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Let's get one thing straight, if the economy was so great, consumers would be able to pay off their credit card debt ..

 
MisfitToy

User ID: 75286834
United States
07/11/2019 07:23 PM

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Re: Let's get one thing straight, if the economy was so great, consumers would be able to pay off their credit card debt ..
For the first time in my life, I can see the end of my debt. And I purchased a new car this year...

Hey OP
not playing
Anonymous Coward
User ID: 77789393
United States
07/12/2019 12:31 AM
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Re: Let's get one thing straight, if the economy was so great, consumers would be able to pay off their credit card debt ..
Lots of people still outta work and the wages are too low and rent too high.

The economy is good for the rich.
 Quoting: Anonymous Coward 73618019


businesses closing at record rate. retail in neighborhood is half vacant with shops closed. yet luxury condos zipping up like a rocket.
Trillion $ tax bailout of 2008 was used by banksters to buy up realty all over America. guess the group?
Anonymous Coward
User ID: 73724632
United States
07/18/2019 01:39 AM
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Re: Let's get one thing straight, if the economy was so great, consumers would be able to pay off their credit card debt ..
Paying off credit card debt has nothing to do with the strength of the economy.

The reason people run up debt in the first place is because they are living above their means. They carelessly throw away money just to have the image of appearing like they have more money than they actually have.

Examples are owning a house bigger than they actually need or can really afford. Buying new cars every couple years. Owning ridiculously over priced phones and computers made by Apple just because they see there products in movies and TV shows.

With the popularity of Fakebook this problem has become even worse because now everyone is out to try and impress everyone else and trying to show the world just how great their lives are no matter how much in shambles their lives really are.
 Quoting: Anonymous Coward 52129620



This is not correct. Many people are living in debt because the real wages have not risen significantly for decades and cost of living, esp housing has gone way up. Many people live on credit to pay for ordinary living expenses they simply cannot afford through wages. There is a serious serious problem in the system that the Trump economy HAS NOT ADDRESSED. That's a simple reality.
Anonymous Coward
User ID: 73724632
United States
07/18/2019 01:42 AM
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Re: Let's get one thing straight, if the economy was so great, consumers would be able to pay off their credit card debt ..
Lots of people still outta work and the wages are too low and rent too high.

The economy is good for the rich.
 Quoting: Anonymous Coward 73618019


businesses closing at record rate. retail in neighborhood is half vacant with shops closed. yet luxury condos zipping up like a rocket.
Trillion $ tax bailout of 2008 was used by banksters to buy up realty all over America. guess the group?
 Quoting: Anonymous Coward 77789393



I see the same thing. This economy benefits the rich. While I don't necessarily attack that because I do hope there's some trickle down in that infamous phrase, because that's all money really does for most people, it's been inadequate. I see too many closed and closing businesses, too mamy luxury condos/houses for too few people and wages are still too low. Rents for both housing and businesses are WAY TOO HIGH. Trump's economy IS for the rich and you really can't get away from that.
Anonymous Coward
User ID: 72303451
Romania
07/18/2019 01:43 AM
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Re: Let's get one thing straight, if the economy was so great, consumers would be able to pay off their credit card debt ..
They can’t or they don’t choose to?
 Quoting: JypsieWind


They cant. Banks are VERY concerned about default rates and are PUSHING their people to get these debtors to consolidate via a refinery, repackage, and push it off the books...
DeplorableOldMan

User ID: 77620619
United States
07/18/2019 01:51 AM
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Re: Let's get one thing straight, if the economy was so great, consumers would be able to pay off their credit card debt ..
Let's get one thing straight, credit card debt is designed so you can never pay it off.

