It’s not just the scale of the increase that is surprising; it’s the history of how long it has been since this scale of debt increase happened in a single quarter.
(CNBC) – […] Although average hourly earnings are up 5.1% from a year ago, prices have been rising much faster. The Consumer Price Index, which measures the average change in prices for consumer goods and services, jumped a higher-than-expected 9.1% in June, the fastest pace in over four decades.
To bridge the gap, more consumers are relying on credit cards to get by, which has helped propel total credit card debt to $890 billion.
Overall, credit card balances rose 13% in the second quarter of 2022, notching the largest year-over-year increase in more than 20 years, according to a report from the Federal Reserve Bank of New York. (read more)
This doesn’t sound like a good economic omen.
Quick, check to see if they changed Bankruptcy Law like they did right before the big housing crash, just to make sure unvaccinated people can still declare bankruptcy!! /s
I hate our government.
There’s still time to get rid of some RINO’s – GO VOTE:
Arizona – precincts open till 7pm
Kansas – precincts open till 7pm
Michigan – precincts open till 8pm
Missouri – precincts open till 7pm
Washington – precincts open till 8pm
I’m actually a bankruptcy pro… see my comment above
They did a change recently but it’s for small biz owners
Bigger deal is the free school lunches (in palce here for thenpast 3 to 4 years) going away right as food prices spike
I don’t see why providing lunches is a school’s job, but now as in March 2020, I am right there with the liberals, furious that schools would suddenly drop the program – that means either I was right that it was never necessary to begin with, or the liberals are right that nobody actually cares about the poor.
I would agree, but recall the words of my elderly aunt who lived in a hellish area in Philadelphia who said:
“It’s not the neighborhood.
It’s the neighbors.”
Yes, Aunt Mary, I’d tell her now,
It’s not the government.
It’s the crap running it.
Hey, this is great news…
It’s nice knowing that I’m not the only one in this boat
Every day under Biden, this boat will get bigger and bigger. Tighten up, hunker down.
I expect to hear more calls of forgiving student loans. Will they? Probably not, as it a very useful carrot to influence behavior.
Exactly. Forgiving student loans removes the leverage on the electorate.
There are sooo many lawsuits lined up to fight any loan forgiveness program. And for this reason, won’t happen.
Just remember, this started because Obama. Feds didn’t own these loans before Obama.
We need to return these loans to private firms.
Government control of these loans leads to this kind of funny business.
Probably reflects a more realistic inflation number.
Solari Report . com — Katherine Austin Fitts — clip of bankers want to put a ‘ chip ‘ in you…..
USA Watchdog
Watch it be a requirement for receiving Universal Basic Income.
prove you are a good , proper thinking komrade……. take the chip….
NO
Pets and property are chipped. NO chip for me!
Cannot discount the “mark of the beast” business either. Not going to risk an eternity to find out.
Utility service meters as well. Any more wrong think out of you…click…no water. No electricity. No heating fuel.
I will just buy or build myself a small generator of some sort for the necessities and stay off-grid. Wood stoves still work with no electricity. That it?
Just like Cuba. FJB
You already have a Bank Chip, but it isn’t “in you”, just “on you”, if you have their credit card.
One of two reasons I start my shopping at the bank machine. The other reason is I base my purchases based on cash on hand.
Thats ok, we can use our stimulus checks to pay them off during the next manufactured crisis.
And when I’m not using my credit card to buy food I can use it to scrape the residue off my Taco Bell burrito wrapper.
Waste not, want not.
If you can afford to eat out you’re doing better than me. 😎
Cast iron gut as well.
Sundance has been predicting that the effects of inflation are now being experienced more widely by all people.
I went to my local sweet corn vendor today. An ear of corn (great stuff!) cost .50 last year and .75 this year. Do the math.
Dem incompetence or design?
Given the destructive policies in every sector of commerce and government, I am beginning to opt for design.
Why are they doing it?
Once consumer debt increases and inflation wreaks its havoc, people will need to sell off their assets, including property. That is when the vultures will move in.
