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The Fed report is a lot more interesting: https://www.newyorkfed.org/medialibrary/interactives/householdcredit/data/pdf/HHDC_2022Q2 https://www.newyorkfed.org/
by floxy 4y ago
The Fed report is a lot more interesting:
https://www.newyorkfed.org/medialibrary/interactives/householdcredit/data/pdf/HHDC_2022Q2 https://www.newyorkfed.org/medialibrary/interactives/househo...
...looks like credit card debt is pretty stable since 2003 at just under $1 trillion (page 10).
- rightbyte 4y agoEDIT: My head hurts 10e12/320e6 = 31250 USD/person That is quite a lot at credit card interest.
- floxy 4y ago$1 trillion = 10^12 = 1e12. 1e12/320e6 = $3125 per person for just the credit card debt portion.
- rightbyte 4y agoOh ... I might need to do a high school math refresher soon. The number sounded a bit silly.
- imtringued 4y ago$300 interest (the cards I have access to charge 10%) per person is still ridiculous. Credit cards aren't meant to have a balance for long unless it is some odd 0% financing scheme.
- aaaaaaaaata 4y ago> Credit cards aren't meant to But...they can. So they will.
- positr0n 4y agoWe put everything but our mortgage on credit cards and always pay them off. But still the statement each month is always at least $3000. Does that show up in this statistic? Or does it only count as debt if you haven't paid it all the first billing cycle?