You must not understand how credit works.
DeplorableOldMan
JAZZz50

User ID: 77771189
United States
07/18/2019 02:00 AM
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Re: Let's get one thing straight, if the economy was so great, consumers would be able to pay off their credit card debt ..
ppl living beyond their eans has nothing to do with the economy. if they had 1 million they would spend 2 million. most don't follow a budgethell the govern did it so why shouldn't the ppl? that is the mindset. most ppl are only paying the ionterest on the credit cards.then they will rollthe balance over to another card and get a nice limit increase. there are even ppl who got the cards in their kid's names.

this unpaid fraudulent debt is one of the things that caused the recession. this debt was sold overseas to countries and corporations chopped up. the media ied and told you it was mortgages. the credit card and other outstanding loan debts were sold out a couple months before gas prices started to climb.

those countries by the way still want to be paid but have not been. this DOOM is ongoing and not going away.
JAZZZ50
Anonymous Coward
User ID: 72303451
Romania
07/18/2019 02:01 AM
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Re: Let's get one thing straight, if the economy was so great, consumers would be able to pay off their credit card debt ..
ppl living beyond their eans has nothing to do with the economy. if they had 1 million they would spend 2 million. most don't follow a budgethell the govern did it so why shouldn't the ppl? that is the mindset. most ppl are only paying the ionterest on the credit cards.then they will rollthe balance over to another card and get a nice limit increase. there are even ppl who got the cards in their kid's names.

this unpaid fraudulent debt is one of the things that caused the recession. this debt was sold overseas to countries and corporations chopped up. the media ied and told you it was mortgages. the credit card and other outstanding loan debts were sold out a couple months before gas prices started to climb.

those countries by the way still want to be paid but have not been. this DOOM is ongoing and not going away.
 Quoting: JAZZz50




First sentence from the mind of an ignoramous.
Big Daddy D

User ID: 77305376
United States
07/18/2019 10:01 AM

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Re: Let's get one thing straight, if the economy was so great, consumers would be able to pay off their credit card debt ..
I'm paying mine off so maybe I'm not so stupid as you propose.
Anonymous Coward
User ID: 77826383
United States
07/18/2019 10:03 AM
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Re: Let's get one thing straight, if the economy was so great, consumers would be able to pay off their credit card debt ..
Your lords and masters don’t want you paying off debt slave!!
Truth 123
User ID: 77747381
United States
07/18/2019 10:18 AM
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Re: Let's get one thing straight, if the economy was so great, consumers would be able to pay off their credit card debt ..
Many people live beyond their means (hence huge debt.)
Anonymous Cowlick

User ID: 76223071
United States
07/18/2019 10:20 AM

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Re: Let's get one thing straight, if the economy was so great, consumers would be able to pay off their credit card debt ..
What debt ? I have 13,500 in credit and dont have 1$ on it right now.

FICO SCORE is 804 and I have NO TATTOOS !!! hahaha

Tattoo'd trash
 Quoting: Anonymous Coward 76857890


I have no debt either. Fico of 840.

Own two homes, two cars. All paid off
 Quoting: Anonymous Coward 76508392


lolwut
DFDoe

User ID: 54652356
United States
07/18/2019 10:37 AM
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Re: Let's get one thing straight, if the economy was so great, consumers would be able to pay off their credit card debt ..
My point is the majority are in debt up to the ears with no real intention or means to ever pay it off.
 Quoting: Anonymous Coward 76508392


NO, the "majority" aren't. Lots of people are because not everyone benefits in good or bad swings in the economy all at once. Then there are also those that could make a million a year and charge up a million-five hundred thousand. LOTS of people are in that particular boat.
numbersiown

User ID: 77579991
Canada
07/18/2019 11:25 AM
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Re: Let's get one thing straight, if the economy was so great, consumers would be able to pay off their credit card debt ..
Almost all people getting ready to retire with what they think is a decent amount of money are still in debt and don't realize it. They will be in debt to the government for medical insurance - Medicare - unless they are willing to pay around 1000$ per month for private care. Then there is social security where you have loaned huge amounts of your money to the government only to get 1/3 of it trickled back. Then there is property tax.... which is now around $200 a month for the average priced house - $200,000.

Here is the end game. There is no reason that artificial intelligence perhaps even without robotics, can't create its own economy. For every inch that mankind gives up to maintain a "healthy" economy, AI will be there to grab that inch.

I have a general idea how wacky derivatives markets can be from the 2008 housing crash. Think 10X wackier and ruthless than that when AI starts creating its own economy in an "obvious" fashion.

Maybe it all starts (started) with Bitcoin. After all, you don't need to be a robot to trade bitcoin. Just a relatively smart AI in a box.
numbersiown