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(Some Guy)   Late credit card payments are at historically low levels in the US. This too shall pass   (bloombergquint.com) divider line
    More: Followup, Unemployment, Monetary policy, Economics, Late-2000s recession, Financial support, array of payment adjustments, student-loan payment freezes, form of stimulus checks  
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444 clicks; posted to Business » on 25 Jan 2021 at 3:33 PM (5 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



9 Comments     (+0 »)
 
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2021-01-25 12:36:46 PM  
You're not late if you never pay
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2021-01-25 3:48:29 PM  
I'm thinking that a lot of people that HAD credit cards, don't have one any more because they already defaulted and their credit ratings are so crap they can't get another one easily.
 
2021-01-25 3:58:28 PM  
This is not really unexpected - the savings rate in the US has skyrocketed during the pandemic. Once there are things to spend money on again the economy is probably going to go plaid as people disgorge their pandemic savings.
 
2021-01-25 6:03:51 PM  
The Erstwhile Mrs. Moriarty has so many late payments on her car, that instead of being paid off in October of 20, she actually has 15 more payments now.


/why is divorce expensive?
//because it's worth it
 
2021-01-25 7:44:08 PM  
It took a long time but I paid off all my debt last year. Can't be late on a payment that doesn't exist.
 
2021-01-25 9:54:01 PM  

OptionC: This is not really unexpected - the savings rate in the US has skyrocketed during the pandemic. Once there are things to spend money on again the economy is probably going to go plaid as people disgorge their pandemic savings.


This has been my theory since this shiat started. Unlike the housing crisis, the money hasn't gone anywhere. It's still there, and the majority of people are still employed and earing what they were, but spending a lot less.

Staring at your credit card bills and suddenly having a bigger savings than you ever have in the past, you start paying the credit cards off. Eventually when stuff opens again and things (presumably) go back to normal, I expect a ton of that savings will disappear into the economy followed by people's now empty credit cards.

Housing after that maybe, especially with the eventual foreclosures?
 
2021-01-25 10:38:39 PM  
Step one: use credit card for all minor/mid size purchases to rack up rewards points.
Step 2. Initially pay off credit card through your banking app.
Step 3. Get free stuff.

Got myself a BBQ, a 50" TV and loads of free groceries last year this way.
 
2021-01-25 10:48:00 PM  
I imagine a lot of that has to do with deferred payments(and/or payment protection insurance) due to the pandemic/job loss.
 
2021-01-26 12:14:51 PM  

service.monkey: I imagine a lot of that has to do with deferred payments(and/or payment protection insurance) due to the pandemic/job loss.


Payment Protection insurance kicked in for my wife when she was laid off in March from her restaurant. Just after it covered a few larger balance accounts, she was brought back. She was let go permanently just recently, and had taken out coverage on her other accounts a few months ago. She may be almost entirely debt free.

I highly recommend it particularly "in these uncertain times" (contemplative piano music in background)
 
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