Swiping Right into Debt: U.S. Credit Card Debt Crosses $1 Trillion Mark
In a financial feat that can only be described as a true American accomplishment, credit card debt in the United States has officially strutted its way into the trillion-dollar club. Yes, you read that correctly – $1 trillion according to ABC7. That’s enough zeros to make your calculator cry for help. But hey, who needs to calculate anyway? It’s all just a swipe away!
Bankrate Analyst Ted Rossman, who seems to have a knack for stating the obvious, remarked, “We would expect credit card balances to grow over time.” Well, Mr. Rossman, you certainly have your finger on the pulse of our plastic-spending nation. With increased consumer spending, it’s no surprise that our credit cards are feeling a little bloated. After all, if our economy were a gym, credit cards would be the weights we just can’t put down.
It appears that cash is becoming as rare as a unicorn sighting these days. People are swiping and tapping away like their fingers are engaged in a furious game of whack-a-mole with debt. Rossman continued, “Population growth … A lot of people are close to the edge. I mean even a lot of upper-income households are living paycheck to paycheck.” Well, if even the “upper-income households” are struggling to keep up with their avocado-toast-and-artisanal-coffee-fueled lifestyles, then we’re all in this together, folks.
But hey, let’s not dwell on the negatives. The glass-half-full folks over at Bank of America have a silver lining for us. They found that 53% of people are taking the responsible route and paying off their credit card balances regularly. Hooray for them! Maybe they’re onto something here – like using actual money they already have to buy things. Revolutionary, I know.
Of course, there’s always that one friend at the party who ruins the fun. Enter LendingTree analyst Matt Schulz. He had to rain on the parade by pointing out that more people are dipping into their 401k retirement accounts.
As Schulz so eloquently put it, “The opportunity cost for that is so great because that’s money that’s not going to be able to compound interest for 25-30 years.” Well, Matt, you sure know how to make retirement sound like a never-ending vacation that we’re all missing out on.
In the grand scheme of things, the credit card debt milestone might not be too surprising, given the way we swipe our way through life’s problems. But hey, let’s not forget that life is all about balance, and that goes for both our financial statements and our yoga poses.
So, whether you’re a savvy swiper or a responsible balance-payer, just remember that every credit card swipe is a tiny step towards that trillion-dollar dream and a trillion dollars is a lot of zeros, and who needs all those zeros weighing down our bank accounts? So, let’s swipe wisely, pay off those balances, and maybe, save a dollar or two for that retirement that’s going to be the best thing since sliced bread.
Back to School Shopping: 14 Must Haves for Under $25
Aesthetic Mechanical Pencil Kit
These pencils are so pretty, and this kit is so convenient. You get the pencils, extra lead, and extra erasers, all in a handy-dandy case.
Pencil Case/Organizer
What a great and stylish way to stay organized. This pencil case/organizer is just what your student needs to have everything they need at the ready for a successful school day!
Notebooks
These colorful spiral-bound notebooks add cool vibes to an otherwise boring school day. Add a little sunshine to your student’s day!
Highlighters
Everyone needs highlighters and these do the trick. The mustaches on them make them fun and fun is fun!!!
Label Maker
While your student might want his or her name on their belongings, they definitely don’t want mom to sew it into their underwear. This label maker is a cool way for your student to label their stuff in a neat and creative way.
Scientific Calculator with Notepad
You remember hitting that age when your parents had to invest in a scientific calculator. This one looks super cool with a large screen and even a notepad option.
Fidget Gel Pen
I bought one of these as a birthday gift for my son’s friend last year. It was such a hit my son got one. Yes, it is distracting. But it is also a creative way to fidget.
Backpack
I have this backpack and I love it. Granted, I’m not in school, but it definitely works great for college, high school, or work. Lots of compartments, room for my laptop and tech. It has a little lock and comes in great colors. PLUS! At the time of posting it is 44% off!
Rocketbook Core Reusable Smart Notebook
If you want to be a little more eco-friendly, this notebook is amazing! Not only does it help with you “endlessly reusable and digitally connected.” You just write on the Rocketbook pages and then use the free Rocketbook App to scan all of your notes into the cloud. Your student can then be all digital!
Please note that items are in stock and prices are accurate at the time we published this list. Have an idea for a fun theme for a gift idea list you’d like us to create? Drop us a line at [email protected].
