• This is a political forum that is non-biased/non-partisan and treats every person's position on topics equally. This debate forum is not aligned to any political party. In today's politics, many ideas are split between and even within all the political parties. Often we find ourselves agreeing on one platform but some topics break our mold. We are here to discuss them in a civil political debate. If this is your first visit to our political forums, be sure to check out the RULES. Registering for debate politics is necessary before posting. Register today to participate - it's free!

Household Debt Reaches $17.5 Trillion in Fourth Quarter; Delinquency Rates Rise

jonny5

jonny5

DP Veteran
Joined
Mar 4, 2012
Messages
27,581
Reaction score
4,664
Location
Republic of Florida
Gender
Male
Political Leaning
Libertarian
There's where your economic boom is coming from.

Current‑dollar GDP increased 4.8 percent at an annual rate, or $328.7 billion
Total household debt rose by $212 billion to reach $17.5 trillion in the fourth quarter of 2023
The federal budget deficit totaled $509 billion in the first quarter of fiscal year 2024
At the end of FY 2021, the latest year reported by the Census Bureau, the state government debt was $1.21 trillion At the end of FY 2023 the state government debt was “ ” to be $1.25 trillion

What are going to do about it? Right now the govt is trying to pass another 100bn in spending while we're broke, and has done nothing to reduce the deficit. People are spending like drunken congressman, on their credit cards.

www.newyorkfed.org

Household Debt and Credit Report

Unique data and insight into the credit conditions and activity of U.S. households
www.newyorkfed.org www.newyorkfed.org

Household Debt Reaches $17.5 Trillion in Fourth Quarter; Delinquency Rates Rise
Total household debt rose by $212 billion to reach $17.5 trillion in the fourth quarter of 2023, according to the latest Quarterly Report on Household Debt and Credit. Credit card balances increased by $50 billion to $1.13 trillion over the quarter, while mortgage balances rose by $112 billion to $12.25 trillion. Auto loan balances rose by $12 billion to $1.61 trillion, continuing an upward trajectory seen since 2011. Delinquency transition rates increased for all debt types except for student loans.
Click to expand...
 
jonny5 said:
There's where your economic boom is coming from.

Current‑dollar GDP increased 4.8 percent at an annual rate, or $328.7 billion
Total household debt rose by $212 billion to reach $17.5 trillion in the fourth quarter of 2023
The federal budget deficit totaled $509 billion in the first quarter of fiscal year 2024
At the end of FY 2021, the latest year reported by the Census Bureau, the state government debt was $1.21 trillion At the end of FY 2023 the state government debt was “ ” to be $1.25 trillion

What are going to do about it? Right now the govt is trying to pass another 100bn in spending while we're broke, and has done nothing to reduce the deficit. People are spending like drunken congressman, on their credit cards.

www.newyorkfed.org

Household Debt and Credit Report

Unique data and insight into the credit conditions and activity of U.S. households
www.newyorkfed.org www.newyorkfed.org
Click to expand...
1707416374618.png
 
fredgraph.png

fredgraph.png
 
Let me guess, all Joe Biden's fault. OOPs never mind, comment #2 right on time.
 
jonny5 said:
There's where your economic boom is coming from.

Current‑dollar GDP increased 4.8 percent at an annual rate, or $328.7 billion
Total household debt rose by $212 billion to reach $17.5 trillion in the fourth quarter of 2023
The federal budget deficit totaled $509 billion in the first quarter of fiscal year 2024
At the end of FY 2021, the latest year reported by the Census Bureau, the state government debt was $1.21 trillion At the end of FY 2023 the state government debt was “ ” to be $1.25 trillion

What are going to do about it? Right now the govt is trying to pass another 100bn in spending while we're broke, and has done nothing to reduce the deficit. People are spending like drunken congressman, on their credit cards.

www.newyorkfed.org

Household Debt and Credit Report

Unique data and insight into the credit conditions and activity of U.S. households
www.newyorkfed.org www.newyorkfed.org
Click to expand...
The US is broke? Remedial Economics course for you.
 
If the people can't control their spending, why should government be any better? Isn't that the root problem?
 
jonny5 said:
There's where your economic boom is coming from.

Current‑dollar GDP increased 4.8 percent at an annual rate, or $328.7 billion
Total household debt rose by $212 billion to reach $17.5 trillion in the fourth quarter of 2023
The federal budget deficit totaled $509 billion in the first quarter of fiscal year 2024
At the end of FY 2021, the latest year reported by the Census Bureau, the state government debt was $1.21 trillion At the end of FY 2023 the state government debt was “ ” to be $1.25 trillion

What are going to do about it? Right now the govt is trying to pass another 100bn in spending while we're broke, and has done nothing to reduce the deficit. People are spending like drunken congressman, on their credit cards.

www.newyorkfed.org

Household Debt and Credit Report

Unique data and insight into the credit conditions and activity of U.S. households
www.newyorkfed.org www.newyorkfed.org
Click to expand...
By the same argument, that is also where Trump's economic boom came from, correct?
 
mike2810 said:
Amazing how many people are living beyond their means and increase their personal debt.

