That is more than I would have guessed that pay off every month. Wonder how those numbers have changed now as everyone's budgets are getting tighter? Would guess that as times get worse, more and more people will be in the carrying balance category and taking at least a year to pay off their debt.
Bad News for us all!
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Earl Weiss
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Excerpts posted were from 3 separate sources / studies.
I know, and the one that says 56% pay their balance every month was only 1000 subjects. The others show very different numbers.
Earl Weiss
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1. Agreed that it is a small sample size but none of the quoted items state what you indicate.
2. The sample size of 1000 says the largest group paid their bills in full each month
3. The 56% figure was from a different data set and it referred to accounts - not account holders. Perhaps or perhaps not is is safe to assume that people who don't pay the balance in full may be carrying balances on multiple accounts.
In any event it seems 50% or so of Card holders may pay in full each month. As far as changes in balance size over time adjusted for inflation - I did not find any simple data. Point being - things seem not nearly as dire as some might have us think. However I for one feel the worst pandemic / addiction is borrowing - from the highest levels of government down to individuals.
ShinePro
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Yesterday the New York Federal Reserve announced credit card report for 2nd qtr of 2024
Creit card debt hit a new record high of 1.14 trillion. Up 27 billion from previous qtr.
That along with the rainy muggy weather this summer.
Not to mention this screwball election.
Hopefully it snows a lot starting in November!
Creit card debt hit a new record high of 1.14 trillion. Up 27 billion from previous qtr.
That along with the rainy muggy weather this summer.
Not to mention this screwball election.
Hopefully it snows a lot starting in November!
Overachiever
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Donald Trump needs to do a better job of controlling the weather over here in IL.
Earl Weiss
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What was never clear to me was whether the figure was simply a balance or Balances carried over month to month. It would seem credit card balances would naturally increase with inflation and also as we see credit card usage increasing.Yesterday the New York Federal Reserve announced credit card report for 2nd qtr of 2024
Creit card debt hit a new record high of 1.14 trillion. Up 27 billion from previous qtr.
That along with the rainy muggy weather this summer.
Not to mention this screwball election.
Hopefully it snows a lot starting in November!
I think the more interesting item is the Credit Card 90 or more day delinquency figure increasing from Q2 2023, to Q2 2024 from 5.08% to 7.18%.
If I read the figures correctly the debt increase was $111 Billion for a total of $1.142 trillion or an increase of under 10% , yet a delinquency increase of from 5 to 7% is about a 40% increase in delinquencies.
ShinePro
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Just reporting off of Fox Business news this morning
soonermajic
Well-known member
Our July weather was AWFUL. in N, Tx. WOrst July in 14 years. But AUg has been unreal good so far!
ShinePro
Well-known member
Same here. Worst July ever. Mostly weather related. Some wallet pinching etc
Ice cream business has not been stellar either
Everyone I ve talked too in midwest says same.
Cold front blew thru last night
Highs in 70’s - gonna find out who wants to wash this weekend!
Ah but the corn and beans look outstanding!
washnshine
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Very dry, clear and mild July in Western NY. Cars didn’t get dirty. So far August has brought rainy days and dirty cars!
water guy
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that's neat
mucoucah
New member
Same in South Texas. Between weather and the economy, July was very slow, but August still far has been good
Watching my monthly pass renewals, I see several customers with multiple cards on their account and daily see 3 or 4 of their cards declined before one finally goes through, or several cards declined every day for up to a week before one goes through or another card is added. It's disturbing to see how many there are.