Technically most people are spending more. That is because everything costs more! The illegal occupant tells you it’s because you’re doing better financially with his administration. And the enemedia propagandists parrot him. If it wasn’t so despicable it would be a farce.
It’s both: despicable and a farce.
I first saw “Jump 13%, as “Jumpin’ Juju Bones”! LOL
It seems crazy to me that CC debt at $890 billion, doesn’t seem that much, when you see how much the government spends in our name! smh…
Yes. First thing I thought of was what we have sent to Ukraine.
The report does not sort out those who have switched to ALL card transactions and who pay off balances at the end of billing periods. We did that a long time ago for the reward points we have used for flights, hotels and other items.
I am sure there is a major problem as people opt to defer full payments for purchases at an interest rate of 26%+. The problem with these folks is that allot of them seem to NOT change their spending habits to slow debt accumulation or even attempt to eliminate debt.
Also, there is concurrently a major push on by all the major credit card companies, either directly or through another commercial front, to get people to move to ALL card transactions via various point and interest deferral schemes. There are some pretty good deals out there if you go to ALL card transactions with the intent to pay off the balance(s) at the end of the billing period.
I use my credit card for most purchases and pay my balance off every month, so I can get rewards points! It can grow to several hundred dollars a year!
I prefer cash. Banks are already talking about giving customers their carbon scores based on spending. I don’t need this introduction to social credit system in my life. I will stay out of it as long as I can. I’m willing to forgo the points scheme they offer.
i am in the automobile business, gas, tires, repairs, parts, etc,etc. i am screwed if they go to a carbon score…..lol
I already lost my career due to the vaccine mandate. Still in place here. So I feel you… I went from a medical scientist to serving fast food 🤷♀️
Too bad you can’t relocate to Florida. Gov DeSantis recruits threatened LEOs, healthcare workers and even former military to join the state militia.
This is how it should be done in all fifty states.
DeSantis has been wonderful. He has set the standard for so many areas.
I’m in Australia, though. At the moment, our entire country still has vaccine mandates for health care workers. Some states require a booster, but not all states.
It’s a stupid price to pay, but I’d rather do that than risk the jab.
I also refused to download the stupid app to track which shops you went to.
This is a comparatively small price to pay when the goal is freedom.
Rach – you are an inspiration to us all! I hope I have the fortitude when the time comes. I have been taking solace in the fact that I’ll out last the bastards, barring any other “accidental” releases of other bio weapons in our future. Did you see – in Canada, the 6 doctors dead from the 4th jab in two weeks? You are doing the right thing – hang in there!
Thank you, that’s very kind. I consider myself lucky compared to others. I had some options. I don’t judge others, because I know they had no choice.
As for the Canada Dr’s – we know that the vaccine injuries and deaths are all associated with the batch number – so it’s no surprise that this has happened. Actually, there’s also been a disproportionate number of vaccine deaths in America. Again I am lucky, I don’t know anyone personally who has had vaccine problems (yet), or anyone who has covid virus problems, beyond just being quite sick.
And most importantly, through everything, I may not have had things as I preferred, but I still have a good life and I am happy.
Most transactions today are by card whether a credit card or a debit card and the balance number does take into account those who pay in full because they always carry a zero balance. If the total transactions by card of any kind were added up, they would be an astronomical number like those used by government. I have a card through a credit union that charges 8.9 fixed on purchases and 10.9 fixed on cash with zero cash fees. A very good deal by credit card standards. My balance is usually around a $100. I make two payments a month since I use it for virtually everything. Contactless processing, quickest and easiest way to pay. Since I never know what my exact outstanding balance is with automatic stuff coming out at various times, I simply glance at the balance and throw whatever it takes to bring it under $100. My minimum payment due has been at zero for years and I haven’t received a paper statement since the account was opened, likewise with all my accounts. I have owned stock at many times and never once held a paper certificate of any kind nor felt the need to. Some progress is good.
Yup….I did that for years.
Until June.
Then my debit card was skimmed…shimmed-or whatever. Best description-compromised.
Have always been cautious and used precautions . Even have the card with a chip,etc. The tap and go deal.
