and then even better setup FULL automatic payment if you know you can afford to pay off the limit if you ever forgot.", ">\n\nI've never done automatic payment, as my budget software reminds me to pay it, but that's a good idea.", ">\n\nLook at this gal with the B word.", ">\n\nThat is a fuck ton to go out. Like even once a week is a luxury most people can't afford.", ">\n\nYea what the fuck.. I make an ok salary and i am still eating out maybe once or twice every two weeks. Saving and investing is still difficult.", ">\n\nShopping around for credit cards is very important if you're going to do this. I have a fixed 4.99% mbna card that I'll keep until i die. Low fix apr's with no annual fees is the way to go. If you can keep a 0.00 balance, use credit cards for everything and rack up on bonus points. That takes discipline tho.", ">\n\nEveryone needs to consider reducing expenses before using credit cards.\nSell your stuff, divest assets, learn to live with less stuff and things and most importantly, learn to say no to both others and your self. Financial discipline starts with you.", ">\n\nNo we should actually be protesting and striking. We do not need to lick boots.", ">\n\nr/usernamechecksout", ">\n\nMonth to month?! I've carried the same debt for years! Who are these rich money bags that were able to pay off thier credit card in a month and then had to do it again the next month?!", ">\n\nI would rather go hungry, than use a credit card for an expense i can’t afford. I pay off my balance as soon as it shows up on my account. Keeps things very simple. I’m not taking a loan, it’s my money I’m spending.\nBut I well understand the credit trap, and am terrified of it. It’s easy to slip.", ">\n\nNo need to be over dramatic.", ">\n\nIf you treat your financial well-being seriously… it’s being “diligent” not dramatic. \nNot being trapped in debt your whole life is a serious thing. People can kill themselves over debt. It can ruin lives.", ">\n\nYou’re still doing it. You can pay down credit card debt, especially if it’s a grocery bill or two. It will not ruin you and there is no reason to be terrified.", ">\n\nI don’t think you realize how habits are formed. \nAnd I don’t think it’s a good look to for you to dismiss good financial health as “being dramatic”. \nCredit cards are a curse to many, but if you’re smart they benefit you.", ">\n\nIt’s not good advice to tell people they should be so terrified of credit card debt and it’s a better alternative to go hungry. Buy a bag of rice/beans/potatoes and some chicken and eat. Credit card debt isn’t good, but you’re being dramatic.", ">\n\nAgain… I don’t think you understand how habits are formed. And I would go hungry ( or eat far cheaper, obviously ) than buy what I want on a credit card if I didn’t think I could pay it off in time. It’s literally how they get you. \nNo wonder people get caught in the credit card debt trap with people like you having flippant attitudes. \nDenial of gratification or delayed gratification is a thing. It’ll save you a lot in the long run.", ">\n\nI understand what you’re saying I just don’t agree. Delayed gratification lol… we’re talking about being able to eat not buying a new laptop. You can float a grocery bill on a credit card, especially if the alternative is going hungry. The idea that you should be terrified by that amount of debt is ridiculous. It’s fine to warn about credit cards but again, don’t be so dramatic.", ">\n\nAs a European I will never understand why you guys even bother with credit cards for the following reasons:\n\nWhy not use debit? It's mone you actually own and you don't have to deal with paying it back or forgetting about it.\nWhy does your credit score system work like that? It feels so alien to me, why don't they just rank it based on how well you repay other debts like car payments, student loan payments, phone payments, spotify etc?\nWhy isn't a credit card automatically locked if you fail to pay last month's balance until you repaid the debt?\n\nIf someone could enlighten me on this I'd actually be grateful.", ">\n\nI got one because apparently having a credit history makes you look better when applying for bigger loans (house loans, personal loans for car repair, etc).", ">\n\nBut does it actually make that easier?", ">\n\nI have no idea, haven't needed to take out any loans, but since I'm using it as slush rather than taking on debt that I can't pay immediately, the practical impact is minimal for me. I'll let you know if I ever have the money for a deposit on a house, probably 2040 or so.", ">\n\nWell, atleast those problems are universal in our modern world! Maybe I can show you around in my 50square feet tinyhouse somewhere near 2035 lmao", ">\n\nSounds good :D", ">\n\nI'll never understand why people would carry credit card debt. It's basically the most expensive borrowing you can do.", ">\n\npeople be broke yo.", ">\n\ntaking out loans at 20% interest doesn't seem like a good solution.", ">\n\nPeople at that point are in survival mode and they aren't worried about the future because they are focused on now. When you're just trying to put food on the table or pay the electric bill it's usually the only solution.", ">\n\nNowhere near 46% of credit card holders are in anywhere close to that situation.", ">\n\nDoubt that you’re right. We’re in a recession", ">\n\nUnemployment is near 0 and, on average, real wages fell a bit less than 2% in 2022. This is hardly the worst of economic times.", ">\n\nThe unemployment rate does not necessarily mean we're not in a recession especially when the unemployment rate doesn't include all unemployed people. Or underemployed people. The vast majority of economists are saying that we're in a recession we are.", ">\n\nWell I do it the mostly keep my credit score really high I normally pay it off after 2 months. I'll put some more on my credit again wait a month build it up again.", ">\n\nThere’s no reason whatsoever to do this. You don’t improve your credit score by paying interest", ">\n\nI don't pay interest on my cards when I do that. The cards that I have when I pay for certain items as long as I pay within the specific time I don't pay interest at all on them.", ">\n\nweren't we taught to hold 5-10% balance on credit cards for reasons?", ">\n\nNot in this household. I was raised to pay off the statement balance each month. The interest you pay when you carry a balance pays for someone else’s credit card rewards.", ">\n\ngotta say, that \"rule\" never made sense to me", ">\n\nIt's a common misconception that carrying a balance improves your credit score. It does not.", ">\n\nThey added a no cash, no register automatic convenience store in the Netherlands. The only problem is that nobody ever shows up except for a few foreigners. Why? Nobody here uses or wants to use credit cards. I hope they never push this shit anymore and learn from it.", ">\n\nWhat does this accomplish?", ">\n\nI literally paid off all my credit cards in may/june and already have almost 2k back on one of em.", ">\n\nGreat. I’m a statistic", ">\n\nSurely this is a sustainable economic system. The media doesn't care as long as the line goes up though. Billionaire are fine and guys like Elon Musk can lose 182 billion dollars and still be one of the richest people on the planet. Must be nice I guess.", ">\n\nHow many have like 0% interest due to various promotions that popped up during pandemic ?\nI have like 10k in debt but all 0%. It was like 20k last year. Thanks to Amex plan it.\nIt’s gonna be 20k next week as I pay my property taxes (still runs me cheaper with the cc fees) all 0%", ">\n\nI'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering." ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou.", ">\n\nYea I do that on one of my cards but it's 0% interest for 24 months so why wouldn't I?", ">\n\nNothing more American than trying to accumulate $30 trillion dollars of debt", ">\n\nFraud is the future. Breached forums (Breached.vc) The financial industry and Department of Justice have been subverted by the rich and well connected. \nCompanies like Walmart and Target budget for theft.", ">\n\nIt looks like when big retail eliminates countless cashier positions that provided sustenance to working class Americans a spike in casual theft follows.\nFast food is expanding the use robotics to replace workers too. Doubtless other industries will follow. Elon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.", ">\n\n\nElon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.\n\nI think he has more immediate things to worry about.", ">\n\nWhat do you expect? 7% inflation with 3% raises and a president encouraging no raises to keep inflation down.", ">\n\nCredit card companies spend a hell of a lot of money in congress to make sure that number is as high as possible.", ">\n\nWhat exactly are they spending on and lobbying for?", ">\n\nI doubt they write reports on the stuff, but general rules and regulations (or spins on them) to maximize profits", ">\n\nOh hey, time to buy Visa stock.", ">\n\nYou mean bank stock?", ">\n\n\"At 19.6%, if you made minimum payments toward the average credit card balance — which is $5,474, according to Transunion — it would take you almost 17 years to pay off the debt and cost you more than $7,528 in interest\"", ">\n\nThis is why bankruptcy laws need to be changed! \nWhy is the rich and corporations allowed to wipe their debt clean and start fresh, yet the poor and middle class have to pay back?", ">\n\nThe single best thing the federal government can do is raise minimum wage. At this point, minimum wage needs to be around $25/hr.\nWhat most don't understand is that wages have been under attack since the 60s. Wages are so lean that they barely touch the bottom dollar. For a high volume manufacturer, you could double everyone's wages, and the sell price of goods made would need to increase by less than 1% to cover the added cost. For a low volume, labor intensive manufacturer, the sell price would only go up by 3% to 5%. The only hard hit industries are service industries were labor is the major component of the business. However, if your wages go from $40k a year to $80k a year, and you're rolling in $40,000, you're not going to care one bit that your Uber was $35 instead of $20. Your cereal will cost $0.01 more, and your new $2000 smart fridge will cost you $60 more. And for this financial burden EVERYBODY is making 2x income.\nThis is how far behind wages are because of a 60 year war against them. They almost don't matter to the sell price, but it's also the first thing management targets, because wages are costs and costs are evil.\nUltimately it's a self mutilating cycle of starvation and suffering for literally no good reason.\nWorse yet, we systematically stifle economic growth, buying power, and ultimately GDP. \nThe lack of adequate wages also drivers many social problems like crime and even mental illness. It drivers health issues and increases burdens on society for long term care. It also deters family planning, education, and social diversification.\nFrankly, the masochism of wage stagnation is wild. Why would you ever willfully chose suffering?", ">\n\nCould be worse. Round here I’ve seen credit cards with interest rates that can go up to 586% per year", ">\n\nWe have 3 credit cards that we used for bills and then just paid off immediately with actual cash. Then a funeral for my girlfriends grandma 2500 miles away caused us to max them out going to say goodbye. Now we've had that debt since June unable to catch up due to life's many cruel jokes. 😢", ">\n\nYou could have refused to go to the funeral or asked relatives for financial assistance. Admitting you can't go to a funeral because you can't afford it even if you want to shouldn't be looked down on.", ">\n\nUnfortunately funerals and the funeral industry are a massively exploitative affair designed to emotionally manipulate the fuck out of people to get their money. They go out of their way to make the cheap option like cremation into expensive items. O you wouldnt want your to be uncomfortable in the cardboard box before it burns, how about a $3k upgrade box to be burned?", ">\n\nI love how they're framing it like people are choosing to use credit cards. If this was honestly written it would sound more like \"46% of cardholders are forced to carry debt from month to month as expenses stay high\" or if they wanted to be neutral \"credit card use is high as a result of high expenses\" not this \"people are choosing to be poor\" shit.", ">\n\nThis is the kind of signal the fed is looking for to stop the rate hikes", ">\n\nNot at all surprised. Way too many people spending money they don't have. You're not entitled to have doordash every day because you're too important to get your own food (or even better to cook it). It seems like people are deciding what standard of living they deserve and then worrying about the cost after.", ">\n\nCan you please please please tell my wife this. She’s addicted to door dash and we even have a goddamn supermarket in our building.", ">\n\nI’ve never understood the allure to this. Paying premium prices for below average food that arrives luke warm at best", ">\n\nYou’ve never understood the allure to delivery?", ">\n\nDelivery in concept is fine. Doordash-style delivery is dumb if looked at in context.", ">\n\nWould you get heart surgery from someone who has never done heart surgery before?\nThe credit world is built on statistical analysis. If you have a history of managing debt well, you get a good score, and banks will give you the best rates. If you have a history of not managing debt well, you have a bad score and banks are going to give you high rates (or not lend to you at all) because you're a risk.\nIf you have no history and you're young you can get provisional cards, loans, etc. to start building it up. However, if you are older with no history and you suddenly start asking for credit, that's actually a big red flag.\nLike everything else in life, actions have consequences.", ">\n\nI received a credit card offer from my bank (Bank of America) at midnight on my 18th birthday. On the same day I got approved for a $500 limit credit card. They want to get you in as soon they can and keep you in the cycle of paying off the credit card just to put more stuff on it because all your money went to pay the credit card.", ">\n\nTake the card. Spend 10$ every month and pay off the card every month. Do no more or and no less and at least get a credit rating out of it.", ">\n\nA regular expense that is automatically deducted, like a streaming subscription, is a great way to accomplish this.\nI have a couple of older cards that I don't really use but haven't canceled because they're my oldest cards and I don't want to ding my account age. That's how I keep them active.", ">\n\nYou missed the part about an automatic payment! \nSetup at least automatic minimum payment to make sure you never get penalized for missing entirely, and then even better setup FULL automatic payment if you know you can afford to pay off the limit if you ever forgot.", ">\n\nI've never done automatic payment, as my budget software reminds me to pay it, but that's a good idea.", ">\n\nLook at this gal with the B word.", ">\n\nThat is a fuck ton to go out. Like even once a week is a luxury most people can't afford.", ">\n\nYea what the fuck.. I make an ok salary and i am still eating out maybe once or twice every two weeks. Saving and investing is still difficult.", ">\n\nShopping around for credit cards is very important if you're going to do this. I have a fixed 4.99% mbna card that I'll keep until i die. Low fix apr's with no annual fees is the way to go. If you can keep a 0.00 balance, use credit cards for everything and rack up on bonus points. That takes discipline tho.", ">\n\nEveryone needs to consider reducing expenses before using credit cards.\nSell your stuff, divest assets, learn to live with less stuff and things and most importantly, learn to say no to both others and your self. Financial discipline starts with you.", ">\n\nNo we should actually be protesting and striking. We do not need to lick boots.", ">\n\nr/usernamechecksout", ">\n\nMonth to month?! I've carried the same debt for years! Who are these rich money bags that were able to pay off thier credit card in a month and then had to do it again the next month?!", ">\n\nI would rather go hungry, than use a credit card for an expense i can’t afford. I pay off my balance as soon as it shows up on my account. Keeps things very simple. I’m not taking a loan, it’s my money I’m spending.\nBut I well understand the credit trap, and am terrified of it. It’s easy to slip.", ">\n\nNo need to be over dramatic.", ">\n\nIf you treat your financial well-being seriously… it’s being “diligent” not dramatic. \nNot being trapped in debt your whole life is a serious thing. People can kill themselves over debt. It can ruin lives.", ">\n\nYou’re still doing it. You can pay down credit card debt, especially if it’s a grocery bill or two. It will not ruin you and there is no reason to be terrified.", ">\n\nI don’t think you realize how habits are formed. \nAnd I don’t think it’s a good look to for you to dismiss good financial health as “being dramatic”. \nCredit cards are a curse to many, but if you’re smart they benefit you.", ">\n\nIt’s not good advice to tell people they should be so terrified of credit card debt and it’s a better alternative to go hungry. Buy a bag of rice/beans/potatoes and some chicken and eat. Credit card debt isn’t good, but you’re being dramatic.", ">\n\nAgain… I don’t think you understand how habits are formed. And I would go hungry ( or eat far cheaper, obviously ) than buy what I want on a credit card if I didn’t think I could pay it off in time. It’s literally how they get you. \nNo wonder people get caught in the credit card debt trap with people like you having flippant attitudes. \nDenial of gratification or delayed gratification is a thing. It’ll save you a lot in the long run.", ">\n\nI understand what you’re saying I just don’t agree. Delayed gratification lol… we’re talking about being able to eat not buying a new laptop. You can float a grocery bill on a credit card, especially if the alternative is going hungry. The idea that you should be terrified by that amount of debt is ridiculous. It’s fine to warn about credit cards but again, don’t be so dramatic.", ">\n\nAs a European I will never understand why you guys even bother with credit cards for the following reasons:\n\nWhy not use debit? It's mone you actually own and you don't have to deal with paying it back or forgetting about it.\nWhy does your credit score system work like that? It feels so alien to me, why don't they just rank it based on how well you repay other debts like car payments, student loan payments, phone payments, spotify etc?\nWhy isn't a credit card automatically locked if you fail to pay last month's balance until you repaid the debt?