this post was submitted on 09 Aug 2023
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Americans’ credit card debt levels have just notched a new, but undesirable, milestone: For the first time ever, they’ve surpassed $1 trillion, according to data released Tuesday by the Federal Reserve Bank of New York.

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[–] dangblingus@lemmy.world 21 points 1 year ago (3 children)

America has never had a larger population. More people, more credit cards, more credit card debt. Seeing a per capita breakdown, or defaults per 1000 people might be better indicator of economic turmoil.

[–] lackthought@lemmy.sdf.org 9 points 1 year ago (1 children)

and there are people like me who buy everything with a credit card but pay off the entire balance each month

even though I technically have a credit card balance it gets reset every month and I never pay interest or late fees so the numbers don't tell the whole story

but I'm sure there are an alarmingly large number of people who actually are buried in debt, especially with rent and other costs rising so it won't be pretty when things reach a tipping point (probably already have...)

[–] ImFresh3x@sh.itjust.works 4 points 1 year ago* (last edited 1 year ago)

Seriously. I get free first class international tickets and a few hotel room nights paid every year with points and miles I get from credit cards, every year. And I use my credit cards for business expenses and get even more as a result.

Why would I ever use a debit card? I like full reclining on the flight back from Europe.

I would like to see some more meaningful metrics than offered in this headline.

[–] ramble81@lemmy.world 8 points 1 year ago

Stop trying to throw statistics into sensational headlines!

[–] OhmsLawn@lemmy.world 1 points 1 year ago (1 children)

Or maybe interest paid. I sometimes have a higher balance for the month, but I always pay it off entirely. Nonetheless, my credit score fluctuates based on the balance at the time of reporting.

[–] guyrocket@kbin.social 1 points 1 year ago

I've noticed that too. It should not count as a balance if you pay in full every month. I assume this is counted towards this trillion dollar amount too which it should not.