MSNBC: Household debt tops $16 trillion for the first time, fueled by higher inflation and interest rates
POSTED BY: 6IXSTRINGJACK
UPDATED: Monday, May 19, 2025 16:00
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https://www.cnbc.com/2022/08/02/household-debt-tops-16-trillion-as-inf
lation-surges-and-rates-rise.html
Let's do a little inventory here... what kind of debt am I sitting on again?
Mortgage payments are 0.
Car payments... Nah. Don't have one of those.
Student debt? Hah! As if.
Outstanding balance on my bonus point cards? That's going to be a big fat ZERO.
Yup. No debt still. Not for 17 years this month.
Got a freezer and pantry full of food. Got a big ole' pile of materials for DIY projects around the house on hand. Got 6 more years paid off on my VOIP phone. Got my cable bill down to $20 per month.
Damn dudes and dudettes. How are you all so bad at this? I haven't had to say Yes to a boss since June of 2019.
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CNN: Americans are piling up credit card debt as they struggle to keep up with the high cost of living
https://www.cnn.com/2022/08/02/economy/consumer-credit-borrowing-surge
/index.html
We're not there yet, but it looks like it might just be right around the time that Jack pays cash for his first flat screen TV that wasn't a hand me down. Bet I could get one of those $1,000 75 inchers for about $200 in a few months.
People gotta eat.
Keep that inflation coming, Joe*.
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People don't gotta eat. People gotta have their phones.
All the TVs are gonna be shoplifted by the time you get there, Jack.
4 x $200 is less than the shoplifting threshold.
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Quote:
Originally posted by JEWELSTAITEFAN:
People don't gotta eat. People gotta have their phones.
All the TVs are gonna be shoplifted by the time you get there, Jack.
4 x $200 is less than the shoplifting threshold.
I'm not buying them from the store, silly.
I'm buying the TV that people are going to still be paying off on credit cards for another year or two after I take it right out of their houses.
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Falsus in unum, falsus in omnibus
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Well... Here's one of the major reasons.
https://www.cbsnews.com/news/rent-apartments-rising-housing-market-us/
Quote:
Apartment rents are shooting up in hundreds of cities across the U.S. Here's why.
...
In New York City, the average monthly rent stands at a whopping $5,812. In Pflugerville, Texas, an Austin suburb, the average monthly rent is $4,451. In Jersey City, New Jersey, renters can expect to shell out $4,421 on average, according to Apartmentguide.com.
LOL...
$2,593. That's what I've spent in 7 months this year for everything I need to live, with all major bills for the year out of the way except for my 2nd half of the property taxes. It's what I've spent this year minus only what I've put into home improvement projects. That even includes the $400 or so I needed to dump into repairs and a few tanks of Biden* tax hike gas while getting my car to pass emissions.
Even if you include home improvement repair costs, I've still paid less for literally every single thing I've bought and bill that's come than the average monthly rent in Jersey City by about $125, Pflugerville, Texas by about $150 and New York City by about $1,500. And I've got a lawn so big it takes me two hours to mow it with so much free space in my house I could rent it out to a family of 4 while I'm living here if I wanted to.
SPOILER ALERT: Rent receipts don't make good wallpaper, and they make terrible toilet paper. Ask me how I know.
Quote:
More inventory hitting the market could provide some relief. But as long as mortgage rates remain elevated, more Americans will be inclined to rent rather than taking the plunge into homeownership.
Yeah. Good luck with that. You people have screwed the housing market up so bad in the last 25 years that the only houses the contractors can afford to build and make any money off of are the McMansions that cost $600/mo during the winter just to keep at a reasonably warm temperature. Do you know how much coal is being burnt every year just keeping two elderly Boomers warm in their 4,000 sq/ft juggernauts? Yanno, the ones they had to make handicapped accessible every step of the way because they can't even travel all that space without help anymore. For every fancy Jacuzzi tub that was initially installed in the 300 sq/ft+ bathrooms, half of those have since been gutted to make room for walk in showers for the Boomers. Don't believe me? Take a day to do some fake house shopping and take a peek at the bathrooms for yourself.
Quote:
Renting is cheaper than buying in three-quarters of the country's 50 largest metro areas, according to Realtor.com. On average, first-time homebuyers can expect their monthly payments to top $2,400, versus $1,876 to rent the typical apartment.
That's so fucked. The last time I rented, the new management wanted me out so bad because I wouldn't re-sign their lease and initial that I wouldn't smoke in the apartment that they raised my monthly payment $125 per month two years in a row and I when I left I thought I was being ripped off at $895 per month for a two bedroom apartment.
It's double that now? Only a decade later? WTF?
Quote:
"So when that [mortgage] rate starts coming down we then may start to see some movement from renters to buyers, but until that happens we are still seeing a lot of upward pressure on those rental properties," Carberry said.
When the mortgage rate starts coming down? LOL
Don't hold your breath, buddy. Mortgage rates aren't coming back down for a good while now. The FED is already indicating another 50 point rate hike next month, and are eyeing a total rate of 3.4% by the end of the year.
That's still not going to be enough. Regardless of the fact that Republicans are going to gut the Democrats out of power in November, the rates are going to continue being raised into summer at least. (And if there is a single ounce of responsibility left in Washington, th
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Hey... For shits and gigs, let's take a look at what your $250,000 home will cost a buyer if rates ever get as high again as the average 30 year mortgage rate on October 9th of 1981, which was 18.63%.
(Verify here: https://www.drcalculator.com/mortgage/ )
Buyer puts 10% down ($25,000).
Monthly mortgage payment on a 30 year mortgage for $225,000 is now $3,506.81.
Total interest paid after 30 years is now $1,037,452.11.
Total cost to buyer for your home appraised at $250,000 is now $1,262,452.11.
Interest is now 415% of the appraised value of the home after 30 years.
Yeah. Sorry... Nobody is going to pay 1.25 Million for your $250,000 house.
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And what do you think the chances are going to be that local taxing authorities are going to be lowering your property tax payments when your house is worth 1/4 of what it was a few years from now after taking every chance they could to gouge the fuck out of you for the last 20 years on property taxes when the value of your home was increasing because the rates were irresponsibly low for so long?
If you answered anything but zero, you just might be a retard. 
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VOX: The inflation prices that broke us
https://www.vox.com/the-goods/23290799/inflation-price-increases-gas-g
rocery-store
Even Vox is starting to get it.
RELATED: Vox Media lays off 39 people amid economic uncertainty
https://www.axios.com/2022/07/27/vox-media-layoffs-economic-uncertaint
y
Keep that inflation coming, Joe.
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Quote:This is a graph of inflation in percent for Natural Gas. How can anyone, other than a buyer of natural gas, see this as anything but a huge benefit for sellers of natural gas? Capitalists earned these rewards. If you don't think Capitalists deserve this wealth than stop buying natural gas because the President of the United States has no power to force Capitalists to lower prices. America is a perfect land for the real Capitalists, but not so perfect for those who don't control the price of what they have to buy. Too bad, so sad, for them.
Originally posted by 6IXSTRINGJACK:
VOX: The inflation prices that broke us
Keep that inflation coming, Joe.
https://fred.stlouisfed.org/graph/?g=SyTH
The Joss Whedon script for Serenity, where Wash lives, is Serenity-190pages.pdf at https://www.mediafire.com/two
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Joe Biden* doomed Americans to this economy with the Executive Actions he signed the first day he was in office.
Fuck off with your constant gaslighting, liar.
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