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[–]BowtieDog0 points
6 points
6 points
(+6|-0)
ago
Lurker here, I rarely comment but fuck it.
I live in Houston, work is closely related to the oil and gas industry. Rising credit card debt is because so many people got laid off from the oil slump. Every 2 or 3 weeks a new round of firings in in the local Houston news. Apartment rents are dropping cause people can't afford them and we're all pretty sure Texas is going to go into a recession. The shale boom is pretty much decimated, and there are hardly any more fracking rigs running in Texas. A couple hundred versus several thousand a few years ago.
There isn't a lot of confidence anywhere in Texas really. Medical industry is doing ok but it's dwarfed by oil and gas. These guys are stupid and didn't do any research.
tl;dr I live in Texas, oil and gas is getting slaughtered, people use credit cards to help pay for shit when jobless. No, not optimistic.
That might be a cause in your region but another massive factor is that the cost of living in may large cities is going up but employers aren't provided raises to cover that increase.
By keeping interest rates at artificial lows for an indefinite period, government has encouraged people to borrow a lot of money for bad reasons. This is why we never had a real recovery after the last recession. The government keeps distorting the capital allocation system.
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[–] BowtieDog 0 points 6 points 6 points (+6|-0) ago
Lurker here, I rarely comment but fuck it.
I live in Houston, work is closely related to the oil and gas industry. Rising credit card debt is because so many people got laid off from the oil slump. Every 2 or 3 weeks a new round of firings in in the local Houston news. Apartment rents are dropping cause people can't afford them and we're all pretty sure Texas is going to go into a recession. The shale boom is pretty much decimated, and there are hardly any more fracking rigs running in Texas. A couple hundred versus several thousand a few years ago.
There isn't a lot of confidence anywhere in Texas really. Medical industry is doing ok but it's dwarfed by oil and gas. These guys are stupid and didn't do any research.
tl;dr I live in Texas, oil and gas is getting slaughtered, people use credit cards to help pay for shit when jobless. No, not optimistic.
[–] Capt_Rye 0 points 4 points 4 points (+4|-0) ago
That might be a cause in your region but another massive factor is that the cost of living in may large cities is going up but employers aren't provided raises to cover that increase.
[–] 4561631? 0 points 3 points 3 points (+3|-0) ago
If every person on the planet had a credit card, then they would each need to have 140 USD on their CC. I usually keep mine below $500.
I doubt every person has a credit card, but it does make me wonder about the top 1-5% that are raising the average debt.
[–] Iblis1 0 points 1 point 1 point (+1|-0) ago
I'm one of those without a credit card
[–] OcculusResurrectio 0 points 1 point 1 point (+1|-0) ago
But not everyone has the same amount. I actually have about $16,000 in credit card debt. Its on 0% promo rates for a while so I'm not paying interest.
[–] issueninja ago
By keeping interest rates at artificial lows for an indefinite period, government has encouraged people to borrow a lot of money for bad reasons. This is why we never had a real recovery after the last recession. The government keeps distorting the capital allocation system.
[–] LagDragon ago
Is there still enough credit for me to charge my vacation?
[–] YallJusRaycis ago
There's about 10 to 20 thousand dollars left in the system. Hurry up and book your cruise before some dick snatches it up.
[–] OhBlindOne [S] ago
Archive.is Link