When going through the fraud department to report the charges basically I was told that chip doesn’t really matter. Thieves probably had a way to circumvent the day after it was available.
I was refunded all the charges. Just had to wait until credited back.
I now use the lock feature on my debit card. Other than that- I now pay in cash or check.
Checked credit reports and put freeze on credit. Signed up for credit monitoring. I
started in 2014 -and in 2017 every account was paid in full and closed. The fraud was limited to debit card.
Times are getting hard. I expect identity theft and crimes like that to get worse.
I advise everyone to take precautions.
I was caught up in the OPM mess, even though I was a government contractor. My credit had been frozen for years, but I’ve had to get new cards twice in the last 4 years. The first time someone in Berkeley, CA, tried to use a physical reproduction of the card at a 7-11 but it didn’t have a chip so Citibank (I know, I know) caught it. The second time was a few months ago. I received an early morning fraud alert that someone tried to buy $3,400 worth of luxury goods at some store. My daughter said it would be equal to a bag from that store and Citi texted me because it wasn’t my usual spending habits. No kidding. I responded NO as instructed and the sale didn’t go through. I also had two attempts to open new cards shortly after I moved and they used my old address. Oops!
I get a notification on every credit card and debit card transaction now. Cards are paid in full every month and I haven’t carried a balance in 24 years.
It seems you have more sophisticated thieves than I get. Everytime mine is stolen it’s always some porn site. Why does NY want my money so bad, never been there and no plans of going?
Beware of the online takeout order systems.
My son had his debit card number stolen by an employee at a Firehouse Subs shop.
I always thought that orders placed through the corporate apps didn’t provide the local shop with your credit card number, but apparently they CAN access them.
Fortunately, the first purchase they attempted was almost simultaneous to a purchase my son was making at a location 20 miles away.
The bank sent him a text alert and he informed them that it was an unauthorized purchase.
He had them freeze his card and the bank issued him a new one the next day.
I do the same. I use CC. and take my 2% back. Sam’s Club gives back 5% on their discounted gas. I pay them off monthly and never interest.
I’ll also take a 0% loan as well. I don’t mind paying them back in devalued dollars, especially if I can move the payoff into a different tax year. Most credit cards charge 3% upfront so they really aren’t 0%. Lowes gives 0% for a year and still offer 10% veterans discount.
There’s nothing wrong with borrowing money if you have the means to pay it off at the end of the 0% loan period. I suspect their goal is to trap people who don’t have the means to pay it off after the 0 % period and then charge them crazy high interest
Same here, only we have the Costco visa card, which is pretty much the same as Sam’s Club. We use that for everything but Amazon, as you get a good percentage back from everything you buy that’s non-costco. We get a yearly percentage back from the Visa side of the card, and from Costco. We also have spending alerts set that notifies you if a transaction is made where the card was not present, or charges over set limits.
We also have an Amazon card just for Amazon purchases that gives 5% back with the same bank. We get much more money back, than the cost of their club charges, plus the gas money saved running all over town to buy things which are always cheaper than most local stores, including Walmart. Returns are hassle-free.
The problem people have with CC’S, is their lack of control spending. NEVER allow a balance to become a loan with interest charges. Have the means in the bank to pay in full every month.
TTT Hand: “There’s nothing wrong with borrowing money if you have the means to pay it off at the end of the 0% loan period.”
We do that on some purchases like furniture or an appliance. We can buy it outright, but it’s cash flow. You are better off not paying a large dollar amount worth more now than paying later with inflated dollars. But you must be, and we are, extremely disciplined in making the payments.
“I suspect their goal is to trap people who don’t have the means to pay it off after the 0 % period and then charge them crazy high interest.”
Often, the bait is that you can pay whatever, whenever and if you want you can just pay it all at the end. It is a trap. Cynical, but not illegal and I suppose not unethical… but definitely cynical.
But the usual penalty is that you owe all of the interest you didn’t pay, the outstanding balance, and interest on the balance that you didn’t pay off. And as you say, at crazy high interest.
It’s a trap for the undisciplined and a sweet deal for financially disciplined.