\n\nIf someone could enlighten me on this I'd actually be grateful.", ">\n\nI got one because apparently having a credit history makes you look better when applying for bigger loans (house loans, personal loans for car repair, etc).", ">\n\nBut does it actually make that easier?", ">\n\nI have no idea, haven't needed to take out any loans, but since I'm using it as slush rather than taking on debt that I can't pay immediately, the practical impact is minimal for me. I'll let you know if I ever have the money for a deposit on a house, probably 2040 or so.", ">\n\nWell, atleast those problems are universal in our modern world! Maybe I can show you around in my 50square feet tinyhouse somewhere near 2035 lmao", ">\n\nSounds good :D", ">\n\nI'll never understand why people would carry credit card debt. It's basically the most expensive borrowing you can do.", ">\n\npeople be broke yo.", ">\n\ntaking out loans at 20% interest doesn't seem like a good solution.", ">\n\nPeople at that point are in survival mode and they aren't worried about the future because they are focused on now. When you're just trying to put food on the table or pay the electric bill it's usually the only solution.", ">\n\nNowhere near 46% of credit card holders are in anywhere close to that situation.", ">\n\nDoubt that you’re right. We’re in a recession", ">\n\nUnemployment is near 0 and, on average, real wages fell a bit less than 2% in 2022. This is hardly the worst of economic times.", ">\n\nThe unemployment rate does not necessarily mean we're not in a recession especially when the unemployment rate doesn't include all unemployed people. Or underemployed people. The vast majority of economists are saying that we're in a recession we are.", ">\n\nWell I do it the mostly keep my credit score really high I normally pay it off after 2 months. I'll put some more on my credit again wait a month build it up again.", ">\n\nThere’s no reason whatsoever to do this. You don’t improve your credit score by paying interest", ">\n\nI don't pay interest on my cards when I do that. The cards that I have when I pay for certain items as long as I pay within the specific time I don't pay interest at all on them.", ">\n\nweren't we taught to hold 5-10% balance on credit cards for reasons?", ">\n\nNot in this household. I was raised to pay off the statement balance each month. The interest you pay when you carry a balance pays for someone else’s credit card rewards.", ">\n\ngotta say, that \"rule\" never made sense to me", ">\n\nIt's a common misconception that carrying a balance improves your credit score. It does not.", ">\n\nThey added a no cash, no register automatic convenience store in the Netherlands. The only problem is that nobody ever shows up except for a few foreigners. Why? Nobody here uses or wants to use credit cards. I hope they never push this shit anymore and learn from it.", ">\n\nWhat does this accomplish?", ">\n\nI literally paid off all my credit cards in may/june and already have almost 2k back on one of em.", ">\n\nGreat. I’m a statistic", ">\n\nSurely this is a sustainable economic system. The media doesn't care as long as the line goes up though. Billionaire are fine and guys like Elon Musk can lose 182 billion dollars and still be one of the richest people on the planet. Must be nice I guess.", ">\n\nHow many have like 0% interest due to various promotions that popped up during pandemic ?\nI have like 10k in debt but all 0%. It was like 20k last year. Thanks to Amex plan it.\nIt’s gonna be 20k next week as I pay my property taxes (still runs me cheaper with the cc fees) all 0%", ">\n\nI'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story." ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou.", ">\n\nYea I do that on one of my cards but it's 0% interest for 24 months so why wouldn't I?", ">\n\nNothing more American than trying to accumulate $30 trillion dollars of debt", ">\n\nFraud is the future. Breached forums (Breached.vc) The financial industry and Department of Justice have been subverted by the rich and well connected. \nCompanies like Walmart and Target budget for theft.", ">\n\nIt looks like when big retail eliminates countless cashier positions that provided sustenance to working class Americans a spike in casual theft follows.\nFast food is expanding the use robotics to replace workers too. Doubtless other industries will follow. Elon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.", ">\n\n\nElon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.\n\nI think he has more immediate things to worry about.", ">\n\nWhat do you expect? 7% inflation with 3% raises and a president encouraging no raises to keep inflation down.", ">\n\nCredit card companies spend a hell of a lot of money in congress to make sure that number is as high as possible.", ">\n\nWhat exactly are they spending on and lobbying for?", ">\n\nI doubt they write reports on the stuff, but general rules and regulations (or spins on them) to maximize profits", ">\n\nOh hey, time to buy Visa stock.", ">\n\nYou mean bank stock?", ">\n\n\"At 19.6%, if you made minimum payments toward the average credit card balance — which is $5,474, according to Transunion — it would take you almost 17 years to pay off the debt and cost you more than $7,528 in interest\"", ">\n\nThis is why bankruptcy laws need to be changed! \nWhy is the rich and corporations allowed to wipe their debt clean and start fresh, yet the poor and middle class have to pay back?", ">\n\nThe single best thing the federal government can do is raise minimum wage. At this point, minimum wage needs to be around $25/hr.\nWhat most don't understand is that wages have been under attack since the 60s. Wages are so lean that they barely touch the bottom dollar. For a high volume manufacturer, you could double everyone's wages, and the sell price of goods made would need to increase by less than 1% to cover the added cost. For a low volume, labor intensive manufacturer, the sell price would only go up by 3% to 5%. The only hard hit industries are service industries were labor is the major component of the business. However, if your wages go from $40k a year to $80k a year, and you're rolling in $40,000, you're not going to care one bit that your Uber was $35 instead of $20. Your cereal will cost $0.01 more, and your new $2000 smart fridge will cost you $60 more. And for this financial burden EVERYBODY is making 2x income.\nThis is how far behind wages are because of a 60 year war against them. They almost don't matter to the sell price, but it's also the first thing management targets, because wages are costs and costs are evil.\nUltimately it's a self mutilating cycle of starvation and suffering for literally no good reason.\nWorse yet, we systematically stifle economic growth, buying power, and ultimately GDP. \nThe lack of adequate wages also drivers many social problems like crime and even mental illness. It drivers health issues and increases burdens on society for long term care. It also deters family planning, education, and social diversification.\nFrankly, the masochism of wage stagnation is wild. Why would you ever willfully chose suffering?", ">\n\nCould be worse. Round here I’ve seen credit cards with interest rates that can go up to 586% per year", ">\n\nWe have 3 credit cards that we used for bills and then just paid off immediately with actual cash. Then a funeral for my girlfriends grandma 2500 miles away caused us to max them out going to say goodbye. Now we've had that debt since June unable to catch up due to life's many cruel jokes. 😢", ">\n\nYou could have refused to go to the funeral or asked relatives for financial assistance. Admitting you can't go to a funeral because you can't afford it even if you want to shouldn't be looked down on.", ">\n\nUnfortunately funerals and the funeral industry are a massively exploitative affair designed to emotionally manipulate the fuck out of people to get their money. They go out of their way to make the cheap option like cremation into expensive items. O you wouldnt want your to be uncomfortable in the cardboard box before it burns, how about a $3k upgrade box to be burned?", ">\n\nI love how they're framing it like people are choosing to use credit cards. If this was honestly written it would sound more like \"46% of cardholders are forced to carry debt from month to month as expenses stay high\" or if they wanted to be neutral \"credit card use is high as a result of high expenses\" not this \"people are choosing to be poor\" shit.", ">\n\nThis is the kind of signal the fed is looking for to stop the rate hikes", ">\n\nNot at all surprised. Way too many people spending money they don't have. You're not entitled to have doordash every day because you're too important to get your own food (or even better to cook it). It seems like people are deciding what standard of living they deserve and then worrying about the cost after.", ">\n\nCan you please please please tell my wife this. She’s addicted to door dash and we even have a goddamn supermarket in our building.", ">\n\nI’ve never understood the allure to this. Paying premium prices for below average food that arrives luke warm at best", ">\n\nYou’ve never understood the allure to delivery?", ">\n\nDelivery in concept is fine. Doordash-style delivery is dumb if looked at in context.", ">\n\nWould you get heart surgery from someone who has never done heart surgery before?\nThe credit world is built on statistical analysis. If you have a history of managing debt well, you get a good score, and banks will give you the best rates. If you have a history of not managing debt well, you have a bad score and banks are going to give you high rates (or not lend to you at all) because you're a risk.\nIf you have no history and you're young you can get provisional cards, loans, etc. to start building it up. However, if you are older with no history and you suddenly start asking for credit, that's actually a big red flag.\nLike everything else in life, actions have consequences.", ">\n\nI received a credit card offer from my bank (Bank of America) at midnight on my 18th birthday. On the same day I got approved for a $500 limit credit card. They want to get you in as soon they can and keep you in the cycle of paying off the credit card just to put more stuff on it because all your money went to pay the credit card.", ">\n\nTake the card. Spend 10$ every month and pay off the card every month. Do no more or and no less and at least get a credit rating out of it.", ">\n\nA regular expense that is automatically deducted, like a streaming subscription, is a great way to accomplish this.\nI have a couple of older cards that I don't really use but haven't canceled because they're my oldest cards and I don't want to ding my account age. That's how I keep them active.", ">\n\nYou missed the part about an automatic payment! \nSetup at least automatic minimum payment to make sure you never get penalized for missing entirely, and then even better setup FULL automatic payment if you know you can afford to pay off the limit if you ever forgot.", ">\n\nI've never done automatic payment, as my budget software reminds me to pay it, but that's a good idea.", ">\n\nLook at this gal with the B word.", ">\n\nThat is a fuck ton to go out. Like even once a week is a luxury most people can't afford.", ">\n\nYea what the fuck.. I make an ok salary and i am still eating out maybe once or twice every two weeks. Saving and investing is still difficult.", ">\n\nShopping around for credit cards is very important if you're going to do this. I have a fixed 4.99% mbna card that I'll keep until i die. Low fix apr's with no annual fees is the way to go. If you can keep a 0.00 balance, use credit cards for everything and rack up on bonus points. That takes discipline tho.", ">\n\nEveryone needs to consider reducing expenses before using credit cards.\nSell your stuff, divest assets, learn to live with less stuff and things and most importantly, learn to say no to both others and your self. Financial discipline starts with you.", ">\n\nNo we should actually be protesting and striking. We do not need to lick boots.", ">\n\nr/usernamechecksout", ">\n\nMonth to month?! I've carried the same debt for years! Who are these rich money bags that were able to pay off thier credit card in a month and then had to do it again the next month?!", ">\n\nI would rather go hungry, than use a credit card for an expense i can’t afford. I pay off my balance as soon as it shows up on my account. Keeps things very simple. I’m not taking a loan, it’s my money I’m spending.\nBut I well understand the credit trap, and am terrified of it. It’s easy to slip.", ">\n\nNo need to be over dramatic.", ">\n\nIf you treat your financial well-being seriously… it’s being “diligent” not dramatic. \nNot being trapped in debt your whole life is a serious thing. People can kill themselves over debt. It can ruin lives.", ">\n\nYou’re still doing it. You can pay down credit card debt, especially if it’s a grocery bill or two. It will not ruin you and there is no reason to be terrified.", ">\n\nI don’t think you realize how habits are formed. \nAnd I don’t think it’s a good look to for you to dismiss good financial health as “being dramatic”. \nCredit cards are a curse to many, but if you’re smart they benefit you.", ">\n\nIt’s not good advice to tell people they should be so terrified of credit card debt and it’s a better alternative to go hungry. Buy a bag of rice/beans/potatoes and some chicken and eat. Credit card debt isn’t good, but you’re being dramatic.", ">\n\nAgain… I don’t think you understand how habits are formed. And I would go hungry ( or eat far cheaper, obviously ) than buy what I want on a credit card if I didn’t think I could pay it off in time. It’s literally how they get you. \nNo wonder people get caught in the credit card debt trap with people like you having flippant attitudes. \nDenial of gratification or delayed gratification is a thing. It’ll save you a lot in the long run.", ">\n\nI understand what you’re saying I just don’t agree. Delayed gratification lol… we’re talking about being able to eat not buying a new laptop. You can float a grocery bill on a credit card, especially if the alternative is going hungry. The idea that you should be terrified by that amount of debt is ridiculous. It’s fine to warn about credit cards but again, don’t be so dramatic.", ">\n\nAs a European I will never understand why you guys even bother with credit cards for the following reasons:\n\nWhy not use debit? It's mone you actually own and you don't have to deal with paying it back or forgetting about it.\nWhy does your credit score system work like that? It feels so alien to me, why don't they just rank it based on how well you repay other debts like car payments, student loan payments, phone payments, spotify etc?\nWhy isn't a credit card automatically locked if you fail to pay last month's balance until you repaid the debt?\n\nIf someone could enlighten me on this I'd actually be grateful.", ">\n\nI got one because apparently having a credit history makes you look better when applying for bigger loans (house loans, personal loans for car repair, etc).", ">\n\nBut does it actually make that easier?", ">\n\nI have no idea, haven't needed to take out any loans, but since I'm using it as slush rather than taking on debt that I can't pay immediately, the practical impact is minimal for me. I'll let you know if I ever have the money for a deposit on a house, probably 2040 or so.", ">\n\nWell, atleast those problems are universal in our modern world! Maybe I can show you around in my 50square feet tinyhouse somewhere near 2035 lmao", ">\n\nSounds good :D", ">\n\nI'll never understand why people would carry credit card debt. It's basically the most expensive borrowing you can do.", ">\n\npeople be broke yo.", ">\n\ntaking out loans at 20% interest doesn't seem like a good solution.", ">\n\nPeople at that point are in survival mode and they aren't worried about the future because they are focused on now. When you're just trying to put food on the table or pay the electric bill it's usually the only solution.", ">\n\nNowhere near 46% of credit card holders are in anywhere close to that situation.", ">\n\nDoubt that you’re right. We’re in a recession", ">\n\nUnemployment is near 0 and, on average, real wages fell a bit less than 2% in 2022. This is hardly the worst of economic times.", ">\n\nThe unemployment rate does not necessarily mean we're not in a recession especially when the unemployment rate doesn't include all unemployed people. Or underemployed people. The vast majority of economists are saying that we're in a recession we are.", ">\n\nWell I do it the mostly keep my credit score really high I normally pay it off after 2 months. I'll put some more on my credit again wait a month build it up again.", ">\n\nThere’s no reason whatsoever to do this. You don’t improve your credit score by paying interest", ">\n\nI don't pay interest on my cards when I do that. The cards that I have when I pay for certain items as long as I pay within the specific time I don't pay interest at all on them.", ">\n\nweren't we taught to hold 5-10% balance on credit cards for reasons?", ">\n\nNot in this household. I was raised to pay off the statement balance each month. The interest you pay when you carry a balance pays for someone else’s credit card rewards.", ">\n\ngotta say, that \"rule\" never made sense to me", ">\n\nIt's a common misconception that carrying a balance improves your credit score. It does not.", ">\n\nThey added a no cash, no register automatic convenience store in the Netherlands. The only problem is that nobody ever shows up except for a few foreigners. Why? Nobody here uses or wants to use credit cards. I hope they never push this shit anymore and learn from it.", ">\n\nWhat does this accomplish?", ">\n\nI literally paid off all my credit cards in may/june and already have almost 2k back on one of em.", ">\n\nGreat. I’m a statistic", ">\n\nSurely this is a sustainable economic system. The media doesn't care as long as the line goes up though. Billionaire are fine and guys like Elon Musk can lose 182 billion dollars and still be one of the richest people on the planet. Must be nice I guess.", ">\n\nHow many have like 0% interest due to various promotions that popped up during pandemic ?\nI have like 10k in debt but all 0%. It was like 20k last year. Thanks to Amex plan it.\nIt’s gonna be 20k next week as I pay my property taxes (still runs me cheaper with the cc fees) all 0%", ">\n\nI'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real." ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou.", ">\n\nYea I do that on one of my cards but it's 0% interest for 24 months so why wouldn't I?", ">\n\nNothing more American than trying to accumulate $30 trillion dollars of debt", ">\n\nFraud is the future. Breached forums (Breached.vc) The financial industry and Department of Justice have been subverted by the rich and well connected. \nCompanies like Walmart and Target budget for theft.", ">\n\nIt looks like when big retail eliminates countless cashier positions that provided sustenance to working class Americans a spike in casual theft follows.\nFast food is expanding the use robotics to replace workers too. Doubtless other industries will follow. Elon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.", ">\n\n\nElon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.