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.
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.
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This is surprisingly low. If the average family put all their expenses on a card and pays it off every month it won’t be far off this.
What is the average amount that people are actually paying interest on?
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.
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.
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?
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.