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| ▲ | Aurornis 23 minutes ago | parent | next [-] |
| The median US household has a net worth of $200,000. Even a 50th percentile US household is very wealthy by global standards. Credit card statistics are heavily manipulated because it's easy to make them sound terrible. I don't know which factoid specifically you're referring to, but the studies about "X percent of Americans couldn't handle an emergency expense without putting it on a credit card" often use tricks like including anyone who would pay by credit card if they could. I remember reading some of these studies and realizing that I would have been included in the statistic because I prefer to use a credit card where I can, even though I pay it off before interest accrues. |
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| ▲ | cronin101 6 minutes ago | parent | next [-] | | Net worth or net income? Being 40yo with only 200k of worth between two when you’re halfway through your working life and have had 10y of appreciation of assets isn’t very much to go forward with. | |
| ▲ | 10 minutes ago | parent | prev [-] | | [deleted] |
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| ▲ | gruez an hour ago | parent | prev | next [-] |
| >when I mean most people - I mean 50% of the population. That's not really applicable because: 1. the study is for an "unexpected" expense. This you can see from 2 years away 2. The wording in the study was something along the lines of "would have to dip into savings", not that they literally don't have any money for it. The fed's survey of consumer finances shows the median household has between 7-13k (depending whether you're counting median income or median wealth) in their checking accounts https://www.federalreserve.gov/econres/scf/dataviz/scf/chart... |
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| ▲ | paxys 38 minutes ago | parent [-] | | Not sure what you are trying to argue. Should people be more financially responsible? Yes Are they today? No In a rational world payday loans, predatory auto loans, BNPL, perpetually rolling credit card debt etc would not need to exist. Yet these sectors are rapidly growing and companies in it are thriving. | | |
| ▲ | gruez 33 minutes ago | parent [-] | | >Not sure what you are trying to argue. I'm saying the specific claim of "most people live on credit cards as bridge finance between paychecks. when I mean most people - I mean 50% of the population" is false. |
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| ▲ | Zambyte 37 minutes ago | parent | prev [-] |
| There are phones that cost a lot less though. 50% of Americans being unable to afford iPhones doesn't mean they should just lease them. People need to stop associating so much personal sense of worth with their handheld computer. - written on my S10 |
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