\n\nI think he has more immediate things to worry about.", ">\n\nWhat do you expect? 7% inflation with 3% raises and a president encouraging no raises to keep inflation down.", ">\n\nCredit card companies spend a hell of a lot of money in congress to make sure that number is as high as possible.", ">\n\nWhat exactly are they spending on and lobbying for?", ">\n\nI doubt they write reports on the stuff, but general rules and regulations (or spins on them) to maximize profits", ">\n\nOh hey, time to buy Visa stock.", ">\n\nYou mean bank stock?", ">\n\n\"At 19.6%, if you made minimum payments toward the average credit card balance — which is $5,474, according to Transunion — it would take you almost 17 years to pay off the debt and cost you more than $7,528 in interest\"", ">\n\nThis is why bankruptcy laws need to be changed! \nWhy is the rich and corporations allowed to wipe their debt clean and start fresh, yet the poor and middle class have to pay back?", ">\n\nThe single best thing the federal government can do is raise minimum wage. At this point, minimum wage needs to be around $25/hr.\nWhat most don't understand is that wages have been under attack since the 60s. Wages are so lean that they barely touch the bottom dollar. For a high volume manufacturer, you could double everyone's wages, and the sell price of goods made would need to increase by less than 1% to cover the added cost. For a low volume, labor intensive manufacturer, the sell price would only go up by 3% to 5%. The only hard hit industries are service industries were labor is the major component of the business. However, if your wages go from $40k a year to $80k a year, and you're rolling in $40,000, you're not going to care one bit that your Uber was $35 instead of $20. Your cereal will cost $0.01 more, and your new $2000 smart fridge will cost you $60 more. And for this financial burden EVERYBODY is making 2x income.\nThis is how far behind wages are because of a 60 year war against them. They almost don't matter to the sell price, but it's also the first thing management targets, because wages are costs and costs are evil.\nUltimately it's a self mutilating cycle of starvation and suffering for literally no good reason.\nWorse yet, we systematically stifle economic growth, buying power, and ultimately GDP. \nThe lack of adequate wages also drivers many social problems like crime and even mental illness. It drivers health issues and increases burdens on society for long term care. It also deters family planning, education, and social diversification.\nFrankly, the masochism of wage stagnation is wild. Why would you ever willfully chose suffering?", ">\n\nCould be worse. Round here I’ve seen credit cards with interest rates that can go up to 586% per year", ">\n\nWe have 3 credit cards that we used for bills and then just paid off immediately with actual cash. Then a funeral for my girlfriends grandma 2500 miles away caused us to max them out going to say goodbye. Now we've had that debt since June unable to catch up due to life's many cruel jokes. 😢", ">\n\nYou could have refused to go to the funeral or asked relatives for financial assistance. Admitting you can't go to a funeral because you can't afford it even if you want to shouldn't be looked down on.", ">\n\nUnfortunately funerals and the funeral industry are a massively exploitative affair designed to emotionally manipulate the fuck out of people to get their money. They go out of their way to make the cheap option like cremation into expensive items. O you wouldnt want your to be uncomfortable in the cardboard box before it burns, how about a $3k upgrade box to be burned?", ">\n\nI love how they're framing it like people are choosing to use credit cards. If this was honestly written it would sound more like \"46% of cardholders are forced to carry debt from month to month as expenses stay high\" or if they wanted to be neutral \"credit card use is high as a result of high expenses\" not this \"people are choosing to be poor\" shit.", ">\n\nThis is the kind of signal the fed is looking for to stop the rate hikes", ">\n\nNot at all surprised. Way too many people spending money they don't have. You're not entitled to have doordash every day because you're too important to get your own food (or even better to cook it). It seems like people are deciding what standard of living they deserve and then worrying about the cost after.", ">\n\nCan you please please please tell my wife this. She’s addicted to door dash and we even have a goddamn supermarket in our building.", ">\n\nI’ve never understood the allure to this. Paying premium prices for below average food that arrives luke warm at best", ">\n\nYou’ve never understood the allure to delivery?", ">\n\nDelivery in concept is fine. Doordash-style delivery is dumb if looked at in context.", ">\n\nWould you get heart surgery from someone who has never done heart surgery before?\nThe credit world is built on statistical analysis. If you have a history of managing debt well, you get a good score, and banks will give you the best rates. If you have a history of not managing debt well, you have a bad score and banks are going to give you high rates (or not lend to you at all) because you're a risk.\nIf you have no history and you're young you can get provisional cards, loans, etc. to start building it up. However, if you are older with no history and you suddenly start asking for credit, that's actually a big red flag.\nLike everything else in life, actions have consequences.", ">\n\nI received a credit card offer from my bank (Bank of America) at midnight on my 18th birthday. On the same day I got approved for a $500 limit credit card. They want to get you in as soon they can and keep you in the cycle of paying off the credit card just to put more stuff on it because all your money went to pay the credit card.", ">\n\nTake the card. Spend 10$ every month and pay off the card every month. Do no more or and no less and at least get a credit rating out of it.", ">\n\nA regular expense that is automatically deducted, like a streaming subscription, is a great way to accomplish this.\nI have a couple of older cards that I don't really use but haven't canceled because they're my oldest cards and I don't want to ding my account age. That's how I keep them active.", ">\n\nYou missed the part about an automatic payment! \nSetup at least automatic minimum payment to make sure you never get penalized for missing entirely, and then even better setup FULL automatic payment if you know you can afford to pay off the limit if you ever forgot.", ">\n\nI've never done automatic payment, as my budget software reminds me to pay it, but that's a good idea.", ">\n\nLook at this gal with the B word.", ">\n\nThat is a fuck ton to go out. Like even once a week is a luxury most people can't afford.", ">\n\nYea what the fuck.. I make an ok salary and i am still eating out maybe once or twice every two weeks. Saving and investing is still difficult.", ">\n\nShopping around for credit cards is very important if you're going to do this. I have a fixed 4.99% mbna card that I'll keep until i die. Low fix apr's with no annual fees is the way to go. If you can keep a 0.00 balance, use credit cards for everything and rack up on bonus points. That takes discipline tho.", ">\n\nEveryone needs to consider reducing expenses before using credit cards.\nSell your stuff, divest assets, learn to live with less stuff and things and most importantly, learn to say no to both others and your self. Financial discipline starts with you.", ">\n\nNo we should actually be protesting and striking. We do not need to lick boots.", ">\n\nr/usernamechecksout", ">\n\nMonth to month?! I've carried the same debt for years! Who are these rich money bags that were able to pay off thier credit card in a month and then had to do it again the next month?!", ">\n\nI would rather go hungry, than use a credit card for an expense i can’t afford. I pay off my balance as soon as it shows up on my account. Keeps things very simple. I’m not taking a loan, it’s my money I’m spending.\nBut I well understand the credit trap, and am terrified of it. It’s easy to slip.", ">\n\nNo need to be over dramatic.", ">\n\nIf you treat your financial well-being seriously… it’s being “diligent” not dramatic. \nNot being trapped in debt your whole life is a serious thing. People can kill themselves over debt. It can ruin lives.", ">\n\nYou’re still doing it. You can pay down credit card debt, especially if it’s a grocery bill or two. It will not ruin you and there is no reason to be terrified.", ">\n\nI don’t think you realize how habits are formed. \nAnd I don’t think it’s a good look to for you to dismiss good financial health as “being dramatic”. \nCredit cards are a curse to many, but if you’re smart they benefit you.", ">\n\nIt’s not good advice to tell people they should be so terrified of credit card debt and it’s a better alternative to go hungry. Buy a bag of rice/beans/potatoes and some chicken and eat. Credit card debt isn’t good, but you’re being dramatic.", ">\n\nAgain… I don’t think you understand how habits are formed. And I would go hungry ( or eat far cheaper, obviously ) than buy what I want on a credit card if I didn’t think I could pay it off in time. It’s literally how they get you. \nNo wonder people get caught in the credit card debt trap with people like you having flippant attitudes. \nDenial of gratification or delayed gratification is a thing. It’ll save you a lot in the long run.", ">\n\nI understand what you’re saying I just don’t agree. Delayed gratification lol… we’re talking about being able to eat not buying a new laptop. You can float a grocery bill on a credit card, especially if the alternative is going hungry. The idea that you should be terrified by that amount of debt is ridiculous. It’s fine to warn about credit cards but again, don’t be so dramatic.", ">\n\nAs a European I will never understand why you guys even bother with credit cards for the following reasons:\n\nWhy not use debit? It's mone you actually own and you don't have to deal with paying it back or forgetting about it.\nWhy does your credit score system work like that? It feels so alien to me, why don't they just rank it based on how well you repay other debts like car payments, student loan payments, phone payments, spotify etc?\nWhy isn't a credit card automatically locked if you fail to pay last month's balance until you repaid the debt?\n\nIf someone could enlighten me on this I'd actually be grateful.", ">\n\nI got one because apparently having a credit history makes you look better when applying for bigger loans (house loans, personal loans for car repair, etc).", ">\n\nBut does it actually make that easier?", ">\n\nI have no idea, haven't needed to take out any loans, but since I'm using it as slush rather than taking on debt that I can't pay immediately, the practical impact is minimal for me. I'll let you know if I ever have the money for a deposit on a house, probably 2040 or so.", ">\n\nWell, atleast those problems are universal in our modern world! Maybe I can show you around in my 50square feet tinyhouse somewhere near 2035 lmao", ">\n\nSounds good :D", ">\n\nI'll never understand why people would carry credit card debt. It's basically the most expensive borrowing you can do.", ">\n\npeople be broke yo.", ">\n\ntaking out loans at 20% interest doesn't seem like a good solution.", ">\n\nPeople at that point are in survival mode and they aren't worried about the future because they are focused on now. When you're just trying to put food on the table or pay the electric bill it's usually the only solution.", ">\n\nNowhere near 46% of credit card holders are in anywhere close to that situation.", ">\n\nDoubt that you’re right. We’re in a recession", ">\n\nUnemployment is near 0 and, on average, real wages fell a bit less than 2% in 2022. This is hardly the worst of economic times.", ">\n\nThe unemployment rate does not necessarily mean we're not in a recession especially when the unemployment rate doesn't include all unemployed people. Or underemployed people. The vast majority of economists are saying that we're in a recession we are.", ">\n\nWell I do it the mostly keep my credit score really high I normally pay it off after 2 months. I'll put some more on my credit again wait a month build it up again.", ">\n\nThere’s no reason whatsoever to do this. You don’t improve your credit score by paying interest", ">\n\nI don't pay interest on my cards when I do that. The cards that I have when I pay for certain items as long as I pay within the specific time I don't pay interest at all on them.", ">\n\nweren't we taught to hold 5-10% balance on credit cards for reasons?", ">\n\nNot in this household. I was raised to pay off the statement balance each month. The interest you pay when you carry a balance pays for someone else’s credit card rewards.", ">\n\ngotta say, that \"rule\" never made sense to me", ">\n\nIt's a common misconception that carrying a balance improves your credit score. It does not.", ">\n\nThey added a no cash, no register automatic convenience store in the Netherlands. The only problem is that nobody ever shows up except for a few foreigners. Why? Nobody here uses or wants to use credit cards. I hope they never push this shit anymore and learn from it.", ">\n\nWhat does this accomplish?", ">\n\nI literally paid off all my credit cards in may/june and already have almost 2k back on one of em.", ">\n\nGreat. I’m a statistic", ">\n\nSurely this is a sustainable economic system. The media doesn't care as long as the line goes up though. Billionaire are fine and guys like Elon Musk can lose 182 billion dollars and still be one of the richest people on the planet. Must be nice I guess.", ">\n\nHow many have like 0% interest due to various promotions that popped up during pandemic ?\nI have like 10k in debt but all 0%. It was like 20k last year. Thanks to Amex plan it.\nIt’s gonna be 20k next week as I pay my property taxes (still runs me cheaper with the cc fees) all 0%", ">\n\nI'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers)." ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou.", ">\n\nYea I do that on one of my cards but it's 0% interest for 24 months so why wouldn't I?", ">\n\nNothing more American than trying to accumulate $30 trillion dollars of debt", ">\n\nFraud is the future. Breached forums (Breached.vc) The financial industry and Department of Justice have been subverted by the rich and well connected. \nCompanies like Walmart and Target budget for theft.", ">\n\nIt looks like when big retail eliminates countless cashier positions that provided sustenance to working class Americans a spike in casual theft follows.\nFast food is expanding the use robotics to replace workers too. Doubtless other industries will follow. Elon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.", ">\n\n\nElon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.\n\nI think he has more immediate things to worry about.", ">\n\nWhat do you expect? 7% inflation with 3% raises and a president encouraging no raises to keep inflation down.", ">\n\nCredit card companies spend a hell of a lot of money in congress to make sure that number is as high as possible.", ">\n\nWhat exactly are they spending on and lobbying for?", ">\n\nI doubt they write reports on the stuff, but general rules and regulations (or spins on them) to maximize profits", ">\n\nOh hey, time to buy Visa stock.", ">\n\nYou mean bank stock?", ">\n\n\"At 19.6%, if you made minimum payments toward the average credit card balance — which is $5,474, according to Transunion — it would take you almost 17 years to pay off the debt and cost you more than $7,528 in interest\"", ">\n\nThis is why bankruptcy laws need to be changed! \nWhy is the rich and corporations allowed to wipe their debt clean and start fresh, yet the poor and middle class have to pay back?", ">\n\nThe single best thing the federal government can do is raise minimum wage. At this point, minimum wage needs to be around $25/hr.\nWhat most don't understand is that wages have been under attack since the 60s. Wages are so lean that they barely touch the bottom dollar. For a high volume manufacturer, you could double everyone's wages, and the sell price of goods made would need to increase by less than 1% to cover the added cost. For a low volume, labor intensive manufacturer, the sell price would only go up by 3% to 5%. The only hard hit industries are service industries were labor is the major component of the business. However, if your wages go from $40k a year to $80k a year, and you're rolling in $40,000, you're not going to care one bit that your Uber was $35 instead of $20. Your cereal will cost $0.01 more, and your new $2000 smart fridge will cost you $60 more. And for this financial burden EVERYBODY is making 2x income.\nThis is how far behind wages are because of a 60 year war against them. They almost don't matter to the sell price, but it's also the first thing management targets, because wages are costs and costs are evil.\nUltimately it's a self mutilating cycle of starvation and suffering for literally no good reason.\nWorse yet, we systematically stifle economic growth, buying power, and ultimately GDP. \nThe lack of adequate wages also drivers many social problems like crime and even mental illness. It drivers health issues and increases burdens on society for long term care. It also deters family planning, education, and social diversification.\nFrankly, the masochism of wage stagnation is wild. Why would you ever willfully chose suffering?", ">\n\nCould be worse. Round here I’ve seen credit cards with interest rates that can go up to 586% per year", ">\n\nWe have 3 credit cards that we used for bills and then just paid off immediately with actual cash. Then a funeral for my girlfriends grandma 2500 miles away caused us to max them out going to say goodbye. Now we've had that debt since June unable to catch up due to life's many cruel jokes. 😢", ">\n\nYou could have refused to go to the funeral or asked relatives for financial assistance. Admitting you can't go to a funeral because you can't afford it even if you want to shouldn't be looked down on.", ">\n\nUnfortunately funerals and the funeral industry are a massively exploitative affair designed to emotionally manipulate the fuck out of people to get their money. They go out of their way to make the cheap option like cremation into expensive items. O you wouldnt want your to be uncomfortable in the cardboard box before it burns, how about a $3k upgrade box to be burned?", ">\n\nI love how they're framing it like people are choosing to use credit cards. If this was honestly written it would sound more like \"46% of cardholders are forced to carry debt from month to month as expenses stay high\" or if they wanted to be neutral \"credit card use is high as a result of high expenses\" not this \"people are choosing to be poor\" shit.", ">\n\nThis is the kind of signal the fed is looking for to stop the rate hikes", ">\n\nNot at all surprised. Way too many people spending money they don't have. You're not entitled to have doordash every day because you're too important to get your own food (or even better to cook it). It seems like people are deciding what standard of living they deserve and then worrying about the cost after.", ">\n\nCan you please please please tell my wife this. She’s addicted to door dash and we even have a goddamn supermarket in our building.", ">\n\nI’ve never understood the allure to this. Paying premium prices for below average food that arrives luke warm at best", ">\n\nYou’ve never understood the allure to delivery?", ">\n\nDelivery in concept is fine. Doordash-style delivery is dumb if looked at in context.", ">\n\nWould you get heart surgery from someone who has never done heart surgery before?