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Americans now $1 Trillion in credit card debt.........
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<blockquote data-quote="Brute 23" data-source="post: 1478621" data-attributes="member: 6291"><p><em>Four major spending categories have increased faster than income growth since 2007: medical expenses (34%), "other" expenses (30%), food and beverages (22%) and housing (20%), according to NerdWallet's analysis.</em></p><p></p><p>Here is a good website that really breaks down what is going with credit cards and all the stats. The fact is people are spending money on things that they do not need and that they can not afford.</p><p></p><p><a href="https://www.nerdwallet.com/blog/average-credit-card-debt-household/" target="_blank">https://www.nerdwallet.com/blog/average ... household/</a></p><p></p><p>My problem with debt is it has been romanticized. Its been touted as a way to get what you deserve. Its marketed as a smart way to do business... "use some one else's money not yours". Debt is way too easy to come by. As some one said already that products are being sold based off how much some one will lend you to buy the product... not the product's actual value.</p><p></p><p>I have said many times that I don't have a problem with certain debt. If you hand out cc to your guys to buy fuel great. As long as the cards are a tiny portion of your assets I get that it is more convenient. If you want to get a mortgage to buy a house that is a healthy portion of your income and you have your finances in line... go for it. </p><p></p><p>I'm not unrealistic... but I'm not going to act like debt is this great thing that will lead our country... or our citizens... to prosperity.</p></blockquote><p></p>
[QUOTE="Brute 23, post: 1478621, member: 6291"] [i]Four major spending categories have increased faster than income growth since 2007: medical expenses (34%), “other” expenses (30%), food and beverages (22%) and housing (20%), according to NerdWallet’s analysis.[/i] Here is a good website that really breaks down what is going with credit cards and all the stats. The fact is people are spending money on things that they do not need and that they can not afford. [url=https://www.nerdwallet.com/blog/average-credit-card-debt-household/]https://www.nerdwallet.com/blog/average ... household/[/url] My problem with debt is it has been romanticized. Its been touted as a way to get what you deserve. Its marketed as a smart way to do business... "use some one else's money not yours". Debt is way too easy to come by. As some one said already that products are being sold based off how much some one will lend you to buy the product... not the product's actual value. I have said many times that I don't have a problem with certain debt. If you hand out cc to your guys to buy fuel great. As long as the cards are a tiny portion of your assets I get that it is more convenient. If you want to get a mortgage to buy a house that is a healthy portion of your income and you have your finances in line... go for it. I'm not unrealistic... but I'm not going to act like debt is this great thing that will lead our country... or our citizens... to prosperity. [/QUOTE]
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