Everyone's doing so well

Investment Analysis Clubs Macro Economic Trends and Risks
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During the second quarter, credit card balances shot up by $45 billion, or nearly 4.6%, to land at $1.03 trillion, according to the New York Fed’s latest Quarterly Report on Household Debt and Credit.

Rising credit card debt and auto loan balances helped to drive overall household debt levels up 1%, to $17.06 trillion for the quarter, the report showed. Overall household debt has spiked by $2.9 trillion since the end of 2019, before the pandemic. The New York Fed’s debt balances are nominal and not adjusted for inflation.

https://edition.cnn.com/2023/08/08/economy/us-household-credit-card-debt/index.html

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Which, when adjusted for inflation, is 10% lower than at the end of 2019.

DB2

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Yikes, an average of 20.53% interest rate on credit cards!!!

We’ve put an awful lot on our CC each of the past few months, but we’ve NEVER carried a balance. Ever.

But 20.53%! Aren’t there usury laws anymore?

That’s a financial death sentence.

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My bank in Portugal charges a measly 15%. It’s been decades since I’ve had a CC balance. It’s financial murder.

The Captain

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Google reflects AI et al,

Then in 1980 , due to inflation, Congress passed an act exempting federally chartered savings banks, installment plan sellers and chartered loan companies from state usury limits. This effectively overrode all state and local usury laws.

My comment why change with the times when times for some are so great?

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