\nThe credit world is built on statistical analysis. If you have a history of managing debt well, you get a good score, and banks will give you the best rates. If you have a history of not managing debt well, you have a bad score and banks are going to give you high rates (or not lend to you at all) because you're a risk.\nIf you have no history and you're young you can get provisional cards, loans, etc. to start building it up. However, if you are older with no history and you suddenly start asking for credit, that's actually a big red flag.\nLike everything else in life, actions have consequences.", ">\n\nI received a credit card offer from my bank (Bank of America) at midnight on my 18th birthday. On the same day I got approved for a $500 limit credit card. They want to get you in as soon they can and keep you in the cycle of paying off the credit card just to put more stuff on it because all your money went to pay the credit card.", ">\n\nTake the card. Spend 10$ every month and pay off the card every month. Do no more or and no less and at least get a credit rating out of it.", ">\n\nA regular expense that is automatically deducted, like a streaming subscription, is a great way to accomplish this.\nI have a couple of older cards that I don't really use but haven't canceled because they're my oldest cards and I don't want to ding my account age. That's how I keep them active.", ">\n\nYou missed the part about an automatic payment! \nSetup at least automatic minimum payment to make sure you never get penalized for missing entirely, and then even better setup FULL automatic payment if you know you can afford to pay off the limit if you ever forgot.", ">\n\nI've never done automatic payment, as my budget software reminds me to pay it, but that's a good idea.", ">\n\nLook at this gal with the B word.", ">\n\nThat is a fuck ton to go out. Like even once a week is a luxury most people can't afford.", ">\n\nYea what the fuck.. I make an ok salary and i am still eating out maybe once or twice every two weeks. Saving and investing is still difficult.", ">\n\nShopping around for credit cards is very important if you're going to do this. I have a fixed 4.99% mbna card that I'll keep until i die. Low fix apr's with no annual fees is the way to go. If you can keep a 0.00 balance, use credit cards for everything and rack up on bonus points. That takes discipline tho.", ">\n\nEveryone needs to consider reducing expenses before using credit cards.\nSell your stuff, divest assets, learn to live with less stuff and things and most importantly, learn to say no to both others and your self. Financial discipline starts with you.", ">\n\nNo we should actually be protesting and striking. We do not need to lick boots.", ">\n\nr/usernamechecksout", ">\n\nMonth to month?! I've carried the same debt for years! Who are these rich money bags that were able to pay off thier credit card in a month and then had to do it again the next month?!", ">\n\nI would rather go hungry, than use a credit card for an expense i can’t afford. I pay off my balance as soon as it shows up on my account. Keeps things very simple. I’m not taking a loan, it’s my money I’m spending.\nBut I well understand the credit trap, and am terrified of it. It’s easy to slip.", ">\n\nNo need to be over dramatic.", ">\n\nIf you treat your financial well-being seriously… it’s being “diligent” not dramatic. \nNot being trapped in debt your whole life is a serious thing. People can kill themselves over debt. It can ruin lives.", ">\n\nYou’re still doing it. You can pay down credit card debt, especially if it’s a grocery bill or two. It will not ruin you and there is no reason to be terrified.", ">\n\nI don’t think you realize how habits are formed. \nAnd I don’t think it’s a good look to for you to dismiss good financial health as “being dramatic”. \nCredit cards are a curse to many, but if you’re smart they benefit you.", ">\n\nIt’s not good advice to tell people they should be so terrified of credit card debt and it’s a better alternative to go hungry. Buy a bag of rice/beans/potatoes and some chicken and eat. Credit card debt isn’t good, but you’re being dramatic.", ">\n\nAgain… I don’t think you understand how habits are formed. And I would go hungry ( or eat far cheaper, obviously ) than buy what I want on a credit card if I didn’t think I could pay it off in time. It’s literally how they get you. \nNo wonder people get caught in the credit card debt trap with people like you having flippant attitudes. \nDenial of gratification or delayed gratification is a thing. It’ll save you a lot in the long run.", ">\n\nI understand what you’re saying I just don’t agree. Delayed gratification lol… we’re talking about being able to eat not buying a new laptop. You can float a grocery bill on a credit card, especially if the alternative is going hungry. The idea that you should be terrified by that amount of debt is ridiculous. It’s fine to warn about credit cards but again, don’t be so dramatic.", ">\n\nAs a European I will never understand why you guys even bother with credit cards for the following reasons:\n\nWhy not use debit? It's mone you actually own and you don't have to deal with paying it back or forgetting about it.\nWhy does your credit score system work like that? It feels so alien to me, why don't they just rank it based on how well you repay other debts like car payments, student loan payments, phone payments, spotify etc?\nWhy isn't a credit card automatically locked if you fail to pay last month's balance until you repaid the debt?\n\nIf someone could enlighten me on this I'd actually be grateful.", ">\n\nI got one because apparently having a credit history makes you look better when applying for bigger loans (house loans, personal loans for car repair, etc).", ">\n\nBut does it actually make that easier?", ">\n\nI have no idea, haven't needed to take out any loans, but since I'm using it as slush rather than taking on debt that I can't pay immediately, the practical impact is minimal for me. I'll let you know if I ever have the money for a deposit on a house, probably 2040 or so.", ">\n\nWell, atleast those problems are universal in our modern world! Maybe I can show you around in my 50square feet tinyhouse somewhere near 2035 lmao", ">\n\nSounds good :D", ">\n\nI'll never understand why people would carry credit card debt. It's basically the most expensive borrowing you can do.", ">\n\npeople be broke yo.", ">\n\ntaking out loans at 20% interest doesn't seem like a good solution.", ">\n\nPeople at that point are in survival mode and they aren't worried about the future because they are focused on now. When you're just trying to put food on the table or pay the electric bill it's usually the only solution.", ">\n\nNowhere near 46% of credit card holders are in anywhere close to that situation.", ">\n\nDoubt that you’re right. We’re in a recession", ">\n\nUnemployment is near 0 and, on average, real wages fell a bit less than 2% in 2022. This is hardly the worst of economic times.", ">\n\nThe unemployment rate does not necessarily mean we're not in a recession especially when the unemployment rate doesn't include all unemployed people. Or underemployed people. The vast majority of economists are saying that we're in a recession we are.", ">\n\nWell I do it the mostly keep my credit score really high I normally pay it off after 2 months. I'll put some more on my credit again wait a month build it up again.", ">\n\nThere’s no reason whatsoever to do this. You don’t improve your credit score by paying interest", ">\n\nI don't pay interest on my cards when I do that. The cards that I have when I pay for certain items as long as I pay within the specific time I don't pay interest at all on them.", ">\n\nweren't we taught to hold 5-10% balance on credit cards for reasons?", ">\n\nNot in this household. I was raised to pay off the statement balance each month. The interest you pay when you carry a balance pays for someone else’s credit card rewards.", ">\n\ngotta say, that \"rule\" never made sense to me", ">\n\nIt's a common misconception that carrying a balance improves your credit score. It does not.", ">\n\nThey added a no cash, no register automatic convenience store in the Netherlands. The only problem is that nobody ever shows up except for a few foreigners. Why? Nobody here uses or wants to use credit cards. I hope they never push this shit anymore and learn from it.", ">\n\nWhat does this accomplish?", ">\n\nI literally paid off all my credit cards in may/june and already have almost 2k back on one of em.", ">\n\nGreat. I’m a statistic", ">\n\nSurely this is a sustainable economic system. The media doesn't care as long as the line goes up though. Billionaire are fine and guys like Elon Musk can lose 182 billion dollars and still be one of the richest people on the planet. Must be nice I guess.", ">\n\nHow many have like 0% interest due to various promotions that popped up during pandemic ?\nI have like 10k in debt but all 0%. It was like 20k last year. Thanks to Amex plan it.\nIt’s gonna be 20k next week as I pay my property taxes (still runs me cheaper with the cc fees) all 0%", ">\n\nI'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008." ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou.", ">\n\nYea I do that on one of my cards but it's 0% interest for 24 months so why wouldn't I?", ">\n\nNothing more American than trying to accumulate $30 trillion dollars of debt", ">\n\nFraud is the future. Breached forums (Breached.vc) The financial industry and Department of Justice have been subverted by the rich and well connected. \nCompanies like Walmart and Target budget for theft.", ">\n\nIt looks like when big retail eliminates countless cashier positions that provided sustenance to working class Americans a spike in casual theft follows.\nFast food is expanding the use robotics to replace workers too. Doubtless other industries will follow. Elon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.", ">\n\n\nElon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.\n\nI think he has more immediate things to worry about.", ">\n\nWhat do you expect? 7% inflation with 3% raises and a president encouraging no raises to keep inflation down.", ">\n\nCredit card companies spend a hell of a lot of money in congress to make sure that number is as high as possible.", ">\n\nWhat exactly are they spending on and lobbying for?", ">\n\nI doubt they write reports on the stuff, but general rules and regulations (or spins on them) to maximize profits", ">\n\nOh hey, time to buy Visa stock.", ">\n\nYou mean bank stock?", ">\n\n\"At 19.6%, if you made minimum payments toward the average credit card balance — which is $5,474, according to Transunion — it would take you almost 17 years to pay off the debt and cost you more than $7,528 in interest\"", ">\n\nThis is why bankruptcy laws need to be changed! \nWhy is the rich and corporations allowed to wipe their debt clean and start fresh, yet the poor and middle class have to pay back?", ">\n\nThe single best thing the federal government can do is raise minimum wage. At this point, minimum wage needs to be around $25/hr.\nWhat most don't understand is that wages have been under attack since the 60s. Wages are so lean that they barely touch the bottom dollar. For a high volume manufacturer, you could double everyone's wages, and the sell price of goods made would need to increase by less than 1% to cover the added cost. For a low volume, labor intensive manufacturer, the sell price would only go up by 3% to 5%. The only hard hit industries are service industries were labor is the major component of the business. However, if your wages go from $40k a year to $80k a year, and you're rolling in $40,000, you're not going to care one bit that your Uber was $35 instead of $20. Your cereal will cost $0.01 more, and your new $2000 smart fridge will cost you $60 more. And for this financial burden EVERYBODY is making 2x income.\nThis is how far behind wages are because of a 60 year war against them. They almost don't matter to the sell price, but it's also the first thing management targets, because wages are costs and costs are evil.\nUltimately it's a self mutilating cycle of starvation and suffering for literally no good reason.\nWorse yet, we systematically stifle economic growth, buying power, and ultimately GDP. \nThe lack of adequate wages also drivers many social problems like crime and even mental illness. It drivers health issues and increases burdens on society for long term care. It also deters family planning, education, and social diversification.\nFrankly, the masochism of wage stagnation is wild. Why would you ever willfully chose suffering?", ">\n\nCould be worse. Round here I’ve seen credit cards with interest rates that can go up to 586% per year", ">\n\nWe have 3 credit cards that we used for bills and then just paid off immediately with actual cash. Then a funeral for my girlfriends grandma 2500 miles away caused us to max them out going to say goodbye. Now we've had that debt since June unable to catch up due to life's many cruel jokes. 😢", ">\n\nYou could have refused to go to the funeral or asked relatives for financial assistance. Admitting you can't go to a funeral because you can't afford it even if you want to shouldn't be looked down on.", ">\n\nUnfortunately funerals and the funeral industry are a massively exploitative affair designed to emotionally manipulate the fuck out of people to get their money. They go out of their way to make the cheap option like cremation into expensive items. O you wouldnt want your to be uncomfortable in the cardboard box before it burns, how about a $3k upgrade box to be burned?", ">\n\nI love how they're framing it like people are choosing to use credit cards. If this was honestly written it would sound more like \"46% of cardholders are forced to carry debt from month to month as expenses stay high\" or if they wanted to be neutral \"credit card use is high as a result of high expenses\" not this \"people are choosing to be poor\" shit.", ">\n\nThis is the kind of signal the fed is looking for to stop the rate hikes", ">\n\nNot at all surprised. Way too many people spending money they don't have. You're not entitled to have doordash every day because you're too important to get your own food (or even better to cook it). It seems like people are deciding what standard of living they deserve and then worrying about the cost after.", ">\n\nCan you please please please tell my wife this. She’s addicted to door dash and we even have a goddamn supermarket in our building.", ">\n\nI’ve never understood the allure to this. Paying premium prices for below average food that arrives luke warm at best", ">\n\nYou’ve never understood the allure to delivery?", ">\n\nDelivery in concept is fine. Doordash-style delivery is dumb if looked at in context.", ">\n\nWould you get heart surgery from someone who has never done heart surgery before?\nThe credit world is built on statistical analysis. If you have a history of managing debt well, you get a good score, and banks will give you the best rates. If you have a history of not managing debt well, you have a bad score and banks are going to give you high rates (or not lend to you at all) because you're a risk.\nIf you have no history and you're young you can get provisional cards, loans, etc. to start building it up. However, if you are older with no history and you suddenly start asking for credit, that's actually a big red flag.\nLike everything else in life, actions have consequences.", ">\n\nI received a credit card offer from my bank (Bank of America) at midnight on my 18th birthday. On the same day I got approved for a $500 limit credit card. They want to get you in as soon they can and keep you in the cycle of paying off the credit card just to put more stuff on it because all your money went to pay the credit card.", ">\n\nTake the card. Spend 10$ every month and pay off the card every month. Do no more or and no less and at least get a credit rating out of it.", ">\n\nA regular expense that is automatically deducted, like a streaming subscription, is a great way to accomplish this.\nI have a couple of older cards that I don't really use but haven't canceled because they're my oldest cards and I don't want to ding my account age. That's how I keep them active.", ">\n\nYou missed the part about an automatic payment! \nSetup at least automatic minimum payment to make sure you never get penalized for missing entirely, and then even better setup FULL automatic payment if you know you can afford to pay off the limit if you ever forgot.", ">\n\nI've never done automatic payment, as my budget software reminds me to pay it, but that's a good idea.", ">\n\nLook at this gal with the B word.", ">\n\nThat is a fuck ton to go out. Like even once a week is a luxury most people can't afford.", ">\n\nYea what the fuck.. I make an ok salary and i am still eating out maybe once or twice every two weeks. Saving and investing is still difficult.", ">\n\nShopping around for credit cards is very important if you're going to do this. I have a fixed 4.99% mbna card that I'll keep until i die. Low fix apr's with no annual fees is the way to go. If you can keep a 0.00 balance, use credit cards for everything and rack up on bonus points. That takes discipline tho.", ">\n\nEveryone needs to consider reducing expenses before using credit cards.\nSell your stuff, divest assets, learn to live with less stuff and things and most importantly, learn to say no to both others and your self. Financial discipline starts with you.", ">\n\nNo we should actually be protesting and striking. We do not need to lick boots.", ">\n\nr/usernamechecksout", ">\n\nMonth to month?! I've carried the same debt for years! Who are these rich money bags that were able to pay off thier credit card in a month and then had to do it again the next month?!", ">\n\nI would rather go hungry, than use a credit card for an expense i can’t afford. I pay off my balance as soon as it shows up on my account. Keeps things very simple. I’m not taking a loan, it’s my money I’m spending.