Credit card debt sets new record, surpassing $1 trillion
The average credit card charges a near-record 20.53% interest rate, according to Bankrate. Credit card balances have risen for five consecutive quarters, increasing at some of the largest rates in 20 years, an analysis of New York Fed data shows.8 hours ago

https://www.nbcnews.com/business/business-news/credit-card-balances-jump-are-1-trillion-first-time-rcna98789

________________________:eek::eek:

A side note, I continue to hear $30Trillion as our National Debt.

I can remember that not that many decades ago, the National Debt was $7Trillion.. c

Bidenomics

And banks are always pushing for credit card sales they don't care for putting customers in debt.

I have never used a credit card in my life and I don't intend to ever.

And banks are always pushing for credit card sales they don't care for putting customers in debt.

Years ago when the country was sounder and sensible, I was given a credit card with 0% interest for a while and now decades later I still have that ONE card and have used it over many yrs and the interest rate is about 8% something...
the rate hung in at 5%something for a lot of years.

I want to use other's money and if I have Need, I do....not much at all late in my life, don't want stuff anymore, and what I need, I use my debit card.

The govt has used and used and used, overused our money too long and continue to raise taxes. So much Terrible Waste from those who are supposed to be good leaders, fat chance of that one.

It's true it's only money and important while we are breathing but there comes a time when it means Nothing.

I have never used a credit card in my life and I don't intend to ever.

My opinion is so opposite of yours, but we all have choice.... Before the CC world hit, people saved up for their needs and wants, and the good ole lay a way plans..... Now it's all NOW.....I want it NOW...

The tech industry has exploded thanks to CC industry.

Some ads push debt forgiveness programs, and many of them are probably lenders who will somewhat lower interest rated vs. credit cards companies, which are cast in villain roles. As though people are not responsible for the money they spend, which they do not have.

If you can't control your spending, youf should not have a credit card. For people who are unable to pay their bill, the companies should cancel the card. Won't happen, of course--too big a cash cow.

The average credit card charges a near-record 20.53% interest rate, according to Bankrate.

I have 4 credit cards and couple of them charge me 29% interest rate on my outstanding balance which is outrageous since I been a long time customer (cash advances for most credit cards carry 29% interest rate). So took a loan out from bank at 11% interest rate and paid out all of my credit cards. Credit card can be a life savor and can get you out of a jam, but use it wisely :)

I have one credit card. Many years ago, I was told I needed to get one to establish credit. I only use it when I need to, but I prefer to pay in cash when I can.

I had some store credit cards years ago and when the Big guys, Visa etc came into existence, I got rid of the store cards as they all accepted Visa etc.... I have one cc and use it very little now, but my debit card is my most used way I pay for stuff.....

I had some special hard issues years ago and my cc was used and I will go to the great beyond with that debt, can't get it from me or anyone.... No one else is responsible for my debts but me.

"They" are masters of the system, we have to be a master of ours.

I worked 40 yrs and in that time did some vacations and used my cc back then. No regrets on that one, work hard and have some fun too.

I remember 30 years ago Angela Lansbury told me to Master the moment so got my first Master Card. One thing is I pay the balance off every month.

I remember 30 years ago Angela Lansbury told me to Master the moment so got my first Master Card. One thing is I pay the balance off every month.

Ah, my parents treated their cc card as you but their 3 kiddos have not...

To note, I am not that responsible of a person and money management is difficult at times.

However, I have never had a credit card in my life. I really wouldn’t know what I would use it for. For myself, if I don’t have the money for something, I don’t buy it, and if it something fairly expensive, I’ll just buy it with cash. The whole “buy now and pay later” has never made any sense to me.

I have never had credit. My credit score is zero (had a banker check for me once). The only things I have ever had on credit was utilities and a landline phone (which back in the 1990’s was cut off briefly for non-payment).

I had an issue many years ago about a hospital bill I refused to pay, and finally the hospital gave it to a collection agency who would call the house several times a day. One of them said that non payment would ruin ”my credit score”. I went “So?” I couldn’t care less about credit because I don’t utilize it.

Seems ridiculous to have a credit card and then have to pay the exorbitant interest rates on the damn thing. I have heard of people who do use it in an emergency, they don’t get paid until next week, they have no money and they need food or medicine. A lot of broke people have done that and have fallen into a deeper hole.

