WorthyNewsBot Posted September 26, 2023 Group: Bots Followers: 3 Topic Count: 39,879 Topics Per Day: 6.42 Content Count: 44,700 Content Per Day: 7.19 Reputation: 987 Days Won: 2 Joined: 06/06/2007 Status: Offline Share Posted September 26, 2023 (Worthy News) – Credit card companies are racking up losses at the fastest pace in almost 30 years, outside of the Great Financial Crisis, according to Goldman Sachs. Credit card losses bottomed in September 2021, and while initial increases were likely reversals from stimulus, they have been rapidly rising since the first quarter of 2022. Since that time, it’s an increasing rate of losses only seen in recent history during the recession of 2008. It is far from over, the firm predicts. Losses currently stand at 3.63%, up 1.5 percentage points from the bottom, and Goldman sees them rising another 1.3 percentage points to 4.93%. This comes at a time when Americans owe more than $1 trillion on credit cards, a record high, according to the Federal Reserve Bank of New York. [ Source (Read More…) ] View the full article Link to comment Share on other sites More sharing options...
FJK Posted September 26, 2023 Group: Royal Member Followers: 0 Topic Count: 43 Topics Per Day: 0.09 Content Count: 3,349 Content Per Day: 7.17 Reputation: 1,306 Days Won: 1 Joined: 03/01/2023 Status: Offline Share Posted September 26, 2023 I fail to understand why people continue to charge stuff at today's credit card interest rates that they can't afford to (or don't intend to?) pay off when the bill arrives. Just pay for what you can with cash and only use credit cards for those things its really difficult to pay cash for (online purchases, gas, etc.) them pay it off as soon as the bill arrives. How hard is it to just do that and avoid wasting money on interest charges or going bankrupt because of them? Link to comment Share on other sites More sharing options...
Big Boy Stan Murf Posted September 26, 2023 Group: Mars Hill Followers: 2 Topic Count: 3 Topics Per Day: 0.01 Content Count: 1,028 Content Per Day: 3.98 Reputation: 279 Days Won: 0 Joined: 09/26/2023 Status: Offline Share Posted September 26, 2023 (edited) Well they're going to just have to start cutting some people off if they can't pay their bill. Quote Losses currently stand at 3.63% That's chicken feed compared to all the money these big corporation earn! They just want people to feel sorry for them Edited September 26, 2023 by Big Boy Johnson Link to comment Share on other sites More sharing options...
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