\nBut I well understand the credit trap, and am terrified of it. It’s easy to slip.", ">\n\nNo need to be over dramatic.", ">\n\nIf you treat your financial well-being seriously… it’s being “diligent” not dramatic. \nNot being trapped in debt your whole life is a serious thing. People can kill themselves over debt. It can ruin lives.", ">\n\nYou’re still doing it. You can pay down credit card debt, especially if it’s a grocery bill or two. It will not ruin you and there is no reason to be terrified.", ">\n\nI don’t think you realize how habits are formed. \nAnd I don’t think it’s a good look to for you to dismiss good financial health as “being dramatic”. \nCredit cards are a curse to many, but if you’re smart they benefit you.", ">\n\nIt’s not good advice to tell people they should be so terrified of credit card debt and it’s a better alternative to go hungry. Buy a bag of rice/beans/potatoes and some chicken and eat. Credit card debt isn’t good, but you’re being dramatic.", ">\n\nAgain… I don’t think you understand how habits are formed. And I would go hungry ( or eat far cheaper, obviously ) than buy what I want on a credit card if I didn’t think I could pay it off in time. It’s literally how they get you. \nNo wonder people get caught in the credit card debt trap with people like you having flippant attitudes. \nDenial of gratification or delayed gratification is a thing. It’ll save you a lot in the long run.", ">\n\nI understand what you’re saying I just don’t agree. Delayed gratification lol… we’re talking about being able to eat not buying a new laptop. You can float a grocery bill on a credit card, especially if the alternative is going hungry. The idea that you should be terrified by that amount of debt is ridiculous. It’s fine to warn about credit cards but again, don’t be so dramatic.", ">\n\nAs a European I will never understand why you guys even bother with credit cards for the following reasons:\n\nWhy not use debit? It's mone you actually own and you don't have to deal with paying it back or forgetting about it.\nWhy does your credit score system work like that? It feels so alien to me, why don't they just rank it based on how well you repay other debts like car payments, student loan payments, phone payments, spotify etc?\nWhy isn't a credit card automatically locked if you fail to pay last month's balance until you repaid the debt?\n\nIf someone could enlighten me on this I'd actually be grateful.", ">\n\nI got one because apparently having a credit history makes you look better when applying for bigger loans (house loans, personal loans for car repair, etc).", ">\n\nBut does it actually make that easier?", ">\n\nI have no idea, haven't needed to take out any loans, but since I'm using it as slush rather than taking on debt that I can't pay immediately, the practical impact is minimal for me. I'll let you know if I ever have the money for a deposit on a house, probably 2040 or so.", ">\n\nWell, atleast those problems are universal in our modern world! Maybe I can show you around in my 50square feet tinyhouse somewhere near 2035 lmao", ">\n\nSounds good :D", ">\n\nI'll never understand why people would carry credit card debt. It's basically the most expensive borrowing you can do.", ">\n\npeople be broke yo.", ">\n\ntaking out loans at 20% interest doesn't seem like a good solution.", ">\n\nPeople at that point are in survival mode and they aren't worried about the future because they are focused on now. When you're just trying to put food on the table or pay the electric bill it's usually the only solution.", ">\n\nNowhere near 46% of credit card holders are in anywhere close to that situation.", ">\n\nDoubt that you’re right. We’re in a recession", ">\n\nUnemployment is near 0 and, on average, real wages fell a bit less than 2% in 2022. This is hardly the worst of economic times.", ">\n\nThe unemployment rate does not necessarily mean we're not in a recession especially when the unemployment rate doesn't include all unemployed people. Or underemployed people. The vast majority of economists are saying that we're in a recession we are.", ">\n\nWell I do it the mostly keep my credit score really high I normally pay it off after 2 months. I'll put some more on my credit again wait a month build it up again.", ">\n\nThere’s no reason whatsoever to do this. You don’t improve your credit score by paying interest", ">\n\nI don't pay interest on my cards when I do that. The cards that I have when I pay for certain items as long as I pay within the specific time I don't pay interest at all on them.", ">\n\nweren't we taught to hold 5-10% balance on credit cards for reasons?", ">\n\nNot in this household. I was raised to pay off the statement balance each month. The interest you pay when you carry a balance pays for someone else’s credit card rewards.", ">\n\ngotta say, that \"rule\" never made sense to me", ">\n\nIt's a common misconception that carrying a balance improves your credit score. It does not.", ">\n\nThey added a no cash, no register automatic convenience store in the Netherlands. The only problem is that nobody ever shows up except for a few foreigners. Why? Nobody here uses or wants to use credit cards. I hope they never push this shit anymore and learn from it.", ">\n\nWhat does this accomplish?", ">\n\nI literally paid off all my credit cards in may/june and already have almost 2k back on one of em.", ">\n\nGreat. I’m a statistic", ">\n\nSurely this is a sustainable economic system. The media doesn't care as long as the line goes up though. Billionaire are fine and guys like Elon Musk can lose 182 billion dollars and still be one of the richest people on the planet. Must be nice I guess.", ">\n\nHow many have like 0% interest due to various promotions that popped up during pandemic ?\nI have like 10k in debt but all 0%. It was like 20k last year. Thanks to Amex plan it.\nIt’s gonna be 20k next week as I pay my property taxes (still runs me cheaper with the cc fees) all 0%", ">\n\nI'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation." ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou.", ">\n\nYea I do that on one of my cards but it's 0% interest for 24 months so why wouldn't I?", ">\n\nNothing more American than trying to accumulate $30 trillion dollars of debt", ">\n\nFraud is the future. Breached forums (Breached.vc) The financial industry and Department of Justice have been subverted by the rich and well connected. \nCompanies like Walmart and Target budget for theft.", ">\n\nIt looks like when big retail eliminates countless cashier positions that provided sustenance to working class Americans a spike in casual theft follows.\nFast food is expanding the use robotics to replace workers too. Doubtless other industries will follow. Elon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.", ">\n\n\nElon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.\n\nI think he has more immediate things to worry about.", ">\n\nWhat do you expect? 7% inflation with 3% raises and a president encouraging no raises to keep inflation down.", ">\n\nCredit card companies spend a hell of a lot of money in congress to make sure that number is as high as possible.", ">\n\nWhat exactly are they spending on and lobbying for?", ">\n\nI doubt they write reports on the stuff, but general rules and regulations (or spins on them) to maximize profits", ">\n\nOh hey, time to buy Visa stock.", ">\n\nYou mean bank stock?", ">\n\n\"At 19.6%, if you made minimum payments toward the average credit card balance — which is $5,474, according to Transunion — it would take you almost 17 years to pay off the debt and cost you more than $7,528 in interest\"", ">\n\nThis is why bankruptcy laws need to be changed! \nWhy is the rich and corporations allowed to wipe their debt clean and start fresh, yet the poor and middle class have to pay back?", ">\n\nThe single best thing the federal government can do is raise minimum wage. At this point, minimum wage needs to be around $25/hr.\nWhat most don't understand is that wages have been under attack since the 60s. Wages are so lean that they barely touch the bottom dollar. For a high volume manufacturer, you could double everyone's wages, and the sell price of goods made would need to increase by less than 1% to cover the added cost. For a low volume, labor intensive manufacturer, the sell price would only go up by 3% to 5%. The only hard hit industries are service industries were labor is the major component of the business. However, if your wages go from $40k a year to $80k a year, and you're rolling in $40,000, you're not going to care one bit that your Uber was $35 instead of $20. Your cereal will cost $0.01 more, and your new $2000 smart fridge will cost you $60 more. And for this financial burden EVERYBODY is making 2x income.\nThis is how far behind wages are because of a 60 year war against them. They almost don't matter to the sell price, but it's also the first thing management targets, because wages are costs and costs are evil.\nUltimately it's a self mutilating cycle of starvation and suffering for literally no good reason.\nWorse yet, we systematically stifle economic growth, buying power, and ultimately GDP. \nThe lack of adequate wages also drivers many social problems like crime and even mental illness. It drivers health issues and increases burdens on society for long term care. It also deters family planning, education, and social diversification.\nFrankly, the masochism of wage stagnation is wild. Why would you ever willfully chose suffering?", ">\n\nCould be worse. Round here I’ve seen credit cards with interest rates that can go up to 586% per year", ">\n\nWe have 3 credit cards that we used for bills and then just paid off immediately with actual cash. Then a funeral for my girlfriends grandma 2500 miles away caused us to max them out going to say goodbye. Now we've had that debt since June unable to catch up due to life's many cruel jokes. 😢", ">\n\nYou could have refused to go to the funeral or asked relatives for financial assistance. Admitting you can't go to a funeral because you can't afford it even if you want to shouldn't be looked down on.", ">\n\nUnfortunately funerals and the funeral industry are a massively exploitative affair designed to emotionally manipulate the fuck out of people to get their money. They go out of their way to make the cheap option like cremation into expensive items. O you wouldnt want your to be uncomfortable in the cardboard box before it burns, how about a $3k upgrade box to be burned?", ">\n\nI love how they're framing it like people are choosing to use credit cards. If this was honestly written it would sound more like \"46% of cardholders are forced to carry debt from month to month as expenses stay high\" or if they wanted to be neutral \"credit card use is high as a result of high expenses\" not this \"people are choosing to be poor\" shit.", ">\n\nThis is the kind of signal the fed is looking for to stop the rate hikes", ">\n\nNot at all surprised. Way too many people spending money they don't have. You're not entitled to have doordash every day because you're too important to get your own food (or even better to cook it). It seems like people are deciding what standard of living they deserve and then worrying about the cost after.", ">\n\nCan you please please please tell my wife this. She’s addicted to door dash and we even have a goddamn supermarket in our building.", ">\n\nI’ve never understood the allure to this. Paying premium prices for below average food that arrives luke warm at best", ">\n\nYou’ve never understood the allure to delivery?", ">\n\nDelivery in concept is fine. Doordash-style delivery is dumb if looked at in context.", ">\n\nWould you get heart surgery from someone who has never done heart surgery before?\nThe credit world is built on statistical analysis. If you have a history of managing debt well, you get a good score, and banks will give you the best rates. If you have a history of not managing debt well, you have a bad score and banks are going to give you high rates (or not lend to you at all) because you're a risk.\nIf you have no history and you're young you can get provisional cards, loans, etc. to start building it up. However, if you are older with no history and you suddenly start asking for credit, that's actually a big red flag.\nLike everything else in life, actions have consequences.", ">\n\nI received a credit card offer from my bank (Bank of America) at midnight on my 18th birthday. On the same day I got approved for a $500 limit credit card. They want to get you in as soon they can and keep you in the cycle of paying off the credit card just to put more stuff on it because all your money went to pay the credit card.", ">\n\nTake the card. Spend 10$ every month and pay off the card every month. Do no more or and no less and at least get a credit rating out of it.", ">\n\nA regular expense that is automatically deducted, like a streaming subscription, is a great way to accomplish this.\nI have a couple of older cards that I don't really use but haven't canceled because they're my oldest cards and I don't want to ding my account age. That's how I keep them active.", ">\n\nYou missed the part about an automatic payment! \nSetup at least automatic minimum payment to make sure you never get penalized for missing entirely, and then even better setup FULL automatic payment if you know you can afford to pay off the limit if you ever forgot.", ">\n\nI've never done automatic payment, as my budget software reminds me to pay it, but that's a good idea.", ">\n\nLook at this gal with the B word.", ">\n\nThat is a fuck ton to go out. Like even once a week is a luxury most people can't afford.", ">\n\nYea what the fuck.. I make an ok salary and i am still eating out maybe once or twice every two weeks. Saving and investing is still difficult.", ">\n\nShopping around for credit cards is very important if you're going to do this. I have a fixed 4.99% mbna card that I'll keep until i die. Low fix apr's with no annual fees is the way to go. If you can keep a 0.00 balance, use credit cards for everything and rack up on bonus points. That takes discipline tho.", ">\n\nEveryone needs to consider reducing expenses before using credit cards.\nSell your stuff, divest assets, learn to live with less stuff and things and most importantly, learn to say no to both others and your self. Financial discipline starts with you.", ">\n\nNo we should actually be protesting and striking. We do not need to lick boots.", ">\n\nr/usernamechecksout", ">\n\nMonth to month?! I've carried the same debt for years! Who are these rich money bags that were able to pay off thier credit card in a month and then had to do it again the next month?!", ">\n\nI would rather go hungry, than use a credit card for an expense i can’t afford. I pay off my balance as soon as it shows up on my account. Keeps things very simple. I’m not taking a loan, it’s my money I’m spending.\nBut I well understand the credit trap, and am terrified of it. It’s easy to slip.", ">\n\nNo need to be over dramatic.", ">\n\nIf you treat your financial well-being seriously… it’s being “diligent” not dramatic. \nNot being trapped in debt your whole life is a serious thing. People can kill themselves over debt. It can ruin lives.", ">\n\nYou’re still doing it. You can pay down credit card debt, especially if it’s a grocery bill or two. It will not ruin you and there is no reason to be terrified.", ">\n\nI don’t think you realize how habits are formed. \nAnd I don’t think it’s a good look to for you to dismiss good financial health as “being dramatic”. \nCredit cards are a curse to many, but if you’re smart they benefit you.", ">\n\nIt’s not good advice to tell people they should be so terrified of credit card debt and it’s a better alternative to go hungry. Buy a bag of rice/beans/potatoes and some chicken and eat. Credit card debt isn’t good, but you’re being dramatic.", ">\n\nAgain… I don’t think you understand how habits are formed. And I would go hungry ( or eat far cheaper, obviously ) than buy what I want on a credit card if I didn’t think I could pay it off in time. It’s literally how they get you. \nNo wonder people get caught in the credit card debt trap with people like you having flippant attitudes. \nDenial of gratification or delayed gratification is a thing. It’ll save you a lot in the long run.", ">\n\nI understand what you’re saying I just don’t agree. Delayed gratification lol… we’re talking about being able to eat not buying a new laptop. You can float a grocery bill on a credit card, especially if the alternative is going hungry. The idea that you should be terrified by that amount of debt is ridiculous. It’s fine to warn about credit cards but again, don’t be so dramatic.", ">\n\nAs a European I will never understand why you guys even bother with credit cards for the following reasons:\n\nWhy not use debit? It's mone you actually own and you don't have to deal with paying it back or forgetting about it.\nWhy does your credit score system work like that? It feels so alien to me, why don't they just rank it based on how well you repay other debts like car payments, student loan payments, phone payments, spotify etc?\nWhy isn't a credit card automatically locked if you fail to pay last month's balance until you repaid the debt?\n\nIf someone could enlighten me on this I'd actually be grateful.", ">\n\nI got one because apparently having a credit history makes you look better when applying for bigger loans (house loans, personal loans for car repair, etc).", ">\n\nBut does it actually make that easier?", ">\n\nI have no idea, haven't needed to take out any loans, but since I'm using it as slush rather than taking on debt that I can't pay immediately, the practical impact is minimal for me. I'll let you know if I ever have the money for a deposit on a house, probably 2040 or so.", ">\n\nWell, atleast those problems are universal in our modern world! Maybe I can show you around in my 50square feet tinyhouse somewhere near 2035 lmao", ">\n\nSounds good :D", ">\n\nI'll never understand why people would carry credit card debt. It's basically the most expensive borrowing you can do.", ">\n\npeople be broke yo.", ">\n\ntaking out loans at 20% interest doesn't seem like a good solution.", ">\n\nPeople at that point are in survival mode and they aren't worried about the future because they are focused on now. When you're just trying to put food on the table or pay the electric bill it's usually the only solution.", ">\n\nNowhere near 46% of credit card holders are in anywhere close to that situation.", ">\n\nDoubt that you’re right. We’re in a recession", ">\n\nUnemployment is near 0 and, on average, real wages fell a bit less than 2% in 2022. This is hardly the worst of economic times.", ">\n\nThe unemployment rate does not necessarily mean we're not in a recession especially when the unemployment rate doesn't include all unemployed people. Or underemployed people. The vast majority of economists are saying that we're in a recession we are.", ">\n\nWell I do it the mostly keep my credit score really high I normally pay it off after 2 months. I'll put some more on my credit again wait a month build it up again.", ">\n\nThere’s no reason whatsoever to do this. You don’t improve your credit score by paying interest", ">\n\nI don't pay interest on my cards when I do that. The cards that I have when I pay for certain items as long as I pay within the specific time I don't pay interest at all on them.", ">\n\nweren't we taught to hold 5-10% balance on credit cards for reasons?", ">\n\nNot in this household. I was raised to pay off the statement balance each month. The interest you pay when you carry a balance pays for someone else’s credit card rewards.", ">\n\ngotta say, that \"rule\" never made sense to me", ">\n\nIt's a common misconception that carrying a balance improves your credit score. It does not.", ">\n\nThey added a no cash, no register automatic convenience store in the Netherlands. The only problem is that nobody ever shows up except for a few foreigners. Why? Nobody here uses or wants to use credit cards. I hope they never push this shit anymore and learn from it.", ">\n\nWhat does this accomplish?", ">\n\nI literally paid off all my credit cards in may/june and already have almost 2k back on one of em.", ">\n\nGreat. I’m a statistic", ">\n\nSurely this is a sustainable economic system. The media doesn't care as long as the line goes up though. Billionaire are fine and guys like Elon Musk can lose 182 billion dollars and still be one of the richest people on the planet. Must be nice I guess.", ">\n\nHow many have like 0% interest due to various promotions that popped up during pandemic ?