Helpful tip: Divide up the purchase amount into whatever the O% interest period was, 12 or 24 months and you can cheerfully make those payments knowing there is no interest, and the later payments are in devalued dollars.
I forgot about the penalty if you miss a payment, and that is the trap.
I always set up auto-payment from my bank account for the minimum due. I always put the ending date in my calendar so I have the funds to pay off the balance just before the interest gets turned on.
Another option is to transfer the balance to another card at 0%. Again, there usually is a 3% fee upfront. If you’re retired and make a large purchase using withdraws from a 401k, spreading the loan and withdraws over three calendar years may keep you from moving into a higher tax bracket.
Discipline is the key.
Yeah, some of the interest-free deals require you to make O% interest payments, and you say, if you are late then you owe all of the interest at a very high rate. Fair enough. You are getting a deal if you keep up and pay up.
The deal I don’t like is where you don’t have to make any particular payments, just be paid up by the end of the free period. Most people who buy on that deal will fail and be worse off than if they bought on some regular old plan.
I forgot another ‘Big Plus’. The last time we did the interest-free deal was on a new sofa. If you opened an account and took the interest-free deal, you got an extra (I forget) 10% or 20% off. The sofa was only around $1,000 dollars and we had way more than enough in checking to just buy it, but we opened an account, took the deal and paid it off per above.
Then we closed the account! Yes, always close the account.
The store we bought from almost always has that deal running. If we need some other bit of furniture later, we can open up an account again and get the extra %-off for opening an account. You don’t get that if you have an account.
The big bucks are made off the interest, not the sale. Yup, they are trying to trap you into high interest hell. And most of the time they succeed. But those deals are a bargain for the disciplined and they know that they will only be giving that bargain to a small number of people.
Ford Credit would do the same thing. They would give you something like $1500 off the vehicle price if you use their finance. I would take the deal and after a couple of months pay off the loan. $1500 off the cost of a vehicle for a few months interest works for me.
Ford also gave a $500 off for customers of Georgia Farm Bureau insurance. It wasn’t a difficult decision to switch my homeowners policy to them, which was a little over $600 at the time.
With inflation whittling away at the purchasing power of my pension, I’m always looking for deals. I scan AAA, Groupon, AARP, and others for deals before I make purchases. Also, my credit card companies offer deals with the cashback money with certain vendors where, as an example, your $100 cashback may be worth $120 at one of the vendors.
When I worked I wasn’t so fugal, but living on a third of what I used to make has turned me into a shopper and coupon clipper. There’ a lot out there if you take the time to research deals and avoid impulse buying.
Your last sentence is exactly why they offer 0% financing. The vast majority who sign up for such a plan end up NOT paying it off on time and find themselves having to pay hundreds or even thousands of dollars of interest that has accumulated during the initial payment period depending on the amount of the loan. I am currently doing a 0% loan for an HVAC system purchased in July 2021. The finance company that services loans for the HVAC company gave me 18 months to pay same as cash, so I need to have it paid by December 2022. It was really simple. I took the amount of the HVAC system and divided by 17 and had my bank set up an electronic payment in that amount on the same day each month. My last payment will get to them in November. Not a nickel of interest paid. I wanted to have it paid by November in case there was any issue at the end, I still had December to clear it up. The finance companies hate when this happens. They lose based on the time value of money (they paid the HVAC company the price of the system right after it was installed last year), especially during a period of high inflation. Hey, are we there yet? Yes, I believe we are.
Move along. Move along. Nothing to see here. You must pay attention to the monkey pox emergency now. SMDH.
When this all hits the fan, non-collaterlized debt like credit cards won’t be paid. People pay mortgages, auto and cell phone bills first. After that, good luck to Visa collecting those unpaid debts.
Are they going to make a claim on a non-existent paycheck? Hurt your credit rating as we enter the greatest depression?
Problem is the way the credit card companies are also banks and financial institutions with power to repossess and sell your items out from under you, even at a loss to make a partial recovery recover (they get to write off losses from their taxes).
