• FlashMobOfOne@lemmy.world
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    3 months ago

    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.

  • seaQueue@lemmy.world
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    3 months ago

    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.

    • Flax@feddit.uk
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      3 months ago

      Ironically a similar thing is marriage. The statistic which is like “1/3 marriages end in divorce” are because of the same person marrying like 3 or 4 times. It’s quite a bit (albeit not massively) lower if you only factor in the first marriage

    • Boozilla@lemmy.world
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      3 months ago

      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.

    • curiousaur@reddthat.com
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      3 months ago

      There are some other legitimate reasons to put tons in credit too. I built an ADU on my property. Asked the bank for a loan to build it, a second mortgage. They said no, there’s not enough equity. (I’d just bought the house a year prior). I explained that the value of the property will go up by more than the amount of the loan I’m asking. Of course they told me they can’t give loans based on hypothetical future appraisals. So they advised me to put it all on credit. I had a line of 30k with them after all and that’s the exact amount I’d asked for.

      So we did. Maxed out the card to build the ADU, got the property reappraised, then got the second mortgage, then used that to pay off the credit card debt, now renting out the ADU for $200 more per month than the loan payment. It all worked out and made perfect sense, but I carried 30k of cc debt for like 4 months while this all went down.

    • LifeInMultipleChoice@lemmy.world
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      3 months ago

      I thought I was starting to do better on my debts, got a notice from the IRS yesterday saying I missed a 1099c in my 2022 taxes that dictated I owe them 1,600 dollars. Not sure how that could be true, I remember I had paid a few hundred that year, so I’m not sure what went wrong. Not looking forward to figuring it out.

        • LifeInMultipleChoice@lemmy.world
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          3 months ago

          Sir, you paid more than many billionaires in 2022, and I know you can’t afford food right now, but we are going to need you to pay us $1,600 more. Oh and um, add a couple more years before you’ll receive the money you paid towards social security.

        • callouscomic@lemm.ee
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          3 months ago

          Nobody goes to prison for most errors. The IRS is made up of average normal every day people trying to do a job. Thry clearly jnderstand people make mistakes. Explain the error, they’ll work with you.

          What gets people in trouble is intent. If you intended or intend to do wrong, okay, that’s an issue. But otherwise, stop spreading fear.

      • Madison420@lemmy.world
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        3 months ago

        Just an fyi resend and that number usually goes away. They did the same thing to me for the same year and when questioned they said they just never got the paperwork. Resent and everything was fine.

    • halcyoncmdr@lemmy.world
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      3 months ago

      You assume that people have a choice. Wages are so low compared to the cost of living in most of this country that unless you’re making six figures, you aren’t going to have much extra without sacrificing what used to just be normal a couple decades ago.

      Johnny Harris recently released a video going through several income levels, starting at a $25k job up to $25 million and how that would breakdown for monthly costs with department of labor data for food and housing.

      https://youtu.be/NfMdvee5HoY?si=giQ8pStyu29cwXst

        • Jubei Kibagami@lemmy.world
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          3 months ago

          Ok, so you can go to the settings for the video and change the audio track to English or Spanish. I was watching stuff in Spanish before opening this video. I guess YouTube defaulted to Spanish because of that? It’s the first time I’ve seen that happen on any link 😂

        • halcyoncmdr@lemmy.world
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          3 months ago

          Weird it’s in English for me. That’s how I watched it. Lol

          I did copy the link from YouTube Mobile so who knows what it’s doing.

          • Jubei Kibagami@lemmy.world
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            3 months ago

            No, it’s all in English but I do watch a lot of stuff in Spanish and French. I guess YouTube thought I’d like it in Spanish since I was watching something in Spanish right before clicking the link.

  • BlackLaZoR@kbin.run
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    3 months ago

    Average consumer

    Average US consumer.

    Also feel free to add public debt per capita into this - it will be paid from the future taxes after all

    • kandoh@reddthat.com
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      3 months ago

      Yeah there’s absolutely a bunch of rich people carrying over 50k credit card debt they don’t even care about that are throwing this off

  • Crisps@lemmy.world
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    3 months ago

    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?