For posting all the anonymous reactionary bullshit that you can't post anywhere else.
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-What level of treatlerism are you on? - Idk, eating bananas out of season. - Check this out
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62% of high-income earners of over $300,000 a year in the 🇺🇸 United States 'still struggle with credit card debt', according to a survey by BHG Financial. linky
Lifestyle creep is a thing. These people get a good job that pays a high salary. Banks catch on and start pushing credit services. You can go from shit credit to high credit very quickly if you maintain a consistent high income for a couple of years. They get high credit limits. They start using credit cards over methods that are direct draws on their account. Everything seems easier to buy. You pay on your credit cards, say $100 over the minimum. You're staying on top of your credit and the interest doesn't seem that bad. Banks up your limit even more because you're a good borrower. Everything becomes even easier to buy. Next thing you know you're using 70% of your credit, your debt service costs have caught up with your income and now you're slowly draining any savings you have. You're addicted to the treats and you can't afford to pay off a large enough chuck to catch up.
Banks will then lower your credit limits to meet your current usage which fucks you even more. Your income is going right to debt service payments and now you have no more room to borrow. Default is just around the corner. By now you've spent years eating steaks and scrimps, having every streaming service, and a dozen mail order treat boxes. The thought of cutting back is distressing and you feel like you're struggling.
If you get a $300k income buy a $100k shack, sleep on a rock, drive a 30 year old honda, and use the rest to gamble on stonks. Do not be tempted by ipads, coffee subscriptions, and $200k EVs. You will resent their absence.
Wild to me that people can make six figures and still do this. The very first thing I was taught about using a credit card was "pay the whole thing every month, because the interest rates can ruin you." I've never, ever broken this rule.
for stonks gambling: if you see more than a 10% return on investment, that's not a business, that's a scam and the mark may soon be you.
Diversified investment (eg: vanguard, betterment) can break 10%. Do not buy individual stocks.