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Total credit card debt having just hit a record $1.1 trillion, up $363B since 2021. That's $7.3B a month. Buy Now, Pay Later schemes, projected at $117B this year, aren’t even counted. (fred.stlouisfed.org)

submitted 3 days ago by cm0002@lemmy.world to c/usa@midwest.social

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[–] DemBoSain@midwest.social 7 points 3 days ago (1 children)

I always wonder what they consider 'debt' on these graphs. All my monthly expenses go on my credit card, then I pay it all off the following month. It's about $1,000 each month. Do they think I have $1,000 of credit card debt?

[–] Fredselfish@lemmy.world 7 points 3 days ago

Yes and in the credit card industry they call people who pay off their card in full at the end of each month, which means you pay no interest Deadbeats. I am happy to be a dead beat to the credit card companies.

Teaching my son how to use his credit now. Use it for everything you would use your debit card or cash and use said cash to pay off card. Because unfortunately we have a fuck up credit system and only way to build credit is to be in debt.