There are also debt collection companies who actually make money as they buy bad debt from credit card companies and banks for pennies on the dollar, then repossess your items to sell them out from under you.
Then there is the civil claims court option, where you loose your stuff.
It can get physically messy and ugly fast for the debtor.
Depending on amounts involved and timing, felony fraud can even be charged (akin to the old crime of check kiting).
I have first hand experience with all the above after saving one of my kids who never met a dollar she didn’t want to spend or an item she didn’t want to buy with an empty card or check book. Took us over a year to fix and she still nearly got hauled into court for check kiting.
Also, when I was Cavalry Troop Commander, my 1st Sargent and I had to save soldiers, under my command, who thought they could write checks as long as there were checks in the check book.
I believe it.
I’ve personally seen a Staff Sergeant (Promotable) when I arrived to an Active Duty unit eventually reduced to a Specialist with an involuntary separation in the works by the time I left the unit for repeatedly bouncing checks on cars.
How old is this kid. If over 21, than she is on her own and will suffer the consequences. It is called tough love.
Twenty years ago my son who was 19 at the time rang up 4000 dollars on a credit card that I cosigned with him. My husband made him drop out of college to pay it off and then made him pay his first year back. It was a tough lesson but he has done amazing financially. He and his wife live with a budget. He will be turning forty this year and his house will be paid off. My husbands tough love payed off.
It is unsecured debt, they will have a hard time doing this for food,gas.
“banks and financial institutions with power to repossess and sell your items out from under you”
What exactly would Visa repossess on a unsecured debt like a credit card? That is the reason they charge huge interest rates, to cover for the fact they aren’t secured debts.
Not trying to be argumentative, but I’ve had people I’ve known not pay Visa, and had there wages garnished eventually. That’s hard to do when there is no wage. I would imagine it’s going to be very hard to do when millions upon millions aren’t paying because they have no wage.
Well, a year or two later when they do have wages again, they will then be garnishable.
Again, Visa has no concern about paying. The CC issuer will sell your debt to a collection outfit which will hound you regardless of laws attempting to prevent it.
Visa makes their money from merchant fees. They don’t care if you default.
The run up in credit card balances will be followed by a wave of bankruptcies. Buy what you can before you file. I’m sure the gurus of the economy will recognize the recession when they see it maybe after the midterm installations.
Watch when millions ignore the legal system entirely. We learned that from bureaucrats. Then we can get to the next stage, killing. We learned that from bureaucrats too. They’ve killed scores of us, or left us to die. Payback is a bitch.
Glad to see Sundance reporting on this. PDJT taught us how debt can be an effective weapon. Use it.
All the sheep who dutifully follow the law have seen how they have been screwed over, time to make our own laws.
People need to get rid of credit cards and debt. If you can’t pay for it, you shouldn’t have it. End of!
Exactly!
instead, many ignore the cost increases (inflation)
and just swipe the cards, the same as before
like it does not matter.
Then make a minimum payment on the credit card (which builds up the amount of debts)
By ignoring, then there is no change in lifestyle, livelihood (in the short term, month to month)
As credit limit reaches the maximum,
then the concerns (months delayed) begin to rise.
And, then the cumulative consequences, stressors, begin to illuminate, in many (not good) ways.
(and not good just to themself. Because they will seek out solution$$, at costs to otherS.)
[ the government does not bail out individuals – without (nefarious) strings being attached. ]
In similar conditions, only different,
a lot of people lost their property, confidence, etc. in the 70’s, early 80’s…
[ after underlying miss controls are relieved, which happened in the 80’s ]
The situation gets overcome by simplifying livelihoods via prudence, reverence,
and then by rebuilding livelihoods, growing confidence, respecting / helping others etc., over time (years). Not easy.
Love thy neighbors…
imho
Thinking you can live normally without credit cards and SOME debt is unrealistic. It’s downright dangerous to carry cash in a large city, but easy to stop cards if you get robbed. How many people can pay cash for their homes? You’ll never get a mortgage or other kinds of loans with no credit record, the main source of which is your credit card purchase/repayment history. Most don’t pay cash for their vehicles either. You just try renting a car or buying a plane ticket without a credit card. Big hassle.
