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Let the good times roll?

serf
Is it just a mirage or does it even matter anymore? We'll,see said the blind man to the deaf man!

serf

https://wolfstreet.com/2018/08/08/the-state-of-the-american-debt-slaves-q2-2018/

In terms of consumer debt, it?s not those consumers with high incomes and plenty of money in the bank who are paying off their credit cards on a monthly basis that are at risk. It?s consumers who use their credit cards to make ends meet, who carry large balances and struggle to make minimum payments, and who have no money in the bank. That?s where the risks are ? with the most vulnerable 25% on the consumer-credit scale, the very ones who carry a disproportionate amount of very expensive credit-card debt that can be devilishly hard to pay off or even service.
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Comments

6 comments

Date Votes
  • spasmcreek
    wife ...and i...have NO debt...NONE... and none for many years...it's all about personal responsibility
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  • serf
    quote:Originally posted by spasmcreek
    wife ...and i...have NO debt...NONE... and none for many years...it's all about personal responsibility


    I wish that was true but if you own land and work and pay income taxes you're still on the hook for city, county, state and federal taxes, which could devastate your budget. Soon.

    serf
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  • sharpshooter039
    We have no debt,,NADA,,every once in awhile I will buy gas with a credit card to keep it active and then pay it off at the end of the month,,I have another low limit card I use for online purchases only and it also is paid in full every month. House has been paid off for years and I will never buy any vehicle I can not pay cash for
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  • fordsix
    i forsee the day when the 401k kids get to retirment age the house of cards will fall
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  • spasmcreek
    been selling land and next year the lake house will go...keep it down to the standard taxes no one can avoid...and buying useable deductible things to offset capital gains..better than just throwing it away
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  • 11b6r
    Like the gent up there ^^^, wife and I have no debts. We have one credit card that we use for a lot of things, no annual fee, paid off each month, we get 2% of all purchases back in cash.

    We explained the trap of high interest credit to our kids, and are now teaching our grandkids. Youngest of the grandkids are in their 20's, they understand why they are much better off NOT having a quarter million student loan, and driving a PAID FOR used car. You have more money for things you like when you are not paying somebody 26% interest.
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