Over the last year, roughly 9.1% of credit card balances transitioned into delinquency, the New York Fed reported.
  • FlashMobOfOne@lemmy.world
    641·
    5 months ago

    Stories like this are why I have no hope for the future, at least here in the US.

    My eighty year-old parents are driving for DoorDash (in my car) and that’s all the income they have to live on. If they hadn’t paid off their mortgage years ago they’d be homeless.

    • Socialist Mormon Satanist@lemmy.world
      349·
      5 months ago

      Stories like this are why I have no hope for the future, at least here in the US.

      And you think its way better in other places? Name a place that you think is better off that the US. The entire world is addicted to credit and debt.

      Not me tho! My houses paid off, cars are paid off, and I have no debt. So fuck that noize.

        • Socialist Mormon Satanist@lemmy.world
          218·
          5 months ago

          But how much of the US credit card debt is people who can’t control their spending vs economic problems?

          I have seen plenty of people who can’t really afford it, have the latest iPhone.

          I can afford the latest iPhone, yet I have a $125 android.

          • Shapillon@lemmy.world
            3·
            5 months ago

            Do you think Americans tend to rack up more debt than people from other countries?

            If so, do you have an hypthesis as to why that would be the case?

            I’m curious since here (France) debt is pretty uncommon and the volumes usually way lower are than in the US (and Canada).