That said, it is important to pay off your balances each month and learn how to stick to a budget. I’m all for voluntary simplicity. Though I’ll never get to “owning nothing and being happy”, for me learning how to own LESS (as long as one has “enough”) has been a good and empowering goal. I don’t really need 2,500 sq ft to live in, nor a car larger than one to carry me, a dog and some groceries. It felt great to donate six pairs of good shoes I hadn’t worn in years, and I made a couple thousand re-selling my old, vinyl LPs after digitizing them.
Couldn’t more. People need to learn the difference between “want” and “need”.
I refuse to have a debit card. Almost all purchases go on a credit card. Since the revolving feature requires payment by 25 days after statement close, I always pay so never get charged interest. However, if I run my credit report it will show the average balance. An advantage is I d/l all the data into Quicken; makes it very easy to track what I bought and how much is going to whomever.
Sorry guys
Its my bad
I bought a shed
Also… moms are about to take kids to the store to buy all the back to school stuff
In every household in America there’s gonna be an immediate and ugly “family meeting” about what to cut back on (further).
…Also the free school lunches just went away
So personal bankruptcies (currently super low compared to historically) are going to spike before (but not later than) April 2023 after these folks have tried to throw a decent Christmas [good luck with that, we’re all gonna need it]
I thought it was me buying $3,200 in Amish furniture. I’m not saying it was expensive but I got a bookcase and a porch glider with a side table ON SALE. Love all 3 items. Now if it would just cool down a bit so I can sit outside on the glider. Come on October!
Where’s our bailout? The little guy just isn’t “too big to fail”
Your bailout is about to be a ‘ bail in ‘ …….. your deposits in the the bank , are a loan to the bank , and they can pay you back as slow s they want.
make cash great again —- Solari Report . com – Katherine Austine fitts — all cash Friday
You needed to spend a couple hundred k, for 5 years living at some progressive university.
Sad to say,for the paycheck to paycheck citizens and with the way things are predicted to go, I would run up every card I could get my hands on. Buy essentials, especially stock up on food. Buy appliances you know you will need. Looks like what they are shooting for is a debt jubilee especially for themselves. Doing away with the old dollar system and onto a digital system. We are going to have to reset the system either way .Just hope it is our people who do it. JMO
The average American is way out over their economic ski’s trying to keep pace with Biden and McConnell’s double-digit inflation. What happens when the revolving credit line maxes out? Increased Repo’s, Foreclosure’s, power and water turned off, homelessness, food pantries overwhelmed, etc, etc. In other words the Leftist Utopia Biden voters wanted. Expect to see illegal aliens taken care of before citizens.
It sure is tough to give a squat about food pantries when they are driving around a new full size van while I drive a 22 y/o truck. You’d think they would be fiscally aware and get a used one?
I keep getting adds for credit cards. 0% for 18 to 24 months. After the 3% fee.
Yup, I got an offer just today. Card from a major bank with 0% for 21 months, 3% one-time fee for balance transfers.
I’m considering doing that to pay off some higher interest debt. I’ve consolidated and refinaced most of my debt this year and this would make financial sense.
I don’t ever remember grocery prices this high!!! It is ridiculous! I am blessed and am able to afford them, but it makes mad that Biden is causing this hardship on many people! Especially senior citizens who only get social security!
Here comes the bracket creep.
You will own nothing…
I hat us the trailing klaus? I feel I have left something out.
Dang, I’ve had go back to canned inexpensive beer from the good small brewery pricey stuff and back to Evan Williams from Bulleit Rye.
Thanks Brandon.
Food costs are huge!
Dallas Morning News
In July, Texas collected most sales tax ever for one month.
14% increase over last year.
They want you to think it is all about a great economy.
No mention of the fact that the price of fuel, building materials and everything else went through the roof.
They presume, apparently increasingly without contravention, that the prols are dumb.
However, I did notice what I believe is a tax oddity, in that fuel, in my case diesel, that I track nearly daily, has achieved near parity in California and Oregon. Now only a minor 20-40 cent difference in price.
