Stories like this are why I have no hope for the future, at least here in the US.
My eighty year-old parents are driving for DoorDash (in my car) and that's all the income they have to live on. If they hadn't paid off their mortgage years ago they'd be homeless.
The empire is collapsing.
Ever wonder what it was like to live in Rome during the collapse?
I imagine it was hot.
Stories like this are why I have no hope for the future, at least here in the US.
And you think its way better in other places? Name a place that you think is better off that the US. The entire world is addicted to credit and debt.
Not me tho! My houses paid off, cars are paid off, and I have no debt. So fuck that noize.
On this particular topic (credit card debt) it is way better in other places.
The median credit card debt is by far the highest in the US compared to other countries. https://www.cardrates.com/advice/average-credit-card-debt-by-country/
But how much of the US credit card debt is people who can't control their spending vs economic problems?
I have seen plenty of people who can't really afford it, have the latest iPhone.
I can afford the latest iPhone, yet I have a $125 android.
Do you think Americans tend to rack up more debt than people from other countries?
If so, do you have an hypthesis as to why that would be the case?
I'm curious since here (France) debt is pretty uncommon and the volumes usually way lower are than in the US (and Canada).
Yes.
But I have no idea why, other than we have a lot of people that try to stay current with trends.
Averages really obfuscate the story here. A ~$6300 average could mean 6 people carrying $6300 balances or five carrying no balance and one dude carrying $30k+. I'd love to see the distribution here because leaning on credit for necessities is what people do when they're falling out of the middle class.
Credit card debt Georg has over 10 million dollars in credit card debt and is an outlier and should not have been counted.
Agree. Weighted arithmetic mean would help. And/or breaking it up by net worth or income.
The article does link to a longer transunion report with more quarterly detail.
It took 40-some years but I'm finally above average in something ๐
I thought I was starting to do better on my debts, got a notice from the IRS yesterday saying I missed a 1099c in my 2022 taxes that dictated I owe them 1,600 dollars. Not sure how that could be true, I remember I had paid a few hundred that year, so I'm not sure what went wrong. Not looking forward to figuring it out.
Sir, you paid more than many billionaires in 2022, and I know you can't afford food right now, but we are going to need you to pay us $1,600 more. Oh and um, add a couple more years before you'll receive the money you paid towards social security.
Nobody goes to prison for most errors. The IRS is made up of average normal every day people trying to do a job. Thry clearly jnderstand people make mistakes. Explain the error, they'll work with you.
What gets people in trouble is intent. If you intended or intend to do wrong, okay, that's an issue. But otherwise, stop spreading fear.
Just an fyi resend and that number usually goes away. They did the same thing to me for the same year and when questioned they said they just never got the paperwork. Resent and everything was fine.
Unfortunately its mail from the IRS
This is surprisingly low. If the average family put all their expenses on a card and pays it off every month it wonโt be far off this.
What is the average amount that people are actually paying interest on?
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