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Fatimus Maximus

US Record Credit Card Debt!

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http://www.marketwatch.com/story/us-households-will-soon-have-as-much-debt-as-they-had-in-2008-2017-04-03

 

The Fed did find some good news, though. Largely because of tougher underwriting standards for mortgages, the Americans holding debt have higher credit scores than in the past. As of 2016, 41.3% of Americans’ total debt is held by people with high credit scores, above 760. That’s compared with 33.9% in 2008 and 23.7% in 2003. And a smaller share is held by those with lower scores, below 620. Some 13.2% of debt in the fourth quarter of 2016 was held by those with scores below 620, compared with 19% in 2008 and 16.6% in 2003. (Auto loans still have “looser standards,” the Fed found.)

 

I am frequently derided and castigated by friends, family, and others for not worrying about my credit score and having "no credit". I pay cash. It's just the way it's been for me and the way it will stay until they give me no other choice. To me, it's a debt score. How good are you at forkin' over your dough for to the other guy. That said, we are right back where we started from. Right back at the Crash of '08. And you know how I know it's bad? I had a remodeling job on a strip club a few years back. Said club went, excuse the pun, tits up this year in Tulsa. Moreover, the casinos are going gang busters just like '08 because the desperate are out trying to score a "big win".

When lap dances ain't makin' bank, we know we're screwed.

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Went Chapter 7 a couple years ago myself. Washed my hands of all that BS. never again.  I have made more progress in the past 2 years than I did the previous 15.

Let em eat it.

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 RhetoricalRebel    1,344
26 minutes ago, Fatimus Maximus said:

That said, we are right back where we started from

There's one big difference, US, Europe and Japan's governments are in up to their eyeballs in debt from the bank bailout. They can't sustain that again. No bailouts!

 

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 Zimix99    760

We are rewarded for not paying our debts, as long as we pay the tiny fraction of interest every month than you can rack up hundreds of thousands and no one will bat an eye, Your credit score will continue to rise the more you pile on. There is absolutely zero reasons not to take complete advantage of this debt based system. Bonus, the more you don't pay it back the sooner this shity system crumbles. I'll gladly take all the free money they offer, but I won't pay it back! (With the exception of a few bills i actually care about). Grand scheme it doesn't even matter. It's a system of slavery anyway, may as well take advantage of it and get shinier gold plated chains and shackles.

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 Jason    81

Prime debt is a non factor.  It automatically increases with money expansion.  Its not even really debt.  Tom pays his bills on the amex to get the rewards points and the card company gets a 2% transaction fee vs the 12 cents they would for a debit.  It isn't a market until it goes subprime, less than 680.

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 GT500    1,399

It's 2008 all over again 

this wont be nice like last time 

this is the end 

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21 hours ago, Jason said:

Prime debt is a non factor.  It automatically increases with money expansion.  Its not even really debt.  Tom pays his bills on the amex to get the rewards points and the card company gets a 2% transaction fee vs the 12 cents they would for a debit.  It isn't a market until it goes subprime, less than 680.

I have a single credit card I use to secure reservations.

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 Cinnamon    20,019

Meh. Just max them out and let's make it collapse faster. But that won't work since they just add digits to their own accounts.

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