Credit-Card Debt Nears $1 Trillion as Banks Push Plastic
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Re: Credit-Card Debt Nears $1 Trillion as Banks Push Plastic
#2Is there a way to read the article without signing up or subscribing?
Re: Credit-Card Debt Nears $1 Trillion as Banks Push Plastic
#3Best part is credit card debt is typically unsecured - spend, consume, enjoy, stick up middle finger when repayment is due. Those who do repay will of course sub those who don't over the long course in the variable rates and fees.
Re: Credit-Card Debt Nears $1 Trillion as Banks Push Plastic
#4Best part is credit card debt is typically unsecured - spend, consume, enjoy, stick up middle finger when repayment is due. Those who do repay will of course sub those who don't over the long course in the variable rates and fees.
> Best part is credit card debt is typically unsecured - spend, consume, enjoy, stick up middle finger when repayment is due. Those who do repay will of course sub those who don't over the long course in the variable rates and fees.
Those that pay it off entirely every month are the one's being subsidized. It's effectively an interest free loan for 30 days. Plus you get 1-2% back as "rewards". That's what contributes to the ~3% transaction costs for credit cards.
Re: Credit-Card Debt Nears $1 Trillion as Banks Push Plastic
#5Is there a way to read the article without signing up or subscribing?
Click the "web" link above.
Re: Credit-Card Debt Nears $1 Trillion as Banks Push Plastic
#6What's the amount carried over each month (and interest paid)? That seems the more interesting figure.
Re: Credit-Card Debt Nears $1 Trillion as Banks Push Plastic
#7One thing that's unclear for the article: does this include debt that never incurs any interest?
I typically have an outstanding balance in the 3-4 figures on my credit card because I pay for rent, gas, and airline tickets with credit. However, it gets paid off every month. I guess that's technically debt, but it's not problematic or anything...
I feel like the majority of credit card debt is the type of "debt" that I incur every month.
Re: Credit-Card Debt Nears $1 Trillion as Banks Push Plastic
#8Is there a way to read the article without signing up or subscribing?
Google the first sentence. WSJ doesn't ask you to subscribe if you are referred by Google.
Re: Credit-Card Debt Nears $1 Trillion as Banks Push Plastic
#9Is there a way to read the article without signing up or subscribing?
I have this bookmarklet that I click every time I visit a page that is paywalled, as many are open if referred via Google:
javascript:(function(){location.replace('http://www.google.com/search?q='+document.URL)})()Re: Credit-Card Debt Nears $1 Trillion as Banks Push Plastic
#10Best part is credit card debt is typically unsecured - spend, consume, enjoy, stick up middle finger when repayment is due. Those who do repay will of course sub those who don't over the long course in the variable rates and fees.
Sticking up a middle finger will trash your credit rating and make it impossible to get a mortgage.
In the UK you'll also be put through collections, which can include attempts to force you to sell a property - if you own one - and/or most of your possessions to repay the debt.
Credit cards may not be secured, but lenders have risk management divisions who make some attempt to estimate default rates.
The biggest problem is the ridiculous rates for the riskiest borrowers. A few cards have an APR of 99.9%, which guarantees a default for anyone on a low income who has to make an unexpected payment for any reason at all.