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

Discussion in 'Too Hot for Swamp Gas' started by flgator2, Aug 11, 2023.

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  1. Aug 11, 2023 #1
    flgator2

    flgator2 GC Hall of Fame

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    US credit card debt tops $1 trillion, overall consumer debt little changed (msn.com)

    Credit card balances rose by $45 billion to $1.03 trillion in the second quarter, the regional Fed bank said in its latest quarterly household debt and credit report, reflecting robust consumer spending as well as higher prices due to inflation, researchers said.

    Meanwhile, credit card delinquencies are at an 11-year high, as measured using a four-quarter average, the data showed.

    "Despite the many headwinds American consumers have faced over the last year - higher interest rates, post-pandemic inflationary pressures, and the recent banking failures - there is little evidence of widespread financial distress for consumers," New York Fed researchers wrote in a blog accompanying the data release.

    Though rising balances will challenge some borrowers, and student loan borrowers may be squeezed as student loan repayments resume this fall, they wrote, "household credit shows some early signs of stabilizing at pre-pandemic health, albeit with higher nominal balances."

    Here's another milestone for Biden and his economy.
     
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  2. Aug 11, 2023 #2
    channingcrowderhungry

    channingcrowderhungry Premium Member

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    Biden is responsible for consumer debt? lol
     
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  3. Aug 11, 2023 #3
    rivergator

    rivergator Too Hot Mod Moderator VIP Member

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    Yes. Apparently people are buying more stuff. Damn that Biden!
     
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  4. Aug 11, 2023 #4
    citygator

    citygator VIP Member

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    Consumer is confident in Bidenomics. Never thought Id see the day flgator2 would come around and post good news.
     
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  5. Aug 11, 2023 #5
    wgbgator

    wgbgator Premium Member

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    Well, I will be sure to vote for the candidate who promotes Americans to stop buying stuff and transitions us away from a debt-financed consumption driven economy

    [​IMG]
     
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  6. Aug 11, 2023 #6
    96Gatorcise

    96Gatorcise Hurricane Hunter

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    Cancellation of CC debt will be the next battle cry of the left.
     
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  7. Aug 11, 2023 #7
    demosthenes

    demosthenes Premium Member

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    It’s called bankruptcy.
     
  8. Aug 11, 2023 #8
    Sohogator

    Sohogator GC Hall of Fame

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    so everything’s good eh? Thanks for the update!
     
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  9. Aug 11, 2023 #9
    flgator2

    flgator2 GC Hall of Fame

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    Good with me yes, I haven't had credit card debt in years
     
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  10. Aug 11, 2023 #10
    Sohogator

    Sohogator GC Hall of Fame

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    I sorry to hear no one will give you a credit card! They do expect to be paid back if you use the line. However I wasn’t referencing your micro situation but rather the robust consumer spending and consumer debt normalizing at pre pandemic levels.
     
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  11. Aug 11, 2023 #11
    okeechobee

    okeechobee GC Hall of Fame

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    Trump filed bankruptcy numerous times.
     
  12. Aug 11, 2023 #12
    Gatorrick22

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    It's "transitory inflation" related nothing to see here... ;)
     
  13. Aug 12, 2023 #13
    VAg8r1

    VAg8r1 GC Hall of Fame

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    The same legal device used repeatedly by a certain real estate developer who made bad decisions and was unable to repay the debt that he (or more technically organizations that he controlled) accrued.
     
  14. Aug 12, 2023 #14
    VAg8r1

    VAg8r1 GC Hall of Fame

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    Yes he did, an indication that he was able to repeatedly make poor financial decisions and never had to suffer serious consequences.
     
  15. Aug 12, 2023 #15
    homer

    homer GC Hall of Fame

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    Yes. Billions are being spent on guns and ammo. ;)


    If I can’t pay for it, I don’t charge it. We pay our balance off monthly. Get lots of points with our CCs.
     
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  16. Aug 12, 2023 #16
    docspor

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    it also hit a record under your boy Trump....prior to Covid. no big surprise as Biden & Trump's econ policy are pretty same same
     
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  17. Aug 12, 2023 #17
    VAg8r1

    VAg8r1 GC Hall of Fame

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    Although a trillion dollars is a huge round number these metrics are much more meaningful and in context credit card debt today isn't as remotely large as it was in 2008/2009. In fact, it's not even as high as it was during the four years in which Donald Trump was in office.
    upload_2023-8-12_13-56-33.png
     
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  18. Aug 12, 2023 #18
    VAg8r1

    VAg8r1 GC Hall of Fame

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    Same. My credit card debt averages over $2,000 a month. I also pay all of it off in its entirety every month.
     
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  19. Aug 12, 2023 #19
    channingcrowderhungry

    channingcrowderhungry Premium Member

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    Same. Just spent 1300$ in travel rewards on hotels and Busch Gardens with the family
     
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  20. Aug 12, 2023 #20
    flgator2

    flgator2 GC Hall of Fame

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    Go smoke another one
     
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