A new report from NerdWallet revealed that one-third of Americans believe they will be in credit card debt indefinitely. NerdWallet Credit Card Expert and Writer Sara Rathner joins Yahoo Finance Live to discuss the steady rise in household debt.
Rathner notes that credit card balances have climbed 16% over the past year while interest rates have spiked an average of 22%. “Incomes are just not keeping up with the cost of goods,” she says, with the cost of consumer goods up 20% even as incomes rose only 12%. This widening gap leaves many Americans vulnerable to accumulating credit card debt they cannot easily pay off.
“A lot of times credit card debt is imagined as the result of frivolous spending,” Rathner tells Yahoo Finance, continuing: “but, we’ve actually found that many Americans take on debt just trying to afford the necessities.”
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???? The media wants us to believe that the economy is strong. The unemployment is low. The American consumer is resilient. Hell, the S&P500 is hitting all time highs. There is nothing to worry about. ????????????????
Americans will just stay in a bankruptcy cycle forever because our own government doesn't care about how poor we are.
What's killing me is the fact that my property taxes have tripled from $3900 per year to now $14000 yearly. And I guess I'd be fine with it if my property value had tripled, but it's gone from 297k in 2002 to a supposed 378k this year. And I'm sure everyone understands no-one is going to give us 378 in this economy.
So confusing because all the media outlets say the consumer is just fine. ????
The best thing i did was borrow from myself at a considerably lower rate, I was able to pay off my credit card balances. Im still paying myself back with interest, and im no longer paying interest on a card that the card company profits from.
BNPL is the new subprime mortgage of yesteryear. The US economy is still humming so can't be all bad. 412 views after 2 hours you can infer the reasons why. Please don't confuse us with facts.
Got rid if my credit card debt by not having credit cards ????
Debt free forever ????