Prior, for years, Oregon fuel was easily a buck to buck fifty cheaper, and that was when fuel was far less costly than today. In Oregon we pay the excise taxes but no sales tax. Did CA do a tax holiday and, if so, did retailers pass that on? Sounds like it.
We don’t use ‘credit cards’ if we don’t have the benjamins to pay for it or our finances are starting to go to far down we don’t buy. Our housing, vehicle payment and utilities are paid before anything else is purchased! We try to keep some back for a rainy day expense.
Even just paying for our necessities we keep watching our finances slowly being spent away..every month our rainy day amount dwindles down.
And we got notice that our electricity rate is increasing again by 2.90%. We are in a co-op which was really been a blessing as our bills were always quite a bit lower than some family members who are on a different co-op.
Board of directors did a rate analysis and decided rates HAVE to be increased. I believe it’s all because of the Obidenanomics…they’re passing on their increases to their customers! There will probably be more increases in the near future too!
Just wait for those utility prices. We use LP, our provider wanted a two year contract, starting rate 2.29 a gallon. Shopped around, found 1.70 for the first fill, 1.90 for the next, no contract. It’s a pain to switch out tanks but worth it.
We’ll be using the flannel sheets, down comforters, and long johns this winter. FJB.
I’ve been analyzing what I need to do to make the house more energy efficient, such as replacing the weather stripping around the doors. We don’t get that cold but it’s better to keep the 45 degree weather out of the house. I should have done it this last springbut better late than never.
I love my flannel sheets and using rice socks to heat up both the bed and me.
Since firing the LP provider awhile back and using portable bottles for basics, I haven’t had hot water in about four months, LP fired anyway.
Now I shut off the irrigation on selected days and let the well tank cook in the sun, heating up about 200 gallons of water, which becomes that night’s shower and dishwashing water.
Winters have been easy. Haven’t used the LP furnace in probably three years. The drought in CA has killed a lot of my trees so I’m cutting them down and feeding them to the fireplace insert. The fan moves air pretty well.
That’s a great deal on LP; haven’t seen prices like that in my neck of OR or CA for years on bulk fills. Probably 2014/15 at least. It’s over three bucks now. I got tired of spending a grand or more to fill the LP tank so my motto became ‘I can burn that’ and have.
Gold backed currency, that’s the ticket. But wait, how to get paid in Russian Rubles?
Average hourly wages up 5%?
According to whom, exactly? Another crooked lying inept federal agency? Oh look my leg is all wet it must be raining.
I say Bravo Sierra. Show me the data I am not buying this lie from these lying liars.
I would say that the cc debt is directly related to people’s desire to travel as most mask mandates are gone and travel is open. Most people have not travelled at all for 3 years. The question is whether the balances get paid in a timely fashion as interest rates climb
No credit card debt here. $74 I just put on my Amazon card-(for lotion!!-they are discontinuing it, so bought 2 gallons. ) which I will pay for next pay period. But my home owners insurance is going to increase 6.7% in Sept. Bastids.
So plastic is used to buy petroleum and groceries. means a sorry back to school shopping season and poor Christmas.
This is another problem that we can blame on inflation, but IMO, it is also due to Covid relief payments in two ways:
People made big purchases: cars, electronics, appliances, homes, and other things because they had the promise of extra money. They put those purchases as automatic payments on credit cards and kept a lot of the payments as cash money.
Second, people got used to buying whatever they wanted at a higher income level than they normally could earn because of the Covid payments. Though the money has run out, they still feel that they deserve that lifestyle. They got used it and didn’t want to cut back. So, they are charging as much as possible until it is no longer possible.
I was behind one of these (25-35-year-old) people in the grocery a few days ago. She tried several cards before one accepted the charge.
What do you mean, Covid payments? I got a lousy $1200. Why would anyone buy a major item on one or 2 onetime payments?
