Americans' credit card debt hits a record $1 trillion | CNN Business
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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.

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.

  • NathanielThomas@lemmy.world
    251·
    1 year ago

    Undesirable? The system is working as designed. The world is $59 trillion in debt to ITSELF. Which makes no sense.

      • bongus_urongus@lemmy.world
        4·
        1 year ago

        Wait wait wait., but that just sounds like feudalism with fucking hedge fund bros, real estate speculation, and a bunch of extra goddamn steps…

          • Shardikprime@lemmy.world
            51·
            1 year ago

            Indeed, even Kings would envy is right now. Just even the luxury of having to not slave away for weeks just for a lump of stand moldy bread is a marvel. We have an hyper abundance of food at our hands. You can even drink a delicacy called coffee together with another delicacy called cinnamon without murdering countless on the way to your table together with the miracle of milk kept fresh through days or even weeks without it even getting a stale whiff.

            There is even more to that, but the luxury of partaking in it and complaining about it, thinking our lives are somehow worse, is the biggest luxury of them all.

      • gila@lemmy.world
        2·
        1 year ago

        Paying a portion later means more cash can flow through the business and provide utility today. Your post implies that every business operating this way is effectively insolvent without access to credit, but even if your employer has the money to pay for the raw materials today, it generally isn’t in their best interest to do so

    • quicksand@lemm.ee
      3·
      1 year ago

      Stop making points, but you’re totally right… How I look at it at this point is it’s like gangs… ya I know I owe you 30 trillion, but I’m giving you hundreds of billions a year. And I have more muscle than you. So why would you try to collect when I can kick your ass and you still get enough to pay your debts without conflict… I want someone to correct me, because Ive spent a lot of time trying to understand more nuance to this situation

      Edit: I realize I’ve missed some punctuation. If you’re confused, just ask