Glad I am not one of them. Being debt free and retired is pretty nice feeling.
Click to expand...
Not retired, but relatively debt free; kkkw the feeling.

To your point, I find it interesting when I have my MAGA-mite customers pull out a stack of credit cards and try to figure out which one to use…trying to remember the balance on each one…then complain to me about the price of whatever at the grocery store and blame Biden…as they finally settle on a credit card and buy a couple of $65-plus bottle of wine….

Not saying liberals don’t do the same: I just don’t get the whole “Biden-woke-leftist” spiel or even a “it’s allnTrump’s fault” spiel from them….
 
Jason Warfield said:
Not retired, but relatively debt free; kkkw the feeling.

To your point, I find it interesting when I have my MAGA-mite customers pull out a stack of credit cards and try to figure out which one to use…trying to remember the balance on each one…then complain to me about the price of whatever at the grocery store and blame Biden…as they finally settle on a credit card and buy a couple of $65-plus bottle of wine….

Not saying liberals don’t do the same: I just don’t get the whole “Biden-woke-leftist” spiel or even a “it’s allnTrump’s fault” spiel from them….
Click to expand...

I also find it interesting that some cannot figure it out that some of the inflation the US has to do with impact of Covid to the supply chain world wide, rising minimum wage, and OPEC reducing oil output. There are other factors.

We use credit cards, but we pay them off each money. Pay cash for vehicles and keep them long enough to pay ourselves a car payment. We then have the cash when we want a new vehicle. Basically we lived below our means when working. Now in retirement we can do pretty much what we want.

Some need to learn how to get out of debt, and stay away from racking up credit card debt. Especially at the interest rates they charge.
 
I've used nothing but debit cards for decades. If that account is running too low to purchase what I need, I put just enough money into it. If the $ isn't already in that account, I can't spend it. I keep the balance in there low, so even when I shop on line, I'm never concerned with somebody hacking the retailer for my card #.

I may never be wealthy, but I don't owe anyone anything.
 
Compared to overall wealth of the country household debt is way down.

1000008832.jpg
 
Allan said:
Compared to overall wealth of the country household debt is way down.

View attachment 67491501
Click to expand...

Of the several meaningless charts in this thread the one above is perhaps the least relevant. Does it matter to either most American households that Gates, Bezos, Buffet et al. have tremendously increased their wealth, not their debt. It is a reason that government debt is so high as neither party truly cares about taxing the rich.

BTW- does not look like the chart brings us to 2023 so another reason to call out the parlour game.
 
washunut said:
Of the several meaningless charts in this thread the one above is perhaps the least relevant. Does it matter to either most American households that Gates, Bezos, Buffet et al. have tremendously increased their wealth, not their debt. It is a reason that government debt is so high as neither party truly cares about taxing the rich.

BTW- does not look like the chart brings us to 2023 so another reason to call out the parlour game.
Click to expand...

The rich pay most of the taxes. The not rich pay almost nothing. Id say neither party truly care about taxing the rich. They just do it. And then they spend even more. Everyone needs to stop using debt for anything but need. How many people put an Apple Vision Pro on their credit card last week while asking me to pay their student loan? If they can make payment on luxury debt, they can pay taxes.
 
mike2810 said:
Amazing how many people are living beyond their means and increase their personal debt.

Glad I am not one of them. Being debt free and retired is pretty nice feeling.
Click to expand...
I bet it is, but don't gloat. Our generation has made it harder for younger people to reach a level of financial security.
 
jonny5 said:
The rich pay most of the taxes. The not rich pay almost nothing. Id say neither party truly care about taxing the rich. They just do it. And then they spend even more. Everyone needs to stop using debt for anything but need. How many people put an Apple Vision Pro on their credit card last week while asking me to pay their student loan? If they can make payment on luxury debt, they can pay taxes.
Click to expand...
most college folks I know eat Ramen.
 
mrjurrs said:
I bet it is, but don't gloat. Our generation has made it harder for younger people to reach a level of financial security.
Click to expand...

Not sure what you mean? Because I worked my butt of should have made it easier for the next generation.
 
mrjurrs said:
I bet it is, but don't gloat. Our generation has made it harder for younger people to reach a level of financial security.
Click to expand...
not gloating.

I can agree with it being tougher for some things. I don't see some of the younger people wanting to make the sacrifice. Some do not really look at what they can afford. Some confuse want versus need. It is so easy for some to put on plastic and pay the minimum not realizing the overall cost when doing so.
 
washunut said:
Not sure what you mean? Because I worked my butt of should have made it easier for the next generation.
Click to expand...
No, because we have lived through an age of collective greed and selfishness. You don't think young people are working their butts off as well?
 
mike2810 said:
not gloating.

I can agree with it being tougher for some things. I don't see some of the younger people wanting to make the sacrifice. Some do not really look at what they can afford. Some confuse want versus need. It is so easy for some to put on plastic and pay the minimum not realizing the overall cost when doing so.
Click to expand...
And how is that different from the majority of the 'older' generation?
 
You must log in or register to reply here.
Back
Top Bottom