But for me, if I made a decent salary and could pay for my little home, had a car that ran well, and enough money to pay my bills and feed myself, what do I need credit for? And why do people get so concerned about a “credit score”. Just a bunch of fear tactics. Credit cards and insurance should be flushed down the toilet.

To note, I am not that responsible of a person and money management is difficult at times.

However, I have never had a credit card in my life. I really wouldn’t know what I would use it for. For myself, if I don’t have the money for something, I don’t buy it, and if it something fairly expensive, I’ll just buy it with cash. The whole “buy now and pay later” has never made any sense to me.

I have never had credit. My credit score is zero (had a banker check for me once). The only things I have ever had on credit was utilities and a landline phone (which back in the 1990’s was cut off briefly for non-payment).

I had an issue many years ago about a hospital bill I refused to pay, and finally the hospital gave it to a collection agency who would call the house several times a day. One of them said that non payment would ruin ”my credit score”. I went “So?” I couldn’t care less about credit because I don’t utilize it.

Seems ridiculous to have a credit card and then have to pay the exorbitant interest rates on the damn thing. I have heard of people who do use it in an emergency, they don’t get paid until next week, they have no money and they need food or medicine. A lot of broke people have done that and have fallen into a deeper hole.

But for me, if I made a decent salary and could pay for my little home, had a car that ran well, and enough money to pay my bills and feed myself, what do I need credit for? And why do people get so concerned about a “credit score”. Just a bunch of fear tactics. Credit cards and insurance should be flushed down the toilet.

You are lucky they didn't put a lien on your home.

This issue has roots going back the 1990s. When I was in college, we had CC companies setting up booths all over campus, trying to recruit 18 and 19 year olds. That practice messed up an entire generation's sense of finance. Their mentality is to rob Peter to pay Paul or see paying bills as a game that you play, where you declare bankruptcy or get others to pay your bills. I know people of that type and they're infuriating, because they're the ones who are always asking to borrow money from you because they're "poor," when the truth is that they have no money because they charge thousands of dollars a year on luxury brands, high ticket items and trips they can't afford. :mad:

The collection agency was relentless, and called several times a day. They were going to get that money! Unfortunately I was living at my parents’ house at the time and forced me to pay the bill. If I lived alone, I just would have unplugged the phone, or just abused them when they called. Really anyone who has to resort to calling strangers to sell crap or collect money for billionaires is beyond pity.

This was before everyone had a cell phone and people still had the annoying “ring box” in their house. How I hated the “ring box”, the annoying sound it made, how everyone had to stop what they were doing to answer the thing and how any stranger could invade the privacy of your home. And we actually paid asinine amounts of money for this.

But back to credit, the phone bill way back in the 1990’s was the only bill I didn’t pay because I didn’t have the money and the phone company cut me off for a time. If I had no loved ones and was independently wealthy, you can keep the phone.

Concerning these criminal credit card companies setting up on college campuses, I will go back to asking, why would someone need a credit card? I used to use debit cards all the time to make purchases instead of cash, but unless I was very broke and money was a time away and I needed food or gasoline or even rent, I would do a credit card if there was no other option. It wasn’t dire but I started a job once where they paid every two weeks and I had to work two weeks and wait for two weeks which was a month before I saw any money so I can see if I had a credit card to get me by, as an emergency.

But college students will just go out and buy frivolous things like fashions, video games and phones and alcohol. “Oh man, I don’t have any money, let’s use the credit card!” Just idiotic.

Then we have a whole generation of people scared about their “credit score”. Whatever that is.

Yong, it's apparent no credit card company would hire you to work for them and their services. Many want, need, use, overuse credit cards. Not about you.

Concerning these criminal credit card companies setting up on college campuses, I will go back to asking, why would someone need a credit card?

I'm imagining that it gave some kids the illusion that they were financially independent and had become adults. In college, you were always in this awkward phase when you were paying for your own things as an adult but at the same time, still were dependent on parents for money. Owning a CC made some kids feel that they no longer had to go to mommy and daddy to pay for stuff.

What eventually wound happening is that the parents covered the bill, and I think CC companies targeted college kids for this very reason. They knew students would go in over their heads and that their parents would bail them out.There were two members of my family whose mother always kept paying their bills.