And everything else for which interest is paid. Way to go! Nothing like raising interest rates when we’re attempting to live through the highest inflation in over 40 years!
https://finance.yahoo.com/news/federal-interest-rate-hike-affect-142454627.html
If you are spending more than you can pay back....everything is kinda your fault...is it not?
shareI suppose it is, but for the first time ever in my life I was living off credit cards in MS after Tropical Storm Cristobal in June of 2020 which did damage. I had a major toilet leak which rotted a support beam to my house on piers, and rotted the sub-floor. Home insurance with a large deductible paid for the leak damage, but not the storm damage.
Finally in late October I was able to pay for the storm damage. A few days later Hurricane Zeta turned into a Cat 3 when it hit the coast across the street. All the funds I spent repairing the damage earlier in the month was wasted. Zeta peeled part of my metal roof back like a tuna can. My front porch was was heavily damaged, ceiling fans cut into the ceiling (from the wind) before before being ripped apart. My storm deductible was so high I couldn’t collect from the storm insurance. I had to use credit cards to pay for all the repairs.
Fast forward to today. People are paying through the nose for gas & groceries due to the high inflation. They are starting to live off their credit cards. We are heading into a recession and mortgage payments aren’t going to be made. Companies are starting to tighten their belts so no new hires. We may see job losses then the credit cards are going to be maxed out.
People are paying through the nose for gas & groceries due to the high inflation. They are starting to live off their credit cards.
Dumb move.
In that situation you drive less ,get bus , eat less , or eat cheaper , get the bus , whatever.
Overspending on card with no plan to pay it back and doing the same next month is just a downward spiral. how does it end?
Dumb yes, but that wasn't the point. In the example above they had a major natural disaster crush them financially, so credit cards were the only way out. Everything else like cost of food and gas rising is only making it worse. Debt is bad, but in this case it is necessary.
Driving less isn't always an option. Some people have to drive 30 to 60 minutes or more to work. That adds up quickly.
I grew up in a household that had debt crush them because of no fault of their own. The result of medical issues and the loss of a job. It can quickly crush your hopes of living in no debt. As an adult I have a couple credit cards, but I pay them in full every week and get the rewards money. As of yet nothing has set me back and pushed me into debt. Thank God!
indeed being careful ,and frugal is no guarantee .
I have cheap car and tiny house , because of a saving money habit, and consequently have savings and can pay card off every month .
But or serious illness or a hurricane would soon put paid to that .
Dumb move, maybe, but sometimes things happen and your tapped out financially. Not everyone has access to a bus and with 2 people working (for the time being) the cost of gas is eating away their funds. Many people drive for an hour or more to work. Eating less isn’t an option when there are babies & older kids in the home. Nowadays you can’t eat cheaper due to food costs skyrocketing. How many gallons of milk do you think a family of 4 or more consume each week? I don’t know the cost elsewhere, but I paid $5.00 this week for a gallon of store brand milk.
You sit there berating people who through no fault of their own find themselves strapped. You write piously what others should do. You aren’t walking in their shoes so you aren’t in their situation.
”Overspending on card with no plan to pay it back and doing the same next month is just a downward spiral. how does it end?”
You are correct, but there are times when it’s NOT overspending, but a means to survive.
”3 reasons why gas prices are so high right now
Gas prices in the US have hit a seven-year high.
Demand has increased as the economy reopened and Americans have begun driving more.”
”Meanwhile, supply has been constrained because of lower US production and OPEC decisions.
Since Biden took office, Americans have been exponentially paying more at the pump as his administration dismantled Trump-era energy policies and pushed for a green economic transition.”
The following needs repeating:
”Oil prize hike. Petroleum products are the backbone of the production of all goods and services. Therefore, higher oil prices will have a negative effect on consumption, as the purchasing power of consumers will decrease.”
It’s also Diaper Joes fault for making things harder for people who are already struggling. But of course none of that matters, what’s really important is a couple of idiots trespassing into a building 18 months ago.
shareyeah - if only Diaper Joe had instructed his navy seals to use the time machine and go back and secure that Wuhan lab , on the off chance that where it started ,
and on the way back somehow stop Putin invading Ukraine , all would be great
Pity they didnt elect you - you'd have fixed those 2 problems easy eh?
If Diaper Joe hadn’t shut down the keystone pipeline forcing us to beg countries that hate us for oil then the price of gas wouldn’t have doubled, it would not have mattered what Putin did. Gas is the backbone of our economy and it has started to crumble as a result.
Diaper Joe is 100% responsible. And yeah that’s pretty pathetic if I know more about the economy than our embarrassment of a president.
Also excuses don’t put food on the table nor do they give me back my retirement account that has pretty much evaporated due to Diaper Joe. If the job is too much for him then maybe he should step down and let the adults clean up his mess.
A better way to tackle inflation would be the federal government cutting spending 100% for a year to recoup the 6 trillion they printed to give their friends during their mandated lockdowns.
And restore Trump policy domestic oil production and energy independence to increase supply and lower oil prices. You know, reverse these Democrat party policies they implemented day 1 to cause this economic disaster.
https://www.cnbc.com/amp/2021/01/27/biden-suspends-oil-and-gas-drilling-in-series-of.html
Reading your link…way to go Dementia Joe! You’re tanking the country due to your puppeteers pulling your strings! Shutting the country down has come back to bite us on our arses! Jobs lost never to be recovered, businesses shut down for good, BLM & Antifa waged war on the country over a damn criminal being killed, etc., etc. Then you come along and hamstring us further with your damn wacky green policies while killing oil production!
I’m repeating this again:
”Oil prize hike. Petroleum products are the backbone of the production of all goods and services. Therefore, higher oil prices will have a negative effect on consumption, as the purchasing power of consumers will decrease.”