Fed reports household debt increases faster than any time in the past 20 yrs

[tistan]

This should help speed up my purchasing goals. I suspect that all that stuff they purchased, by not having to pay off their obligations and refusing to pay off their obligations, is about to hit facebook marketplace.

How to prepare now that student loan forgiveness likely isn't coming anytime soon

Student debt forgiveness is snarled in litigation and isn't expected to come anytime soon. So people should prepare to start repayments. Here's how.

www.usatoday.com

 

[VegasMichael]

Not surprised, most Americans love to be in debt anyway.

Sometimes I think some people don't care about debt because they look at how much debt the U.S. is in and think meh, I guess it doesn't matter.

https://www.usdebtclock.org/

 

[Blown 89]

Here's a good one. I went to Wally world with the wife this weekend. Weeks ago A 48 count of bottles of water was $3.89 she said. Now it's $6.39 for a 34 count. How's that? The water supply couldn't have changed the cost. It has to be packaging and shipping? Nope, greed has to be the major contributing factor.

I work in the packaging industry and i can definitely say that the price of plastic bottles and labels has more than doubled. Shipping is also insane and they're likely hemorrhaging employees which forces them to raise pay rates. The people working there are low skilled labor that used to make minimum wage but now they're able to command $20+ /hr. Throw in increased rent and two years of lost profit due to the political flu and you end up with $6.39 water.

I'm sure a lot of companies are raising prices out of greed but most that I talk to have shrinking profit margins due to the skyrocketing cost of doing business. We've already seen the first wave of companies folding and it's only going to get worse.

 

[MG0h3]

BOA provides a FICO score to me monthly, found this tidbit below the score:
.
Lack of recent installment loan information
FICO Scores consider recent non-mortgage installment loans (such as auto or student loans) information on a person's credit report. Your score was impacted because your credit report shows no recent non-mortgage installment loans or insufficient recent information about your loans.
.
So carrying NO debt, drive my score.........................DOWN !!
.

Absolutely.

Credit worthiness is based on a few things, one of which is a history of paying debts timely.

With no revolving debt/payments, that info is not available.

Another is credit availability, meaning borrowing power.

Best way to benefit from these without paying interest is to have CC with high available credit and pay them off monthly.


Sent from my iPhone using the svtperformance.com mobile app

 

[IA Shelby]

This recent debt number Will soon look like a bright spot……

What happens when the covid restrictions gets lifted and millions actually have to start paying back student loans.

Oh and that student loan forgiveness is DOA, especially since the mid terms concluded.

You will see that sizable portion of people credit card debt soar.

 

[01yellercobra]

I have a student loan and didn't expect it to get forgiven. I have been taking advantage of the 0% interest though. I've made a noticable dent in it.

 

[13COBRA]

I have a student loan and didn't expect it to get forgiven. I have been taking advantage of the 0% interest though. I've made a noticable dent in it.

Thanks for being a respected citizen of our country.

People waiting on ****ing handouts need to find a new country to call home.

 

[Lambeau]

This should help speed up my purchasing goals. I suspect that all that stuff they purchased, by not having to pay off their obligations and refusing to pay off their obligations, is about to hit facebook marketplace.

How to prepare now that student loan forgiveness likely isn't coming anytime soon

Student debt forgiveness is snarled in litigation and isn't expected to come anytime soon. So people should prepare to start repayments. Here's how.

www.usatoday.com

It was openly talked about before the election that this was going to happen.

From the article:

 

[365 Saleen]

When FJB got selected to pretend he was the President, the wife and I made a concentrated effort to get out of CC debt. Now all we have is one car payment and the house payment and utilities, groceries, that type of stuff.
As far as prices being higher. It is not that the products cost more, it is that the dollar is worth less, so it takes more dollars to buy anything because it's value has diminished. That is what printing Trillions of dollars and the resulting Inflation cause.

 

[tones_RS3]

^^Yup!!!
Weakening dollar and weakening GDP. What a way to run a country.
Great if you're trying to bring down a nation and to make other nations catch up. Which is, to me, the case.

 

[tistan]

 

[blubyu87gt]

Wife and I started a large garden this year, must have dropped like 300$ on soil and wood for the raised boxes. However, it’s looking To start to pay off. We have at least 10 gallon bags full of cherry tomatoes, 10 gallon bags of regular tomato, 5-6 bags gallon of cantaloupe etc. bins of onion, potato etc.

Food prices are outrageous right now.

Did the same thing a few years back. Neighbor loves raising chickens so we trade garden foods for clucking foods lol. Great setup and helps balance out the current conditions.

Can’t state it enough, if you have the means grow a garden.

I can't wait for the sell off to happen. I need another truck, motorcycle, mountain bike, and mountain home. I don't mind putting someones family on the street, or making their kids walk to school. People need to see the harsh reality of their stupid financial decisions.

Some probably won’t like that sentiment but **** ‘em man.

Can’t wait for the adjustable rate, 86 or whatever month, 30k over ADM Shelbys and property’s to come up for pennies on the dollar. Their shitty financial choices are of no concern to me. Especially when they compound them and vote the economic wrecking balls into congress.

Hopefully they learn from it, but we all know that’s a pipe dream.

 

[1 Alibi 2]

Absolutely.

Credit worthiness is based on a few things, one of which is a history of paying debts timely.

With no revolving debt/payments, that info is not available.

Another is credit availability, meaning borrowing power.

Best way to benefit from these without paying interest is to have CC with high available credit and pay them off monthly.


Sent from my iPhone using the svtperformance.com mobile app

That's the thing that gets me, I use my credit cards & pay them off in full each month.
Even more so around Christmas, make it a point to buy something on each card ( 13 ), so they don't get cancelled for lack of use..
.

 

[Detroit Iron]

I definitely don't wish ill on anybody else. The VAST majority of Americans live beyond their means. Buying toys and not saving for a rainy day works until it doesn't. Easy money of crypto and stock market gains is over for the time being, this will definitely impact toy prices. Throw in a job loss recession and look out below.

 

[Relaxed Chaos]

Far too many financial dummies in the USA. You might be one.

 

[robvas]

Michigan is giving food stamps recipients an extra $85 this month to buy thanksgiving food!

Family of four gets $835 a month already. You can tell who gets it at the store because they buy whatever the **** they want

 

[Blk04L]

In all seriousness, I do feel bad for some that are responsible but are feeling the squeeze from inflation.

My car insurance went up 80 a month. Grocery prices are whack. Gas at least settled but is still too damn high. In florida plenty are getting blindsided by home insurance prices skyrocketing too.

I like to think I live to my pay grade with a few splurges that are covered, but lately budgets we made a year ago are getting blown out by price increases.

I'm not surprised that CC debt is growing. Only so much people can do to keep up with inflation and the rising interest rates.

 

[Zemedici]

Michigan is giving food stamps recipients an extra $85 this month to buy thanksgiving food!

Family of four gets $835 a month already. You can tell who gets it at the store because they buy whatever the **** they want

$900/mo in food stamps?

What.

 

[VenomousDSG]

The country as a whole is stacking up debt faster than any time in history... Governments doing it, why shouldn't everyone else? Monkey see, monkey do.

The worse part is the country, in general, voted in favor of Dems saying they like this new normal. We deserve everything coming to us as a country. We voted for it....

**** that, i didnt vote for those assholes, never have, and dont deserve it...

At this point in time, knowing how mucked up things have gotten in such a short period of time with complete democrat control. If you are still voting for these assholes, you are certifiably braindead.

 

[robvas]

$900/mo in food stamps?

What.

Sunkist and Tyson wings aren't cheap