How can republicans say that the American economy is doing well, when 85% of Americans are deep in debt to...?

Question

...credit card companies?

Answer 1

When Republicans say the American Economy is doing well they mean that they are doing well. The richest 300,000 made as much as the bottom 50,000,000 in this country. The worst it has been since the great depression.

MISSION ACCOMPLISHED !!!

Look to your congressman, why is there no Federal Usuary Law? Limiting loans, mortgages and Credit Cards to 16% would change the whole picture. Predatory lenders would not be at quick to speculate and people would have to live within thier means.

Answer 2

The economy is doing well because of our credit card debt. When we spend, we stimulate the economy, and the American consumer has stimulated the economy to the point of orgasm. If we weren't so obsessed with buying everything some marketing company told us we couldn't live without, we wouldn't be in this mess with our credit cards. Then the government would have to find another way to stimulate the economy.
PS, how many people bought I phones, with no means of affording the monthly contract.

Answer 3

Come on man. These two thing are just two totally different things. Like booman said Debt is personal, and has nothing to do with the economy. You see the economy is based on businesses not personal accounts. People need to realize that you have to be super rich or really really smart in money management to have a credit card. A debit card is the best way to not go in debt because it takes the money straight out of your checking account.

Answer 4

Where are you getting that figure? I'm pretty sure it's less than 85% of Americans that HAVE credit cards.

....NEXT.....

(Speaking only for myself, I have two credit cards, if you include one that is attached to my bank account. The second, the 'real' credit card, I keep for emergencies and I do not use day to day. You can actually smooth out cash flow and build your credit score buy using a credit card and then paying all of the balance each month, thereby not accruing interest - - but I would recommend calling to find out what your balance is and then mailing the check ahead of time, because if your payment posts a day late they whack you with a big fee - - - funny but I've sent payments in the day after receiving the bill and still it posted 2 weeks later....... Chase did that..... This is why I don't carry a balance. - - - - But this is me - - the numbers nationally are what's important, and those are addressed below).

Answer 5

to suggest that consumer spending whether on credit cards,home equity lines or cash has nothing to do with the economy is naive - it is a good gauge to assess the economic health of households in the US overall -also to suggest when ABC media co merges with def media co and becomes abcdef media co. making the top heavy Dow move up it is not growth - it will make a rich persons portfolio grow but not the guy with the sub prime mortgage -which is a little over 1 in 10
but dont blame the republicans blame the fed for raising interest rates when just below average joes started getting a lot of mortgages -most rates credit cards -loans are tied to prime which the fed adjusts

Answer 6

Because they are in bed with the credit card companies! Even states that pass usery laws are not protected because the Credit Card companies Incorporate in New Hampshire which has no usery laws and the federal government will not pass a law stating that a Corporation is bound by the state usery laws for the citizens of that state!

Write your Congress men/women about this!

If you do not know usery laws protect the consumer against interest rates that are excessive. Some credit card companies are charging consumers 20%+ rates which is beyond ridiculous!

Answer 7

What is the connection? People overuse credit cards because the Republican party makes them do it? I am not a Republican but I continuously see comments about one party or another that is generalized in the moment - not specific enough to make a thought-out decision ring true over time. This is a capitalistic society - it just is. As such, the financial ups-and-downs will occur in certain sectors of the US at different times. The opportunities for success are much higher that in a more socialist society but people still fall by the side of the road. But to blame a national party because people are using credit cards doesn't seem, to me, to be looking at the root of the problem - consumerism, in most cases. The mortgage crisis is self-induced - yes, it is not forced. Health care costs are high and some of the credit card use can be placed in that area. BUT, when retail stores incomes are bursting (not necessarily profits) then most of the spending in going in the direction of consumer wants, not needs.

Answer 8

They aren't related.

Most of the country the economy is pretty good. Michigan on the other hand its not.

Most people are in debt because of their own stupidity. If you can't afford to pay off your credit card every month then you really shouldn't have bought that stuff. Americans don't usually save money so when something goes wrong they are suddenly short on money.

Answer 9

Bigger question: how can they say the economy is doing well when we are going broke to the tune of the 3 billion dollars a week, in a war that has so far cost us 456 billion dollars?

See www.nationalpriorites.org.

But then, Republicans here, like those in D.C., are unaware of the ramifications of debt.

The Republican National Congressional Committee, by the way, is completely bankrupt--or I should say, in the hole for about 75% more than its current assets.

I forgot, Republicans don't go bankrupt.

They just steal.

Answer 10

First of all, America's credit card debt is completely unrelated to any political party. Second, people are completely free to do what ever they want with credit cards. It is 100% your own choice whether you go into debt or not. To try to link debt to a political party is the purest form of partisanship. You are uninformed, unintelligent, hate-filled person. Grow up.