Credit card debt is soaring, especially in these cities
Credit card debt is soaring, especially in these cities
Using data from the Census Bureau, TransUnion and the Federal Reserve, the study’s authors looked at inflation-adjusted household debt in the country’s largest 181 cities found Santa Clarita, California to have the highest average household credit card debt ($21,836), followed by Chula Vista, CA ($20,920), New York, NY ($19,207), Fontana, CA ($18,843) and Rancho Cucamonga, CA ($18,549).
I couldn’t imagine having $20k in cc debt at the interest rates they charge.
It's about $400 a month in interest.
Okay, now let's all simultaneously just straight up stop paying.
There has to be some factor other than sheer population driving NY's total cc debt. 63 Billion is an insane number.
Nope, the $63 billion figure is just sheer population, given that the average household debt is laid out right there at the top. It should be noted New York also has a very high per capita income compared to most other large cities, and this Wallethub "study" doesn't adjust for purchasing power parity
Honestly. Probably not as big a deal as we would hope. America runs in debt. It's the economic battery that's used to power the purchasing power of the nation itself even if it's not a great idea it does hyper charge the government of oligarchs pretty well.
And, with massive soars in Cost Of Living I would bet it's mostly by the same percentages that the debt is raising even if it's closer to real inflation and not the lower stated values.
People are incentivized to spend beyond their means cause the forever debt feels cheaper than paying for it up front which makes you then a consistent battery of debt paying back more as you hopefully hit peak production.
The problem for sure is that there is no exit on the other side. And with astronomical costs and no clear way to exit the debt likely you end up to old and still fucked.
The debt is a feature not a bug but will absolutely cause instability if not checked. This might still not be truly in the red yet though.
Gotta get that 3% cash back