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Banks are bracing for consumers to stop paying off their credit cards, delinquency rates hit 12-year high (qz.com)

submitted 3 months ago by return2ozma@lemmy.world to c/personalfinance@lemmy.ml

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[–] Etterra@lemmy.world 4 points 3 months ago (1 children)

See the problem with this is that not enough people are doing it. If a large enough percentage of the population just stopped paying their credit card bills, the institutions that rely on them would just implode. But that doesn't happen, and until the overwhelming majority of the country is starving to death or something similar, because they can't afford food, it won't ever happen. And if we get to that point, there's going to be bigger problems for the banks. Like having their CEOs dragged into the street and eaten.

[–] Turbo@lemmy.ml 1 points 2 months ago

Uh, try that and see what happens

They have the upper hand , they will take your assets and sell your debt to collections and the courts will side.

The terms are such that you agree to pay.

What would be better is for everyone to always pay their credit card on time and reap the benefit from cashback rewards on purchases.