Comments on: Credit Card Addicted Nation: How Americans have Pushed Themselves off the Fiscal Cliff. $931 Billion in Credit Card Debt Outstanding.

By: loans

loans — Tue, 11 Aug 2009 14:24:50 +0000

im using credit cards everywhere, and its not because, i dont have money-its a lifestyle-im not carrying money, u CANT BELIEVE, but even, on my way to to the church, ive got to find them first

By: dale wagner

dale wagner — Sat, 04 Jul 2009 15:49:57 +0000

I knew there was credit card debt But very close to a TRILLION DOLLARS.? which we will hit this year in fall 2009 .My goodness americans what are you buying.. I didnt know this either America is the only place in the world that has Storage units There popping up all over the place for americans to store the Piles of Garbage they dont ned. We are building these Condo storage units like homes and condos I cant believe we are the only country in the world that buys so much trash and now we need a place to store the TRASH.And 8 million creit cards are being yanked out of american hands. heck i bet its alot more then that 18 million i bet is the TRUE numbers Nay 25 million cards need to be yanked.

By: Sharonsj

Sharonsj — Thu, 02 Jul 2009 15:53:11 +0000

Don’t make it sound like we all rush out to buy stuff we don’t need like giant flat-screen TVs and expensive meals in fancy restaurants. A lot of people use credit cards because they have no money after paying bills–and still need to either pay more bills or get something they really need to live–like food. I’ve been reading that people who lose their jobs and can’t survive on unemployment, or whose unemployment has run out, then use credit cards for necessities. The only reason card rates are going up is that the banks know people are tapped out and larger numbers will be defaulting, so they’re trying to sock it to you before then.

By: David Kaiser

David Kaiser — Thu, 02 Jul 2009 12:43:25 +0000

Are you aware that Bank of America just sold a large chunk of its credit card balances to Barclay’s Bank? I learned this when my B of A US Air Visa card was closed out and I received a Barclay’s Bank mastercard instead. I discovered I now owed the existing (small) balance to Barclay’s! I suspect B of A wanted to get more cash in its balance shee in order to get out from under TARP.

By: Terrance Stuart

Terrance Stuart — Thu, 02 Jul 2009 12:35:45 +0000

It appears banks will need to come up with a different instrument that eleminates their risk, brings them income from usage and keeps the convenience of plastic over wads of cash or check verification. They may have found that with the new pre-paid credit cards?

I recall reading that several years ago that the USA accounted for nearly ten trillion dollars in consumer debt in one year, the growing export economies of China and to a lesser extent India counted their consumer use in the billions. It will be interesting to see what trends out as a result of this sea change in attitude towards debt coupled with increased costs for energy, and other commodities that loom into the future.

By: darrell moss

darrell moss — Thu, 02 Jul 2009 06:56:36 +0000

I believe the reason credit card debt began to rise in the 1970’s was the oil companies’ granting permission to Arab oil owners to raise the price of crude oil.

Twenty eight cents a gallon gas became $1.00 a gallon practically overnight.

By 1979, the inflation the higher oil prices caused was into double digits and we saw what Paul Volker did to stop it.

Double digit interest rates caused all states with a 12% usury limit to strike it and today we see interest rates in excess of 30% routinely charged on credit cards.

Historians will one day see a connection between Opec’s 1970’s price increases, the resultant, predictable inflation, the cancellation of usury laws it caused, and today’s higher intererst rates on credit cards.

Today’s credit card debt reflects as much or more the higher allowed interest rates than it does a drastic change in the buying publics use of credit cards. Or one might say that any change that did occur in the use of credit cards was due more to higher interest rates than to the public’s demand for instant gratification.

Oil company executives who just happened to be bankers back in the 1970’s today ride a two pronged beast of higher gas prices and higher interest rates roughshod over a public who can’t fight back.

By: Car Loan Rates Guy

Car Loan Rates Guy — Thu, 02 Jul 2009 01:36:22 +0000

That chart is crazy. Americans are in crazy debt, and just when we start saving a little, the press goes crazy with “highest savings rate ever” type articles that are lulling people into thinking it’s nearly enough to stave off the second financial storm that’s coming.

By: Hal

Hal — Wed, 01 Jul 2009 14:53:14 +0000

This is a serious issue. It’s one of the reasons I keep telling all my friends and family to focus on sliming back expenses and paying off that credit card debt as quickly as possible. Then focus on putting your money in savings and assets that retain value.