New Credit Card stats….storm is brewing

[black4vcobra]

I believe counter to those stats, the average American has more cash in their savings then ever before.

Nevertheless poor financial management, ie paying big CC interest on thousands while holding thousands to pay it off is a bad move. People are by majority dumb enough to do that.

There will come a time between it all where people have to start making choices which bills to pay. Whoever is left holding the bigger bag is going to have the feds swoop in like an off-brand batman to save them. It's a tale as old as time

Oh those savings are mostly depleted by now.

And given the number of people behind on utility bills, choosing which bills to pay has been going on for a while - ‘I expect a tsunami of shutoffs’: 20 million American households are behind an average $788 on their utility bills — here are 3 simple ways to drop your monthly costs

 

[OX1]

ya, annoying. I carry no balance anywhere and still over 800 so I don't worry about it

Most of the stuff I buy these days, is not available locally, or not in ANY store. So you are using a credit card unless paying directly via paypal (etc..), which still leaves a digital trail, so why not get 2-5% off using CC's. That alone should keep your credit up, even if you always pay it off.

 

[ford fanatic]

My brother and sister in law fell into this issue after going full Dave Ramsey.

It ended up biting them in the ass when trying to secure a loan on a much more expensive house. No mortgage, very little financing of cars, and no credit cards did not help them in the long run.

Going full Dave Ramsey means to not have a credit score at all. There are lenders out there who will do manual underwriting to get you a loan, you don't need credit.

They half assed his plan...

 

[gimmie11s]

And our union contract is up and fighting for more wages. Inflation has been over 8% for how long....

So we are all voting on what's been proposed. Which is 1.50/hr raise for the first year, then 3.5% the second year, and 2% the third year. Our union members say this is the best it's going to get....

This equals only roughly 6.5% and not even close to the current inflation over the last couple years. It will likely pass, because too many people are cowards in fighting for more.


What a joke....

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Different thread, but this illustrates why unions in 2023 are a joke. They are a business who exist to make money. That is all.

However: Silver lining is: You are getting a raise. Many companies won't be giving raises at all over the next few years.

 

[ford fanatic]

And our union contract is up and fighting for more wages. Inflation has been over 8% for how long....

So we are all voting on what's been proposed. Which is 1.50/hr raise for the first year, then 3.5% the second year, and 2% the third year. Our union members say this is the best it's going to get....

This equals only roughly 6.5% and not even close to the current inflation over the last couple years. It will likely pass, because too many people are cowards in fighting for more.


What a joke....

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We just went through contract negotiations in September with our union, about the same raises that you got.

I'm getting to the age now where i'd like to see more on the retirement end, at least we still have our pension.

 

[DSG2003Mach1]

Most of the stuff I buy these days, is not available locally, or not in ANY store. So you are using a credit card unless paying directly via paypal (etc..), which still leaves a digital trail, so why not get 2-5% off using CC's. That alone should keep your credit up, even if you always pay it off.

ya, I use various credit cards I just pay them off every month for the rewards...that and if you steal my CC number it's not really my money vs a debit card or PP linked to the bank.

 

[Bdubbs]

We just went through contract negotiations in September with our union, about the same raises that you got.

I'm getting to the age now where i'd like to see more on the retirement end, at least we still have our pension.

I'd like better benefits. Our health insurance goes up every year, which basically makes our raises a wash.

At least you still have a pension. The only ones here that have some pensions, are the ones that have 30+ years in.

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[DSG2003Mach1]

I'd like better benefits. Our health insurance goes up every year, which basically makes our raises a wash.

At least you still have a pension. The only ones here that have some pensions, are the ones that have 30+ years in.

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as an employer, it's infuriating. Health insurance is insanity, every year you get to offer a slightly worse plan for more money. When we're paying 70+ % of the cost, trust me, we don't like it either

 

[ford fanatic]

I'd like better benefits. Our health insurance goes up every year, which basically makes our raises a wash.

At least you still have a pension. The only ones here that have some pensions, are the ones that have 30+ years in.

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Same with our health insurance, raises go right to the increase in benefit cost.

Our company was bought out last year and just as we thought the first contract negotiation would pass like nothing changed. We suspect they'll go after the pension next contract. Although I won't lose mine, it will likely be taken away from all new hires. It sucks to see how much gets negotiated away over the years from the people who live paycheck to paycheck. They'll vote in favor for a $3K signing bonus to vote out something they could have made tens of thousands on over a number of years.

 

[Bdubbs]

Same with our health insurance, raises go right to the increase in benefit cost.

Our company was bought out last year and just as we thought the first contract negotiation would pass like nothing changed. We suspect they'll go after the pension next contract. Although I won't lose mine, it will likely be taken away from all new hires. It sucks to see how much gets negotiated away over the years from the people who live paycheck to paycheck. They'll vote in favor for a $3K signing bonus to vote out something they could have made tens of thousands on over a number of years.

That's exactly right. A lot of people just look at the money upfront, not what you could get over the years. It's sad really.

And I never understand why we as employees always seem to think it's a give/take during negotiations. I'm not looking at getting wealthy off my employer, but then saying they can't pay us just to make up for inflation is BS. Especially as we all see the stupid crap they spend money on.

I could go on and on. In the 16 years I've been there, I've seen a steady decline in the way it's run, employees they hire, and overall moral.

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[rborden]

Zero car payments
Zero credit card debt

No ****s given.

 

[03cobra#694]

Zero car payments
Zero credit card debt

No ****s given.

Add in no mortgage for me.

 

[BlckBox04]

I'll be in Key Largo next month for much of the same. I'm ready for some nice weather.

I’ll be in Marathon Friday

 

[MG0h3]

I’ll be in Marathon Friday

For?


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[q6543]

@Bdubbs my contract is up this fall and I’m planning on getting screwed similar.

They use a flashy signing bonus to lure in all the poors to vote yes

 

[BlckBox04]

For?


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Vacation. Fiancé and I are looking at the resort there to get married at.

 

[*Jay*]

Zero car payments
Zero credit card debt

No ****s given.

Same here except we use a CC for everything just to rake in the rewards and keep our score up. Its always paid so we never get hit with any charges.

Add in no mortgage for me.

That has to be a nice feeling, currently debating on paying off our home even faster (already 10 ahead on a 30 year) or buying some hunting property somewhere nearby.

 

[Steve@TF]

Same here except we use a CC for everything just to rake in the rewards and keep our score up. Its always paid so we never get hit with any charges.

Same here. Cost cocurrently hasa $1k+ rebate check waiting for us for using their CC. Last year it bought our 82” tv. I use it for down payment on car purchases as well when possible. Just racking up points!


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[Bdubbs]

@Bdubbs my contract is up this fall and I’m planning on getting screwed similar.

They use a flashy signing bonus to lure in all the poors to vote yes

It sucks, that's what they did to us last contract. A 1k signing bonus and after tax it was like 600 dollars.

Some people just see that upfront money. And yup it's those living pay check to pay check that jump all over it...

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[DSG2003Mach1]

It sucks, that's what they did to us last contract. A 1k signing bonus and after tax it was like 600 dollars.

Some people just see that upfront money. And yup it's those living pay check to pay check that jump all over it...

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same ones that leave a job with benefits for a job without em bc now they can say they make more per hour...

had a welder leave for a warehouse job because everything was better - pay, benefits etc... too bad he forgot to calculate that over time pay, they don't allow OT and now he has to work two jobs (more total hours, making barely over what he was before)