US credit card debt tops $1 trillion, overall consumer debt little changed

You can educate yourself regarding credit card debt under the Orange God (2017-2020) by simply looking at this graph, not that you're really interested in letting the facts get in the way of a good story.

 

Most people on here are old so being debt free isn’t as grand a feat as you claim. It is the passage of time. Most young people are not stupid with debt which is why the default rates are low. Some are I’ll grant you.

 

So again, people living beyond their means is Biden's fault? What would you like him to do to fix it? Legislate people's spending habits?

 

The U.S. is not a wealthy country. It’s a country with lots of wealthy people but mostly poor people.

 

Swing and a miss. I have no debt. I should carry it but I bought in a home in foreclosure in downtown Tampa in 2011 for cash and it’s more than quintupled. I buy my cars 1 year old and keep ‘em 5 years so no leases or loans but in this world it’s smart to keep CC’s and I charge 75K a year on them with no balance. All that said consumer debt adjusted for inflation is at historical norms and if you managed to read past the headline to breathlessly announce your perceived bad news about the economy (something you know nothing about) you’d have know that. At a macro level consumer debt is healthy as long as I can’t be serviced - which it is.

Thanks for playing.

 

Just curious why you don’t keep your cars for more than 5 years.

 

I drive German cars. It all very reasonable for the first 50K.

 

Deflation! Smart!

But let’s see how inflation under Biden is doing vs say the G7 leaders, shall we?

Infographic: Which G7 Economies Have the Highest Inflation?

Holy smokes he’s killing it!!! Bidenomics rules! Tip of the hat to Joe!

 

Congratulations on being in the 1%

 

Deflation is way way worse for an economy than inflation. If Biden crashed the economy by somehow deflating it you'd surely give him a pass? I mean, it's what you requested

 

I’ve only ever had Japanese so tend to keep them much longer

 

Ditto. I hate paying interest! I like all the others out there that pay interest to fund my monthly CC rebates.

 

Americans who run up CC debt they can't pay just need to be more "presidential", like Trump.

 

Trump: 'I'm the king of debt'
Fact Checking: Donald Trump Has Filed Bankruptcy Six Times.
How the Bankruptcy Laws Helped Donald Trump Stay Rich | Bankruptcy Law Chicago - Bankruptcy Lawyer

 

Not quite. Trump's companies filed bankruptcy multiple times. Trump made out like a bandit, draining the corporate coffers as the company went under each time. Trump himself never went bankrupt, because assets would have been seized. And you can bet your assets that Trump would not give up his assets. It is what you would expect a shady character with no integrity to do.