\nI have like 10k in debt but all 0%. It was like 20k last year. Thanks to Amex plan it.\nIt’s gonna be 20k next week as I pay my property taxes (still runs me cheaper with the cc fees) all 0%", ">\n\nI'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014." ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou.", ">\n\nYea I do that on one of my cards but it's 0% interest for 24 months so why wouldn't I?", ">\n\nNothing more American than trying to accumulate $30 trillion dollars of debt", ">\n\nFraud is the future. Breached forums (Breached.vc) The financial industry and Department of Justice have been subverted by the rich and well connected. \nCompanies like Walmart and Target budget for theft.", ">\n\nIt looks like when big retail eliminates countless cashier positions that provided sustenance to working class Americans a spike in casual theft follows.\nFast food is expanding the use robotics to replace workers too. Doubtless other industries will follow. Elon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.", ">\n\n\nElon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.\n\nI think he has more immediate things to worry about.", ">\n\nWhat do you expect? 7% inflation with 3% raises and a president encouraging no raises to keep inflation down.", ">\n\nCredit card companies spend a hell of a lot of money in congress to make sure that number is as high as possible.", ">\n\nWhat exactly are they spending on and lobbying for?", ">\n\nI doubt they write reports on the stuff, but general rules and regulations (or spins on them) to maximize profits", ">\n\nOh hey, time to buy Visa stock.", ">\n\nYou mean bank stock?", ">\n\n\"At 19.6%, if you made minimum payments toward the average credit card balance — which is $5,474, according to Transunion — it would take you almost 17 years to pay off the debt and cost you more than $7,528 in interest\"", ">\n\nThis is why bankruptcy laws need to be changed! \nWhy is the rich and corporations allowed to wipe their debt clean and start fresh, yet the poor and middle class have to pay back?", ">\n\nThe single best thing the federal government can do is raise minimum wage. At this point, minimum wage needs to be around $25/hr.\nWhat most don't understand is that wages have been under attack since the 60s. Wages are so lean that they barely touch the bottom dollar. For a high volume manufacturer, you could double everyone's wages, and the sell price of goods made would need to increase by less than 1% to cover the added cost. For a low volume, labor intensive manufacturer, the sell price would only go up by 3% to 5%. The only hard hit industries are service industries were labor is the major component of the business. However, if your wages go from $40k a year to $80k a year, and you're rolling in $40,000, you're not going to care one bit that your Uber was $35 instead of $20. Your cereal will cost $0.01 more, and your new $2000 smart fridge will cost you $60 more. And for this financial burden EVERYBODY is making 2x income.\nThis is how far behind wages are because of a 60 year war against them. They almost don't matter to the sell price, but it's also the first thing management targets, because wages are costs and costs are evil.\nUltimately it's a self mutilating cycle of starvation and suffering for literally no good reason.\nWorse yet, we systematically stifle economic growth, buying power, and ultimately GDP. \nThe lack of adequate wages also drivers many social problems like crime and even mental illness. It drivers health issues and increases burdens on society for long term care. It also deters family planning, education, and social diversification.\nFrankly, the masochism of wage stagnation is wild. Why would you ever willfully chose suffering?", ">\n\nCould be worse. Round here I’ve seen credit cards with interest rates that can go up to 586% per year", ">\n\nWe have 3 credit cards that we used for bills and then just paid off immediately with actual cash. Then a funeral for my girlfriends grandma 2500 miles away caused us to max them out going to say goodbye. Now we've had that debt since June unable to catch up due to life's many cruel jokes. 😢", ">\n\nYou could have refused to go to the funeral or asked relatives for financial assistance. Admitting you can't go to a funeral because you can't afford it even if you want to shouldn't be looked down on.", ">\n\nUnfortunately funerals and the funeral industry are a massively exploitative affair designed to emotionally manipulate the fuck out of people to get their money. They go out of their way to make the cheap option like cremation into expensive items. O you wouldnt want your to be uncomfortable in the cardboard box before it burns, how about a $3k upgrade box to be burned?", ">\n\nI love how they're framing it like people are choosing to use credit cards. If this was honestly written it would sound more like \"46% of cardholders are forced to carry debt from month to month as expenses stay high\" or if they wanted to be neutral \"credit card use is high as a result of high expenses\" not this \"people are choosing to be poor\" shit.", ">\n\nThis is the kind of signal the fed is looking for to stop the rate hikes", ">\n\nNot at all surprised. Way too many people spending money they don't have. You're not entitled to have doordash every day because you're too important to get your own food (or even better to cook it). It seems like people are deciding what standard of living they deserve and then worrying about the cost after.", ">\n\nCan you please please please tell my wife this. She’s addicted to door dash and we even have a goddamn supermarket in our building.", ">\n\nI’ve never understood the allure to this. Paying premium prices for below average food that arrives luke warm at best", ">\n\nYou’ve never understood the allure to delivery?", ">\n\nDelivery in concept is fine. Doordash-style delivery is dumb if looked at in context.", ">\n\nWould you get heart surgery from someone who has never done heart surgery before?\nThe credit world is built on statistical analysis. If you have a history of managing debt well, you get a good score, and banks will give you the best rates. If you have a history of not managing debt well, you have a bad score and banks are going to give you high rates (or not lend to you at all) because you're a risk.\nIf you have no history and you're young you can get provisional cards, loans, etc. to start building it up. However, if you are older with no history and you suddenly start asking for credit, that's actually a big red flag.\nLike everything else in life, actions have consequences.", ">\n\nI received a credit card offer from my bank (Bank of America) at midnight on my 18th birthday. On the same day I got approved for a $500 limit credit card. They want to get you in as soon they can and keep you in the cycle of paying off the credit card just to put more stuff on it because all your money went to pay the credit card.", ">\n\nTake the card. Spend 10$ every month and pay off the card every month. Do no more or and no less and at least get a credit rating out of it.", ">\n\nA regular expense that is automatically deducted, like a streaming subscription, is a great way to accomplish this.\nI have a couple of older cards that I don't really use but haven't canceled because they're my oldest cards and I don't want to ding my account age. That's how I keep them active.", ">\n\nYou missed the part about an automatic payment! \nSetup at least automatic minimum payment to make sure you never get penalized for missing entirely, and then even better setup FULL automatic payment if you know you can afford to pay off the limit if you ever forgot.", ">\n\nI've never done automatic payment, as my budget software reminds me to pay it, but that's a good idea.", ">\n\nLook at this gal with the B word.", ">\n\nThat is a fuck ton to go out. Like even once a week is a luxury most people can't afford.", ">\n\nYea what the fuck.. I make an ok salary and i am still eating out maybe once or twice every two weeks. Saving and investing is still difficult.", ">\n\nShopping around for credit cards is very important if you're going to do this. I have a fixed 4.99% mbna card that I'll keep until i die. Low fix apr's with no annual fees is the way to go. If you can keep a 0.00 balance, use credit cards for everything and rack up on bonus points. That takes discipline tho.", ">\n\nEveryone needs to consider reducing expenses before using credit cards.\nSell your stuff, divest assets, learn to live with less stuff and things and most importantly, learn to say no to both others and your self. Financial discipline starts with you.", ">\n\nNo we should actually be protesting and striking. We do not need to lick boots.", ">\n\nr/usernamechecksout", ">\n\nMonth to month?! I've carried the same debt for years! Who are these rich money bags that were able to pay off thier credit card in a month and then had to do it again the next month?!", ">\n\nI would rather go hungry, than use a credit card for an expense i can’t afford. I pay off my balance as soon as it shows up on my account. Keeps things very simple. I’m not taking a loan, it’s my money I’m spending.\nBut I well understand the credit trap, and am terrified of it. It’s easy to slip.", ">\n\nNo need to be over dramatic.", ">\n\nIf you treat your financial well-being seriously… it’s being “diligent” not dramatic. \nNot being trapped in debt your whole life is a serious thing. People can kill themselves over debt. It can ruin lives.", ">\n\nYou’re still doing it. You can pay down credit card debt, especially if it’s a grocery bill or two. It will not ruin you and there is no reason to be terrified.", ">\n\nI don’t think you realize how habits are formed. \nAnd I don’t think it’s a good look to for you to dismiss good financial health as “being dramatic”. \nCredit cards are a curse to many, but if you’re smart they benefit you.", ">\n\nIt’s not good advice to tell people they should be so terrified of credit card debt and it’s a better alternative to go hungry. Buy a bag of rice/beans/potatoes and some chicken and eat. Credit card debt isn’t good, but you’re being dramatic.", ">\n\nAgain… I don’t think you understand how habits are formed. And I would go hungry ( or eat far cheaper, obviously ) than buy what I want on a credit card if I didn’t think I could pay it off in time. It’s literally how they get you. \nNo wonder people get caught in the credit card debt trap with people like you having flippant attitudes. \nDenial of gratification or delayed gratification is a thing. It’ll save you a lot in the long run.", ">\n\nI understand what you’re saying I just don’t agree. Delayed gratification lol… we’re talking about being able to eat not buying a new laptop. You can float a grocery bill on a credit card, especially if the alternative is going hungry. The idea that you should be terrified by that amount of debt is ridiculous. It’s fine to warn about credit cards but again, don’t be so dramatic.", ">\n\nAs a European I will never understand why you guys even bother with credit cards for the following reasons:\n\nWhy not use debit? It's mone you actually own and you don't have to deal with paying it back or forgetting about it.\nWhy does your credit score system work like that? It feels so alien to me, why don't they just rank it based on how well you repay other debts like car payments, student loan payments, phone payments, spotify etc?\nWhy isn't a credit card automatically locked if you fail to pay last month's balance until you repaid the debt?\n\nIf someone could enlighten me on this I'd actually be grateful.", ">\n\nI got one because apparently having a credit history makes you look better when applying for bigger loans (house loans, personal loans for car repair, etc).", ">\n\nBut does it actually make that easier?", ">\n\nI have no idea, haven't needed to take out any loans, but since I'm using it as slush rather than taking on debt that I can't pay immediately, the practical impact is minimal for me. I'll let you know if I ever have the money for a deposit on a house, probably 2040 or so.", ">\n\nWell, atleast those problems are universal in our modern world! Maybe I can show you around in my 50square feet tinyhouse somewhere near 2035 lmao", ">\n\nSounds good :D", ">\n\nI'll never understand why people would carry credit card debt. It's basically the most expensive borrowing you can do.", ">\n\npeople be broke yo.", ">\n\ntaking out loans at 20% interest doesn't seem like a good solution.", ">\n\nPeople at that point are in survival mode and they aren't worried about the future because they are focused on now. When you're just trying to put food on the table or pay the electric bill it's usually the only solution.", ">\n\nNowhere near 46% of credit card holders are in anywhere close to that situation.", ">\n\nDoubt that you’re right. We’re in a recession", ">\n\nUnemployment is near 0 and, on average, real wages fell a bit less than 2% in 2022. This is hardly the worst of economic times.", ">\n\nThe unemployment rate does not necessarily mean we're not in a recession especially when the unemployment rate doesn't include all unemployed people. Or underemployed people. The vast majority of economists are saying that we're in a recession we are.", ">\n\nWell I do it the mostly keep my credit score really high I normally pay it off after 2 months. I'll put some more on my credit again wait a month build it up again.", ">\n\nThere’s no reason whatsoever to do this. You don’t improve your credit score by paying interest", ">\n\nI don't pay interest on my cards when I do that. The cards that I have when I pay for certain items as long as I pay within the specific time I don't pay interest at all on them.", ">\n\nweren't we taught to hold 5-10% balance on credit cards for reasons?", ">\n\nNot in this household. I was raised to pay off the statement balance each month. The interest you pay when you carry a balance pays for someone else’s credit card rewards.", ">\n\ngotta say, that \"rule\" never made sense to me", ">\n\nIt's a common misconception that carrying a balance improves your credit score. It does not.", ">\n\nThey added a no cash, no register automatic convenience store in the Netherlands. The only problem is that nobody ever shows up except for a few foreigners. Why? Nobody here uses or wants to use credit cards. I hope they never push this shit anymore and learn from it.", ">\n\nWhat does this accomplish?", ">\n\nI literally paid off all my credit cards in may/june and already have almost 2k back on one of em.", ">\n\nGreat. I’m a statistic", ">\n\nSurely this is a sustainable economic system. The media doesn't care as long as the line goes up though. Billionaire are fine and guys like Elon Musk can lose 182 billion dollars and still be one of the richest people on the planet. Must be nice I guess.", ">\n\nHow many have like 0% interest due to various promotions that popped up during pandemic ?\nI have like 10k in debt but all 0%. It was like 20k last year. Thanks to Amex plan it.\nIt’s gonna be 20k next week as I pay my property taxes (still runs me cheaper with the cc fees) all 0%", ">\n\nI'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed" ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou.", ">\n\nYea I do that on one of my cards but it's 0% interest for 24 months so why wouldn't I?", ">\n\nNothing more American than trying to accumulate $30 trillion dollars of debt", ">\n\nFraud is the future. Breached forums (Breached.vc) The financial industry and Department of Justice have been subverted by the rich and well connected. \nCompanies like Walmart and Target budget for theft.", ">\n\nIt looks like when big retail eliminates countless cashier positions that provided sustenance to working class Americans a spike in casual theft follows.\nFast food is expanding the use robotics to replace workers too. Doubtless other industries will follow. Elon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.", ">\n\n\nElon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.\n\nI think he has more immediate things to worry about.", ">\n\nWhat do you expect? 7% inflation with 3% raises and a president encouraging no raises to keep inflation down.", ">\n\nCredit card companies spend a hell of a lot of money in congress to make sure that number is as high as possible.", ">\n\nWhat exactly are they spending on and lobbying for?", ">\n\nI doubt they write reports on the stuff, but general rules and regulations (or spins on them) to maximize profits", ">\n\nOh hey, time to buy Visa stock.", ">\n\nYou mean bank stock?", ">\n\n\"At 19.6%, if you made minimum payments toward the average credit card balance — which is $5,474, according to Transunion — it would take you almost 17 years to pay off the debt and cost you more than $7,528 in interest\"", ">\n\nThis is why bankruptcy laws need to be changed! \nWhy is the rich and corporations allowed to wipe their debt clean and start fresh, yet the poor and middle class have to pay back?", ">\n\nThe single best thing the federal government can do is raise minimum wage. At this point, minimum wage needs to be around $25/hr.\nWhat most don't understand is that wages have been under attack since the 60s. Wages are so lean that they barely touch the bottom dollar. For a high volume manufacturer, you could double everyone's wages, and the sell price of goods made would need to increase by less than 1% to cover the added cost. For a low volume, labor intensive manufacturer, the sell price would only go up by 3% to 5%. The only hard hit industries are service industries were labor is the major component of the business. However, if your wages go from $40k a year to $80k a year, and you're rolling in $40,000, you're not going to care one bit that your Uber was $35 instead of $20. Your cereal will cost $0.01 more, and your new $2000 smart fridge will cost you $60 more. And for this financial burden EVERYBODY is making 2x income.