3 ms·
> Thirty-four percent of debtors say inflation and 32% say high interest rates have made their credit card debt burdens worse since the beginning of 2022. 32%?
by hirvi74 2y ago
> Thirty-four percent of debtors say inflation and 32% say high interest rates have made their credit card debt burdens worse since the beginning of 2022.
32%?! That is absolute highway robbery at that point. It brings me great anger when I think about the interest rates at which banks typically take out loans. Especially when said loans from banks are then used to loan people money at borderline criminal rates. Best of all, when shit hit the fan, who bailed who out again in 2008?
- toomuchtodo 2y agoWages have not kept up with living costs because of a decline of unions and labor bargaining power over the last few decades. People fill the wage living cost gap with credit, which then takes more from them through interest and fees. If wages go up, the need for this credit declines. If wages do not go up, the need for credit remains, as well as the burden of carrying this debt. The need for high priced credit is an economic story.
- cshimmin 2y ago32% is referring to the survey respondents, not an interest rate. Although that is by no means an unheard of interest rate for credit cards.
- hirvi74 2y agoCrap, you are completely right. I misread the initial text I quoted.