U.S. consumers will soon wake up to 'out of control' interest on their
credit cards, economist says

The U.S. economy should be able to avoid a recession next year -- but
a sharp pullback in consumer spending is among the biggest risks of
that occurrence, according to economist Carl Weinberg.

"Consumers are just waking up to the fact that they're financing their
spending by running up their credit cards, and that the interest on
those credit cards is over the top, out of control, off the hook right
now," the chief economist of High Frequency Economics told CNBC's
"Squawk Box Europe" on Wednesday.

https://www.cnbc.com/2023/12/06/us-consumers-to-wake-up-to-out-of-control-card-interest-economist.html

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On Wed, 06 Dec 2023 07:36:53 -0600
JAB <[email protected]d> wrote:

"Consumers are just waking up to the fact that they're financing their spending by running up their credit cards, and that the interest on
those credit cards is over the top,

Pretty sad to think of the situation those folks are going to find
themselves in. I know you can quite easily pay 20% interest on credit
card debt if you're suckered in. Must really suck to learn you've done yourself in.

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On Wed, 6 Dec 2023 20:51:28 -0500, Retrograde
<[email protected]d> wrote:

Must really suck to learn you've done
yourself in.

I'm still puzzled why they do it...the addiction to buy more than they
need.

All my charges are paid off monthly, so they (cc) only make money from
the purchase transaction.

When the subprime meltdown happened, and bankruptcies increased, I had
one card with some $7k limit taken away since I rarely used it. They
did not look at my Credit Score, but maybe "assumed" I might max it
out if hard times came my way, which others were doing then.

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