\nThis is how far behind wages are because of a 60 year war against them. They almost don't matter to the sell price, but it's also the first thing management targets, because wages are costs and costs are evil.\nUltimately it's a self mutilating cycle of starvation and suffering for literally no good reason.\nWorse yet, we systematically stifle economic growth, buying power, and ultimately GDP. \nThe lack of adequate wages also drivers many social problems like crime and even mental illness. It drivers health issues and increases burdens on society for long term care. It also deters family planning, education, and social diversification.\nFrankly, the masochism of wage stagnation is wild. Why would you ever willfully chose suffering?", ">\n\nCould be worse. Round here I’ve seen credit cards with interest rates that can go up to 586% per year", ">\n\nWe have 3 credit cards that we used for bills and then just paid off immediately with actual cash. Then a funeral for my girlfriends grandma 2500 miles away caused us to max them out going to say goodbye. Now we've had that debt since June unable to catch up due to life's many cruel jokes. 😢", ">\n\nYou could have refused to go to the funeral or asked relatives for financial assistance. Admitting you can't go to a funeral because you can't afford it even if you want to shouldn't be looked down on.", ">\n\nUnfortunately funerals and the funeral industry are a massively exploitative affair designed to emotionally manipulate the fuck out of people to get their money. They go out of their way to make the cheap option like cremation into expensive items. O you wouldnt want your to be uncomfortable in the cardboard box before it burns, how about a $3k upgrade box to be burned?", ">\n\nI love how they're framing it like people are choosing to use credit cards. If this was honestly written it would sound more like \"46% of cardholders are forced to carry debt from month to month as expenses stay high\" or if they wanted to be neutral \"credit card use is high as a result of high expenses\" not this \"people are choosing to be poor\" shit.", ">\n\nThis is the kind of signal the fed is looking for to stop the rate hikes", ">\n\nNot at all surprised. Way too many people spending money they don't have. You're not entitled to have doordash every day because you're too important to get your own food (or even better to cook it). It seems like people are deciding what standard of living they deserve and then worrying about the cost after.", ">\n\nCan you please please please tell my wife this. She’s addicted to door dash and we even have a goddamn supermarket in our building.", ">\n\nI’ve never understood the allure to this. Paying premium prices for below average food that arrives luke warm at best", ">\n\nYou’ve never understood the allure to delivery?", ">\n\nDelivery in concept is fine. Doordash-style delivery is dumb if looked at in context.", ">\n\nWould you get heart surgery from someone who has never done heart surgery before?\nThe credit world is built on statistical analysis. If you have a history of managing debt well, you get a good score, and banks will give you the best rates. If you have a history of not managing debt well, you have a bad score and banks are going to give you high rates (or not lend to you at all) because you're a risk.\nIf you have no history and you're young you can get provisional cards, loans, etc. to start building it up. However, if you are older with no history and you suddenly start asking for credit, that's actually a big red flag.\nLike everything else in life, actions have consequences.", ">\n\nI received a credit card offer from my bank (Bank of America) at midnight on my 18th birthday. On the same day I got approved for a $500 limit credit card. They want to get you in as soon they can and keep you in the cycle of paying off the credit card just to put more stuff on it because all your money went to pay the credit card.", ">\n\nTake the card. Spend 10$ every month and pay off the card every month. Do no more or and no less and at least get a credit rating out of it.", ">\n\nA regular expense that is automatically deducted, like a streaming subscription, is a great way to accomplish this.\nI have a couple of older cards that I don't really use but haven't canceled because they're my oldest cards and I don't want to ding my account age. That's how I keep them active.", ">\n\nYou missed the part about an automatic payment! \nSetup at least automatic minimum payment to make sure you never get penalized for missing entirely, and then even better setup FULL automatic payment if you know you can afford to pay off the limit if you ever forgot.", ">\n\nI've never done automatic payment, as my budget software reminds me to pay it, but that's a good idea.", ">\n\nLook at this gal with the B word.", ">\n\nThat is a fuck ton to go out. Like even once a week is a luxury most people can't afford.", ">\n\nYea what the fuck.. I make an ok salary and i am still eating out maybe once or twice every two weeks. Saving and investing is still difficult.", ">\n\nShopping around for credit cards is very important if you're going to do this. I have a fixed 4.99% mbna card that I'll keep until i die. Low fix apr's with no annual fees is the way to go. If you can keep a 0.00 balance, use credit cards for everything and rack up on bonus points. That takes discipline tho.", ">\n\nEveryone needs to consider reducing expenses before using credit cards.\nSell your stuff, divest assets, learn to live with less stuff and things and most importantly, learn to say no to both others and your self. Financial discipline starts with you.", ">\n\nNo we should actually be protesting and striking. We do not need to lick boots.", ">\n\nr/usernamechecksout", ">\n\nMonth to month?! I've carried the same debt for years! Who are these rich money bags that were able to pay off thier credit card in a month and then had to do it again the next month?!", ">\n\nI would rather go hungry, than use a credit card for an expense i can’t afford. I pay off my balance as soon as it shows up on my account. Keeps things very simple. I’m not taking a loan, it’s my money I’m spending.\nBut I well understand the credit trap, and am terrified of it. It’s easy to slip.", ">\n\nNo need to be over dramatic.", ">\n\nIf you treat your financial well-being seriously… it’s being “diligent” not dramatic. \nNot being trapped in debt your whole life is a serious thing. People can kill themselves over debt. It can ruin lives.", ">\n\nYou’re still doing it. You can pay down credit card debt, especially if it’s a grocery bill or two. It will not ruin you and there is no reason to be terrified.", ">\n\nI don’t think you realize how habits are formed. \nAnd I don’t think it’s a good look to for you to dismiss good financial health as “being dramatic”. \nCredit cards are a curse to many, but if you’re smart they benefit you.", ">\n\nIt’s not good advice to tell people they should be so terrified of credit card debt and it’s a better alternative to go hungry. Buy a bag of rice/beans/potatoes and some chicken and eat. Credit card debt isn’t good, but you’re being dramatic.", ">\n\nAgain… I don’t think you understand how habits are formed. And I would go hungry ( or eat far cheaper, obviously ) than buy what I want on a credit card if I didn’t think I could pay it off in time. It’s literally how they get you. \nNo wonder people get caught in the credit card debt trap with people like you having flippant attitudes. \nDenial of gratification or delayed gratification is a thing. It’ll save you a lot in the long run.", ">\n\nI understand what you’re saying I just don’t agree. Delayed gratification lol… we’re talking about being able to eat not buying a new laptop. You can float a grocery bill on a credit card, especially if the alternative is going hungry. The idea that you should be terrified by that amount of debt is ridiculous. It’s fine to warn about credit cards but again, don’t be so dramatic.", ">\n\nAs a European I will never understand why you guys even bother with credit cards for the following reasons:\n\nWhy not use debit? It's mone you actually own and you don't have to deal with paying it back or forgetting about it.\nWhy does your credit score system work like that? It feels so alien to me, why don't they just rank it based on how well you repay other debts like car payments, student loan payments, phone payments, spotify etc?\nWhy isn't a credit card automatically locked if you fail to pay last month's balance until you repaid the debt?\n\nIf someone could enlighten me on this I'd actually be grateful.", ">\n\nI got one because apparently having a credit history makes you look better when applying for bigger loans (house loans, personal loans for car repair, etc).", ">\n\nBut does it actually make that easier?", ">\n\nI have no idea, haven't needed to take out any loans, but since I'm using it as slush rather than taking on debt that I can't pay immediately, the practical impact is minimal for me. I'll let you know if I ever have the money for a deposit on a house, probably 2040 or so.", ">\n\nWell, atleast those problems are universal in our modern world! Maybe I can show you around in my 50square feet tinyhouse somewhere near 2035 lmao", ">\n\nSounds good :D", ">\n\nI'll never understand why people would carry credit card debt. It's basically the most expensive borrowing you can do.", ">\n\npeople be broke yo.", ">\n\ntaking out loans at 20% interest doesn't seem like a good solution.", ">\n\nPeople at that point are in survival mode and they aren't worried about the future because they are focused on now. When you're just trying to put food on the table or pay the electric bill it's usually the only solution.", ">\n\nNowhere near 46% of credit card holders are in anywhere close to that situation.", ">\n\nDoubt that you’re right. We’re in a recession", ">\n\nUnemployment is near 0 and, on average, real wages fell a bit less than 2% in 2022. This is hardly the worst of economic times.", ">\n\nThe unemployment rate does not necessarily mean we're not in a recession especially when the unemployment rate doesn't include all unemployed people. Or underemployed people. The vast majority of economists are saying that we're in a recession we are.", ">\n\nWell I do it the mostly keep my credit score really high I normally pay it off after 2 months. I'll put some more on my credit again wait a month build it up again.", ">\n\nThere’s no reason whatsoever to do this. You don’t improve your credit score by paying interest", ">\n\nI don't pay interest on my cards when I do that. The cards that I have when I pay for certain items as long as I pay within the specific time I don't pay interest at all on them.", ">\n\nweren't we taught to hold 5-10% balance on credit cards for reasons?", ">\n\nNot in this household. I was raised to pay off the statement balance each month. The interest you pay when you carry a balance pays for someone else’s credit card rewards.", ">\n\ngotta say, that \"rule\" never made sense to me", ">\n\nIt's a common misconception that carrying a balance improves your credit score. It does not.", ">\n\nThey added a no cash, no register automatic convenience store in the Netherlands. The only problem is that nobody ever shows up except for a few foreigners. Why? Nobody here uses or wants to use credit cards. I hope they never push this shit anymore and learn from it.", ">\n\nWhat does this accomplish?", ">\n\nI literally paid off all my credit cards in may/june and already have almost 2k back on one of em.", ">\n\nGreat. I’m a statistic", ">\n\nSurely this is a sustainable economic system. The media doesn't care as long as the line goes up though. Billionaire are fine and guys like Elon Musk can lose 182 billion dollars and still be one of the richest people on the planet. Must be nice I guess.", ">\n\nHow many have like 0% interest due to various promotions that popped up during pandemic ?\nI have like 10k in debt but all 0%. It was like 20k last year. Thanks to Amex plan it.\nIt’s gonna be 20k next week as I pay my property taxes (still runs me cheaper with the cc fees) all 0%", ">\n\nI'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!" ]

[ "I'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅", ">\n\nI feel this. I took out a personal loan to pay the credit cards off. The interest im saving is substantial, and on top of it there is an end in sight for not having high interest debt.", ">\n\nOoo I have might have to give that a look — and I’m glad it’s getting better for you!", ">\n\nYeah, assuming you are in the US and don't have -600 credit score, most credit unions will give you an unsecured loan. I got mine at half the interest rate of my credit cards, so long story short I'm paying only a little more than what I was before but they will be paid off in 3 years instead of 10.\nIf you have something that you can use as collateral for the loan, you'll get an even lower rate.\nDefinitely call a local credit union.\nIf you take my advice and it saves you money, drink a beer in my name.", ">\n\nAnother arguably better option is going to that exact credit union and asking them for a low interest credit card with a 0% balance transfer option. Local credit unions often have APRs in the 10% range even with imperfect credit. Then you can save a lot of money on interest by transferring your high balances to the lower APR, but you get a 0% rate for 12-18 months and then you still have the flexibility to pay it off sooner than 3 years, if you are able.", ">\n\nI'm going into debt while working full time at a decent paying job. This whole country is going to collapse to the sound of wall street companies making record profits.", ">\n\nNobody learned the lesson of Monopoly. The game ends when everybody goes broke.", ">\n\nCan confirm. Am broke as shit", ">\n\nI'm making nearly $6 more an hour than I was 5 years ago and I'm struggling to pay for the same freaking apartment. Is anything actually going to change for the better? I feel like my landlord and my boss got together for a fucking-me-over contest and they're both winning.", ">\n\nExcellent! Steepled fingers", ">\n\nI’m a Project Manager looking for a second job to recover from losing my career during the pandemic and then a car accident shortly after. I’m in the hole quite a bit. Times are tough, I expect this number to rise.", ">\n\nAlso a project manager who does recruiting on the side. PM me if you want your resume reviewed, happy to help!", ">\n\nWhat does the project manager market look like? Currently working to obtain a PMP certification, after years of doing project managing for innovation", ">\n\nI think it's a really good field to be in especially if you prefer to work from home. I work as an IT project manager supporting app development but I've had a career working in website development, ecommerce, and online marketing. I got my PMP about 3 years ago which helps get your foot in the door and noticed among the huge pile of applications that recruiters see.\nr/pmp has great resources and tips on how to study for that horrible exam. Took me about 5-6 months to prep for it but I'm glad I did it because I love my job right now and wouldn't have gotten it without the PMP.", ">\n\nLast year was the first year I’ve carried debt when I moved from Oregon to Arizona. Just went into some CC debt last month when I bought a house. It sucks, I’ll have it paid off by march but I couldn’t imagine carrying extensive CC debt for months or years. Life and society is going to be interesting to watch as we get older.", ">\n\nFirst time since 2015 I’m looking to add debt to myself to sustain my home.", ">\n\nIf you don’t mind me asking, which expenses are hurting you/your budget the most as of late?", ">\n\nEverything has gone up uniformly, so it’s probably hard for someone to pin point. A few extra dollars on utilities, groceries, restaurants are all things that won’t break the bank individually, but at the end of the month I find myself spending hundreds of dollars more than I used to without making any substantial lifestyle changes.", ">\n\nYup. My wife and I both live pretty simply. Years of being broke will do this. In the past year we both got raises and were saving far less and everything has gotten more expensive.", ">\n\nThat’s honestly lower than I expected.", ">\n\nThat's not including all the other debt that Joe and Jane Sixpack carry around.\nCorporate America is rather amusing in a sad way. In its never-ending chase for short-term profits it has systematically killed the engine for those profits; the American consumer. Even the median wage isn't enough to offset the costs of living in a lot of places, and that is a Bad Thing.\nMost people in debt don't keep spending, and there are a lot of people in debt.", ">\n\nI'm only in my mid 20's, but I've felt like America has been stepping on the middle class and poor too hard, for at least the last 10 years. Eventually, the people on the bottom have too little to keep going, putting more of their money into the rich people's hands. Once 1% of the people have 99% of the money, they can't have much more.\nIt really seems like this shit should have broken before now. But, it just keeps going.", ">\n\nI has before with a simiar scenario that's where you get anti trust and monopoly laws the government will just unwind the tension on the economy for a decade or two then do it again", ">\n\nJust like the banks wanted. Fuckers.", ">\n\nBanks just chunk off small gains year over year while mitigating risk. If you do that for 150 years… well… you end up with all the money and assets.", ">\n\nHow could this possibly happen when expenses keep rising and income doesn’t?! 🥴", ">\n\nMaybe we should get one of those bailouts but instead of giving it straight to the banks we give them to the people, the people will put them in their bank accounts anyways", ">\n\nInflation has been proven to be 100% corporate profiteering and supply disruptions, the US giving money to its citizens could not possibly cause inflation in literally every other country in the world too", ">\n\nThis just isn’t true, there are tons of factors that went into inflation. One of the biggest was the Fed keeping rates at 0-0.25 bps and doing $90B+ of quantitative easing every month even post lockdowns\nIdiots wanted to prop up markets despite there already being a labor shortage and record breaking profits from companies", ">\n\nOk and how does that explain the same inflation happening in literally every country on earth? American monetary policy doesn’t control inflation worldwide, but you know what happens to be worldwide? Corporate greed, happens on every country, every town, every fucking square inch of this world including the ocean and Antarctica", ">\n\nPeople just don't know how to be poor", ">\n\nAs someone that has never used a credit card(I'm 30) is that bad or good?", ">\n\nJust getting a credit card and not using it raised my credit score 60 points", ">\n\nWell I always been able to pay stuff I do owed on time, I just been weary about a credit card and sorta been living on the fringes for most of my 20s and getting paid mostly under the table is jobs, I have a debit card and have had some legit employment, any idea where to start or how I can get a credit card to begin getting credit, would love to be able to own a house or atleast have some financial netting for bad times.