No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
Card Debt Hits Another Record High As Consumers Keep Putting Purchases on Plastic
Interesting 200 billion since last updated wow.. Banks better prepare that is growing quickly imho. Think just a month or two ago was 1.1 trillion wasn't it? Scary pace.
Lol, love how they say most households are financially healthy when it's been reported by multiple sources that over half the country is living paycheck to paycheck and the number keeps growing. Which, I'm sure, lends to the increase in credit card debit they're reporting on.
@CreditCuriosity wrote:Interesting 200 billion since last updated wow.. Banks better prepare that is growing quickly imho. Think just a month or two ago was 1.1 trillion wasn't it? Scary pace.
Yep. In October it went from 1.08 trillion to 1.3 trillion.
@Brian_Earl_Spilner wrote:Lol, love how they say most households are financially healthy when it's been reported by multiple sources that over half the country is living paycheck to paycheck and the number keeps growing. Which, I'm sure, lends to the increase in credit card debit they're reporting on.
Yes I think it's BS that most households are financially healthy.
@SouthJamaica wrote:
@CreditCuriosity wrote:Interesting 200 billion since last updated wow.. Banks better prepare that is growing quickly imho. Think just a month or two ago was 1.1 trillion wasn't it? Scary pace.
Yep. In October it went from 1.08 trillion to 1.3 trillion.
I think you may be misinterpreting the source. The Investopedia article says credit card debt went up $2.9 billion in October, not $220 billion. That's an annualized 2.67% increase from the previous month, which is very low (digging into the Fed data, 7 of the last 12 months were over 10%). I think this chart I copied from the Fed does a better job showing the overall trend:
@Anonymalous wrote:
@SouthJamaica wrote:
@CreditCuriosity wrote:Interesting 200 billion since last updated wow.. Banks better prepare that is growing quickly imho. Think just a month or two ago was 1.1 trillion wasn't it? Scary pace.
Yep. In October it went from 1.08 trillion to 1.3 trillion.
I think you may be misinterpreting the source. The Investopedia article says credit card debt went up $2.9 billion in October, not $220 billion. That's an annualized 2.67% increase from the previous month, which is very low (digging into the Fed data, 7 of the last 12 months were over 10%). I think this chart I copied from the Fed does a better job showing the overall trend:
According to this article it was $1.08 trillion at the end of September:
According to this article it was $1.3 trillion at the end of October:
I'll leave it to you to figure out what it means. Or where I've gone wrong
@SouthJamaica wrote:According to this article it was $1.08 trillion at the end of September:
According to this article it was $1.3 trillion at the end of October:
I'll leave it to you to figure out what it means. Or where I've gone wrong
The CNBC article is based on a quarterly report from one of the regional branches of the Fed (NY) while the Investopedia article is based on monthly data from the Fed itself. They appear to be using different sources and definitions, so it's an apples to oranges comparison.
We'll have to wait until Q1 2024 for the next NY Fed report, but the Fed data shows $1.2936 trillion in September, rising to $1.2954 trillion in Oct.
@Anonymalous wrote:
@SouthJamaica wrote:According to this article it was $1.08 trillion at the end of September:
According to this article it was $1.3 trillion at the end of October:
I'll leave it to you to figure out what it means. Or where I've gone wrong
The CNBC article is based on a quarterly report from one of the regional branches of the Fed (NY) while the Investopedia article is based on monthly data from the Fed itself. They appear to be using different sources and definitions, so it's an apples to oranges comparison.
We'll have to wait until Q1 2024 for the next NY Fed report, but the Fed data shows $1.2936 trillion in September, rising to $1.2954 trillion in Oct.
I knew I could count on you @Anonymalous
@Brian_Earl_SpilnerAnecdotally it seems like those who already were pretty healthy financially pre-pandemic have gotten healthier yet, but many of those who were either at risk or alreadly in poor financial health have trended downward into a worse situation yet. Granted everyone is in their own bubble of people they interact with, so there's limitations to what we see anecdotally in our own lives, but pretty much everyone I know who was financially stable pre-pandemic is doing better than ever (particularly those that were already homeowners), but a most of the people I know who were just getting by are still in that same situation, with housing costs being the biggest area of concern for them. Fortunately for me my financial situation is far more stable than a few years ago thanks to a better job, more savings and my still in progress rebuild (though buying a house seems like a huge stretch still). All that being said I don't have the answers in terms of causation (I think it's too simplistic to just say inflation - housing inflation is far worse than the overall number) or the solution.