Yes, I’ve heard the claims of people living off of Covid money. That might be true for the fortunate few who milked the PPP cash cow but ordinary folks not so much. 1200 like you shared for single people who qualified, in total, plus pandemic UI for those locked down and thrown out of their job market and/or their businesses if self-employed. UI didn’t amount to much even with the federal add-on, and it ended last September if memory serves and, for folks like myself, added up to the basic SS benefit in my case, under a grand a month. Not exactly getting wealthy and it all went to bills, like credit card payments.
Interestingly, while pandemic UI was in vogue, the credit card companies were hammering away with payment and late payment reminders, phone and e-mail; when it ended they magically stopped. Like it was planned that way.
For others I can see the battle between ‘doing the right thing’ and reality. I made a plan a long time ago and am executing it dispassionately. Life is short and I don’t care. I used decades of that high road play by the rules persona to create the plan. I knew it was going to be war. I called it back in the 80’s. Now we’re here.
“This doesn’t sound like a good economic omen.”
When coupled with no sentient intelligence in this administration trying to resolve any aspect of this bad economy…NO. It is not a good omen.
Which means it should not take too long for cards to be maxed out. Then what?
Then what? Expansion of the roving bands of thieves would be my guess. People will cut back on essential services. Forex, I haven’t had rural garbage service in over two years. Prior, it was about 30 bucks a month.
More people will drive without insurance or cut coverage to minimums. People will steal power and water and NG. Right now drilling gas tanks to steal diesel and gas is a thing. Ruins the tank and fuel gone. So much for locking gas caps.
On and on. Society will disintegrate. Any morality that existed during the Depression is long gone today so anarchy will proliferate.
Sounds grim. I guess it’ll suck to be a prol. The elites won’t suffer much though, but their mobility will be severely limited by attacks from prols. The value of life in general will diminish. We’ve already seen that with the scores of elderly killed by the bioweapon operation. Expect more of it.
Yep, I can attest. We do have 2 young kids so our monthly outgo is pretty big in some areas (thanks alot to the inflation). And I still do all I can (and am successful) at paying it off in full every month. I can just imagine what it would be like to let it slide for a month. It would be a death spiral. We are holding our own, but dream of the credit card bills of last year.
People in my working class hometown seem to have been living off credit cards for some time now. People now picking which bills not to pay because daily expenses like gas + food are taking a larger % of what they are used to having.
When their debt explodes into bankruptcy the globalists will immediately come to THEIR rescue by expropriating property that belongs to someone else.
Those of us who manage to live within our own means will be disparaged as selfish and greedy if we do not “share” or pool our property with the grifters.
Communism 101
It’s sad for sure, it’s also expected and historically predictable. Originally created to allow the wealthy access to that wealth while traveling it quickly became a source for instant gratification for millions. Only forty years ago you couldn’t get even a measely store credit card when you had a full time virtually guaranteed job and lower middle class income. Today they are thrown at you by the time your 18 and often given to you buy parents much earlier. The addiction of debt, pushed by the ignorant as well as the greedy.
Citizens mimicking their government. Don’t have the $$$, borrow it.
Citizens, llc’s, towns, counties and states can go bankrupt but your Federal govt cannot.
What’s 30+ trillion $ divided by 330 million people (yep, you on the hook for that one).
And all the “smart folks” trying to understand why US is blaming Russia for all things as they lead the world off the US dollar reserve system.
Of that 13% increase in debt, how much can be attributed to new slaves of the DNCCP, and how much can be attributed to current plantation dwellers delving deeper into the modern form of slavery?
Guess I’ll run my credit cards to the max to get in on the Credit Card Forgiveness E.O. that the DEMS likely have planned…..hope they don’t take my FFMiles as part of the deal….but I don’t mind if they give to Congress to use rather than their spending our tax dollars to fly Charter or First Class.
Only those with favorable social credit scores will qualify for ‘assistance’. If not of the body expect to be pursued and sued until the end of existence.
When I executed my plan a number years ago I burnt up hundreds of thousands of saved miles and points; all part of exiting the system and, bonus, seeing the world before this nightmare descended upon us in earnest.
Individually we’re easy to devour. En masse, much more difficult. It’s like most anything; numbers matter. Enjoy your flight!