\nThis is for veryone that responded to my initial comment \n(I am adult that has no idea what I'm doing with my life and would like some insight on how get a credit card)", ">\n\nMy credit was horrendous so I got a secured card through my bank. I think the usual advice is to try to get one with rewards if you can. Interest rate won't really matter if you don't use it or if you don't carry over the balance. I'd search over on r/personalfinance as they have some good faq type threads about it", ">\n\nI'll check that sub out, thankyou.", ">\n\nYea I do that on one of my cards but it's 0% interest for 24 months so why wouldn't I?", ">\n\nNothing more American than trying to accumulate $30 trillion dollars of debt", ">\n\nFraud is the future. Breached forums (Breached.vc) The financial industry and Department of Justice have been subverted by the rich and well connected. \nCompanies like Walmart and Target budget for theft.", ">\n\nIt looks like when big retail eliminates countless cashier positions that provided sustenance to working class Americans a spike in casual theft follows.\nFast food is expanding the use robotics to replace workers too. Doubtless other industries will follow. Elon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.", ">\n\n\nElon Musk fancies manufacturing his own bot workforce who won’t object to sleeping in the factory like some pesky humans do.\n\nI think he has more immediate things to worry about.", ">\n\nWhat do you expect? 7% inflation with 3% raises and a president encouraging no raises to keep inflation down.", ">\n\nCredit card companies spend a hell of a lot of money in congress to make sure that number is as high as possible.", ">\n\nWhat exactly are they spending on and lobbying for?", ">\n\nI doubt they write reports on the stuff, but general rules and regulations (or spins on them) to maximize profits", ">\n\nOh hey, time to buy Visa stock.", ">\n\nYou mean bank stock?", ">\n\n\"At 19.6%, if you made minimum payments toward the average credit card balance — which is $5,474, according to Transunion — it would take you almost 17 years to pay off the debt and cost you more than $7,528 in interest\"", ">\n\nThis is why bankruptcy laws need to be changed! \nWhy is the rich and corporations allowed to wipe their debt clean and start fresh, yet the poor and middle class have to pay back?", ">\n\nThe single best thing the federal government can do is raise minimum wage. At this point, minimum wage needs to be around $25/hr.\nWhat most don't understand is that wages have been under attack since the 60s. Wages are so lean that they barely touch the bottom dollar. For a high volume manufacturer, you could double everyone's wages, and the sell price of goods made would need to increase by less than 1% to cover the added cost. For a low volume, labor intensive manufacturer, the sell price would only go up by 3% to 5%. The only hard hit industries are service industries were labor is the major component of the business. However, if your wages go from $40k a year to $80k a year, and you're rolling in $40,000, you're not going to care one bit that your Uber was $35 instead of $20. Your cereal will cost $0.01 more, and your new $2000 smart fridge will cost you $60 more. And for this financial burden EVERYBODY is making 2x income.\nThis is how far behind wages are because of a 60 year war against them. They almost don't matter to the sell price, but it's also the first thing management targets, because wages are costs and costs are evil.\nUltimately it's a self mutilating cycle of starvation and suffering for literally no good reason.\nWorse yet, we systematically stifle economic growth, buying power, and ultimately GDP. \nThe lack of adequate wages also drivers many social problems like crime and even mental illness. It drivers health issues and increases burdens on society for long term care. It also deters family planning, education, and social diversification.\nFrankly, the masochism of wage stagnation is wild. Why would you ever willfully chose suffering?", ">\n\nCould be worse. Round here I’ve seen credit cards with interest rates that can go up to 586% per year", ">\n\nWe have 3 credit cards that we used for bills and then just paid off immediately with actual cash. Then a funeral for my girlfriends grandma 2500 miles away caused us to max them out going to say goodbye. Now we've had that debt since June unable to catch up due to life's many cruel jokes. 😢", ">\n\nYou could have refused to go to the funeral or asked relatives for financial assistance. Admitting you can't go to a funeral because you can't afford it even if you want to shouldn't be looked down on.", ">\n\nUnfortunately funerals and the funeral industry are a massively exploitative affair designed to emotionally manipulate the fuck out of people to get their money. They go out of their way to make the cheap option like cremation into expensive items. O you wouldnt want your to be uncomfortable in the cardboard box before it burns, how about a $3k upgrade box to be burned?", ">\n\nI love how they're framing it like people are choosing to use credit cards. If this was honestly written it would sound more like \"46% of cardholders are forced to carry debt from month to month as expenses stay high\" or if they wanted to be neutral \"credit card use is high as a result of high expenses\" not this \"people are choosing to be poor\" shit.", ">\n\nThis is the kind of signal the fed is looking for to stop the rate hikes", ">\n\nNot at all surprised. Way too many people spending money they don't have. You're not entitled to have doordash every day because you're too important to get your own food (or even better to cook it). It seems like people are deciding what standard of living they deserve and then worrying about the cost after.", ">\n\nCan you please please please tell my wife this. She’s addicted to door dash and we even have a goddamn supermarket in our building.", ">\n\nI’ve never understood the allure to this. Paying premium prices for below average food that arrives luke warm at best", ">\n\nYou’ve never understood the allure to delivery?", ">\n\nDelivery in concept is fine. Doordash-style delivery is dumb if looked at in context.", ">\n\nWould you get heart surgery from someone who has never done heart surgery before?\nThe credit world is built on statistical analysis. If you have a history of managing debt well, you get a good score, and banks will give you the best rates. If you have a history of not managing debt well, you have a bad score and banks are going to give you high rates (or not lend to you at all) because you're a risk.\nIf you have no history and you're young you can get provisional cards, loans, etc. to start building it up. However, if you are older with no history and you suddenly start asking for credit, that's actually a big red flag.\nLike everything else in life, actions have consequences.", ">\n\nI received a credit card offer from my bank (Bank of America) at midnight on my 18th birthday. On the same day I got approved for a $500 limit credit card. They want to get you in as soon they can and keep you in the cycle of paying off the credit card just to put more stuff on it because all your money went to pay the credit card.", ">\n\nTake the card. Spend 10$ every month and pay off the card every month. Do no more or and no less and at least get a credit rating out of it.", ">\n\nA regular expense that is automatically deducted, like a streaming subscription, is a great way to accomplish this.\nI have a couple of older cards that I don't really use but haven't canceled because they're my oldest cards and I don't want to ding my account age. That's how I keep them active.", ">\n\nYou missed the part about an automatic payment! \nSetup at least automatic minimum payment to make sure you never get penalized for missing entirely, and then even better setup FULL automatic payment if you know you can afford to pay off the limit if you ever forgot.", ">\n\nI've never done automatic payment, as my budget software reminds me to pay it, but that's a good idea.", ">\n\nLook at this gal with the B word.", ">\n\nThat is a fuck ton to go out. Like even once a week is a luxury most people can't afford.", ">\n\nYea what the fuck.. I make an ok salary and i am still eating out maybe once or twice every two weeks. Saving and investing is still difficult.", ">\n\nShopping around for credit cards is very important if you're going to do this. I have a fixed 4.99% mbna card that I'll keep until i die. Low fix apr's with no annual fees is the way to go. If you can keep a 0.00 balance, use credit cards for everything and rack up on bonus points. That takes discipline tho.", ">\n\nEveryone needs to consider reducing expenses before using credit cards.\nSell your stuff, divest assets, learn to live with less stuff and things and most importantly, learn to say no to both others and your self. Financial discipline starts with you.", ">\n\nNo we should actually be protesting and striking. We do not need to lick boots.", ">\n\nr/usernamechecksout", ">\n\nMonth to month?! I've carried the same debt for years! Who are these rich money bags that were able to pay off thier credit card in a month and then had to do it again the next month?!", ">\n\nI would rather go hungry, than use a credit card for an expense i can’t afford. I pay off my balance as soon as it shows up on my account. Keeps things very simple. I’m not taking a loan, it’s my money I’m spending.\nBut I well understand the credit trap, and am terrified of it. It’s easy to slip.", ">\n\nNo need to be over dramatic.", ">\n\nIf you treat your financial well-being seriously… it’s being “diligent” not dramatic. \nNot being trapped in debt your whole life is a serious thing. People can kill themselves over debt. It can ruin lives.", ">\n\nYou’re still doing it. You can pay down credit card debt, especially if it’s a grocery bill or two. It will not ruin you and there is no reason to be terrified.", ">\n\nI don’t think you realize how habits are formed. \nAnd I don’t think it’s a good look to for you to dismiss good financial health as “being dramatic”. \nCredit cards are a curse to many, but if you’re smart they benefit you.", ">\n\nIt’s not good advice to tell people they should be so terrified of credit card debt and it’s a better alternative to go hungry. Buy a bag of rice/beans/potatoes and some chicken and eat. Credit card debt isn’t good, but you’re being dramatic.", ">\n\nAgain… I don’t think you understand how habits are formed. And I would go hungry ( or eat far cheaper, obviously ) than buy what I want on a credit card if I didn’t think I could pay it off in time. It’s literally how they get you. \nNo wonder people get caught in the credit card debt trap with people like you having flippant attitudes. \nDenial of gratification or delayed gratification is a thing. It’ll save you a lot in the long run.", ">\n\nI understand what you’re saying I just don’t agree. Delayed gratification lol… we’re talking about being able to eat not buying a new laptop. You can float a grocery bill on a credit card, especially if the alternative is going hungry. The idea that you should be terrified by that amount of debt is ridiculous. It’s fine to warn about credit cards but again, don’t be so dramatic.", ">\n\nAs a European I will never understand why you guys even bother with credit cards for the following reasons:\n\nWhy not use debit? It's mone you actually own and you don't have to deal with paying it back or forgetting about it.\nWhy does your credit score system work like that? It feels so alien to me, why don't they just rank it based on how well you repay other debts like car payments, student loan payments, phone payments, spotify etc?\nWhy isn't a credit card automatically locked if you fail to pay last month's balance until you repaid the debt?\n\nIf someone could enlighten me on this I'd actually be grateful.", ">\n\nI got one because apparently having a credit history makes you look better when applying for bigger loans (house loans, personal loans for car repair, etc).", ">\n\nBut does it actually make that easier?", ">\n\nI have no idea, haven't needed to take out any loans, but since I'm using it as slush rather than taking on debt that I can't pay immediately, the practical impact is minimal for me. I'll let you know if I ever have the money for a deposit on a house, probably 2040 or so.", ">\n\nWell, atleast those problems are universal in our modern world! Maybe I can show you around in my 50square feet tinyhouse somewhere near 2035 lmao", ">\n\nSounds good :D", ">\n\nI'll never understand why people would carry credit card debt. It's basically the most expensive borrowing you can do.", ">\n\npeople be broke yo.", ">\n\ntaking out loans at 20% interest doesn't seem like a good solution.", ">\n\nPeople at that point are in survival mode and they aren't worried about the future because they are focused on now. When you're just trying to put food on the table or pay the electric bill it's usually the only solution.", ">\n\nNowhere near 46% of credit card holders are in anywhere close to that situation.", ">\n\nDoubt that you’re right. We’re in a recession", ">\n\nUnemployment is near 0 and, on average, real wages fell a bit less than 2% in 2022. This is hardly the worst of economic times.", ">\n\nThe unemployment rate does not necessarily mean we're not in a recession especially when the unemployment rate doesn't include all unemployed people. Or underemployed people. The vast majority of economists are saying that we're in a recession we are.", ">\n\nWell I do it the mostly keep my credit score really high I normally pay it off after 2 months. I'll put some more on my credit again wait a month build it up again.", ">\n\nThere’s no reason whatsoever to do this. You don’t improve your credit score by paying interest", ">\n\nI don't pay interest on my cards when I do that. The cards that I have when I pay for certain items as long as I pay within the specific time I don't pay interest at all on them.", ">\n\nweren't we taught to hold 5-10% balance on credit cards for reasons?", ">\n\nNot in this household. I was raised to pay off the statement balance each month. The interest you pay when you carry a balance pays for someone else’s credit card rewards.", ">\n\ngotta say, that \"rule\" never made sense to me", ">\n\nIt's a common misconception that carrying a balance improves your credit score. It does not.", ">\n\nThey added a no cash, no register automatic convenience store in the Netherlands. The only problem is that nobody ever shows up except for a few foreigners. Why? Nobody here uses or wants to use credit cards. I hope they never push this shit anymore and learn from it.", ">\n\nWhat does this accomplish?", ">\n\nI literally paid off all my credit cards in may/june and already have almost 2k back on one of em.", ">\n\nGreat. I’m a statistic", ">\n\nSurely this is a sustainable economic system. The media doesn't care as long as the line goes up though. Billionaire are fine and guys like Elon Musk can lose 182 billion dollars and still be one of the richest people on the planet. Must be nice I guess.", ">\n\nHow many have like 0% interest due to various promotions that popped up during pandemic ?\nI have like 10k in debt but all 0%. It was like 20k last year. Thanks to Amex plan it.\nIt’s gonna be 20k next week as I pay my property taxes (still runs me cheaper with the cc fees) all 0%", ">\n\nI'm actually surprised the percent is that low... I would have guessed even more people carry monthly debt.", ">\n\nThe truly frightening thing is\n\nOf this group of debt carriers, 43 percent say they don’t know the attached interest rates. This is especially troubling given that the average credit card interest rate is at an all-time high approaching 20 percent,", ">\n\nI’ll be honest with you, I don’t know my interest rate. But I’ve also never carried a balance.", ">\n\nSame. I think most of mine are in the teens. Have one that's like 29.9%. LOL, never let that one carry!", ">\n\nI have three credit cards in the high 20’s. My credit score went down to 613 after I paid off my mortgage early. Just taking out two more CCs raised it back to the 700’s.", ">\n\nThat math hurts my soul", ">\n\nWhen you close a long standing account like a mortgage, it technically shortens your average credit history. Lesser years of credit history means a reduced score.", ">\n\nHappened to me when I paid off my student loans.", ">\n\nDon't pay your student loans? Lower credit. Pay your student loans? Believe it or not, lower credit.", ">\n\nI'm a part of this statistic and I don't like it!!", ">\n\nI’m not but I’m afraid I might be soon.", ">\n\nI just became this person. I’m in my 30s. I have never over drafted, but now I have an amount I can’t pay off. It’s only 1k but I am livid that I am incurring interest and that I somehow was this irresponsible.", ">\n\nIt gets worse. Oh boy does it get worse. I’m at a full year’s worth of pay under water.", ">\n\nYeah, being responsible doesn't prepare for pandemics, inflation, life crisis, etc.\nThe universe is indifferent to our suffering.", ">\n\nUnforseen medical emergencies and really any string of unlucky events will rip through an emergency fund. You don't know their story.", ">\n\nI've been seeing on here for months when people say shit is expensive and it's hurting my family that someone will comment how prices are going to stay the same, and that's a good thing and that eventually raises at your job will make up the difference. Well clearly those raises aren't happening and shit is about to get real.", ">\n\n\neventually raises at your job will make up the difference\n\nthat statement cracks me up! The US has had wage stagnation for decades (CEOs being outliers).", ">\n\n\nThe US has had wage stagnation for decades\n\nNot really, especially not in the way you're implying. Inflation adjusted median income is up ~10% since 2000, although there was a dip from the recession in 2008.", ">\n\nThere is more to it than just income levels. Here's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate. Here's a working paper the Census Bureau provided access to that explores reasons for wage stagnation.", ">\n\n\nHere's a good article by the Pew Research Center talks about how, although wages have gone up, spending power hasn't gone up at the same rate\n\nThe numbers from the Fed are already inflation adjusted. Hell, the metric they call out (\"usual weekly earnings\") is up 10% (in constant dollars) since the article was originally written in Q3 2014.", ">\n\nPsh I had credit card debt before it was needed", ">\n\nIn other news - corporate profits at a record high!", ">\n\nMeanwhile, me with a credit card balance for at least the last 8 years 😅" ]