186
Credit card delinquencies surge, almost 1 in 5 users maxed-out: Research
(www.thehill.com)
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
this post was submitted on 20 May 2024
186 points (96.5% liked)
News
23287 readers
3791 users here now
Welcome to the News community!
Rules:
1. Be civil
Attack the argument, not the person. No racism/sexism/bigotry. Good faith argumentation only. This includes accusing another user of being a bot or paid actor. Trolling is uncivil and is grounds for removal and/or a community ban. Do not respond to rule-breaking content; report it and move on.
2. All posts should contain a source (url) that is as reliable and unbiased as possible and must only contain one link.
Obvious right or left wing sources will be removed at the mods discretion. We have an actively updated blocklist, which you can see here: https://lemmy.world/post/2246130 if you feel like any website is missing, contact the mods. Supporting links can be added in comments or posted seperately but not to the post body.
3. No bots, spam or self-promotion.
Only approved bots, which follow the guidelines for bots set by the instance, are allowed.
4. Post titles should be the same as the article used as source.
Posts which titles don’t match the source won’t be removed, but the autoMod will notify you, and if your title misrepresents the original article, the post will be deleted. If the site changed their headline, the bot might still contact you, just ignore it, we won’t delete your post.
5. Only recent news is allowed.
Posts must be news from the most recent 30 days.
6. All posts must be news articles.
No opinion pieces, Listicles, editorials or celebrity gossip is allowed. All posts will be judged on a case-by-case basis.
7. No duplicate posts.
If a source you used was already posted by someone else, the autoMod will leave a message. Please remove your post if the autoMod is correct. If the post that matches your post is very old, we refer you to rule 5.
8. Misinformation is prohibited.
Misinformation / propaganda is strictly prohibited. Any comment or post containing or linking to misinformation will be removed. If you feel that your post has been removed in error, credible sources must be provided.
9. No link shorteners.
The auto mod will contact you if a link shortener is detected, please delete your post if they are right.
10. Don't copy entire article in your post body
For copyright reasons, you are not allowed to copy an entire article into your post body. This is an instance wide rule, that is strictly enforced in this community.
founded 1 year ago
MODERATORS
I have certainly maxed cards in the past but these days, I don't know why, they keep raising my limit, I have 6 cards and a $96,000 credit limit between them. Talk about having enough rope to hang yourself.
Used to have a credit limit that was like double my annual income. Surely they knew there was no way I could afford even the interest alone if I came anywhere close to maxing out cards...
Forgetting about the super high interest rates. Last card I got for a 0% on a laptop if I paid it off in 12 months was 29%. I think my current lowest is 17% and I have damn near an 800 credit score
I was about to say "damn that's high," but then I realized I didn't know what my lowest was. Turns out it's 27%.
So yeah. I'm glad I never leave a balance.
I've been aggressively paying off debt after racking up credit cards and my wife getting stuff sent to collections while I went back to college, and she had a bad injury with some months recovering and not working. My credit score is now well over 700, and I should have everything except for the mortgage, student loans and car loan paid off within 12 months. Those 3 make sense to ride out on the existing payments given their low interest rates and my current medium term goals
If someone spends all of their credit limit just because it’s there, there is no one to blame but that person.
That is the point. I can right now call my bank, I told em to stop offering CC limit increases if they are not lowering the interest rate, and have them raise my limit over my yearly income. They know what I make as my pay is direct deposited and still kept trying. I guess being a deadbeat CC user makes them want to raise my limit. Deadbeat = pays off CC before interest