1y ago

Americans are going into debt to buy groceries. Here's why those balances can be difficult to pay down

www.cnbc.com

News @lemmy.world

return2ozma @lemmy.world

1y ago

Americans are going into debt to buy groceries. Here's why those balances can be difficult to pay down

www.cnbc.com /2024/05/20/americans-are-going-into-debt-to-buy-groceries-research-finds.html

12 comments

Who does MSNBC think it’s addressing, or in other words, who does MSNBC think is the target audience for this article? The same people who were shamed for eating avocado toast seven years ago?
By shopping with cash instead of credit, that can help limit spending to an exact amount, McClary said.
For debtors who feel stuck, talking to a nonprofit credit counseling agency can help with budgeting and managing debt, he said.
Oh thanks, why didn’t we think of these brilliant insights!
- Their target is anyone who doesn't immediately ignore a headline that says "Here's why", "Leaked", or "Slams"
- By shopping with cash instead of credit, that can help consumers piss away 2% savings, McClary said.
  
  Did you know, the vast majority of people don't have credit cards, and use debit instead?
  Did you know that that 2% the credit card companies convinced you that you were saving, has already been built into the price the retailer is charging because the credit card companies are charging them for it?
  They tried it in every western country basically
  Only a couple were stupid enough to fall for it 😂
- It’s cnbc not ms
Because you have to eat every fucking day or because credit card issuers are usurious fucks?
- This isn't a credit issuer problem, it's a wage problem.
  
  Wage won't entirely fix this. As long as artificial inflation (and yes, the majority of these price hikes are due to simple greed: https://fortune.com/europe/2023/12/08/greedflation-study/ ) keeps going up in such a short span of time, the majority smaller businesses will not be able to afford to keep giving their employees raises. The core issue is monopolies/duopolies and/or price collusion in the industries where a very small handful of corps own everything. Yes, it's illegal for companies to get together and agree on prices for their own profit, but that's never stopped them from doing it before as it's incredibly difficult for the government to prove they're doing it without breaking laws to spy on them.
  We're essentially reliving the Robber Baron Era from US history. Unfortunately, I don't see us exiting it anytime soon, as people are way too divided and angry at each other to turn that fury towards the ones sowing it in the first place while they rob us blind. Eat the fucking billionaires, because they're already eating us.
  
  Maybe it's both.
If the Fed was doing anything, they'd see this as a signal and try to do something about it instead of just worrying about the wealthy. Redefining what a recession is will not keep it from happening.

12 comments