this post was submitted on 26 Dec 2024
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Economy
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How are so many people accumulating so much debt? Do they just fall for the trap of "free money" or what? It is not the median, but I doubt that it would be much better. So all of those people being poor does not add up, that would mean ~~half are poor but wiki lists 40 million. Are many of those actually for big stuff like a car or whatnot instead of small things that I connect with credit cards?
If you're paying for things like a car with a credit card then I'm not sure what to tell you.
I paid for the car I got from a government auction with a credit card! Paid it off before interest could kick in though. It did feel odd when I was paying.
I am asking what these people do with it. But I do not know, I do not understand that on a fundamental level, like how anyone can vote Trump. Hence I ask. If you know it please share this knowledge.
Well, from the point of view of someone that had credit card debt at one time I'll tell you my thought process.
I want that thing and I can probably afford another $20 a month. Then repeat.