I wonder how much of this debt is rotating debt that’s paid off every month?
I buy almost everything on credit/store cards - because with 1-5% back it seems stupid not to* - but I pay them all off every month.
I would argue this kind of ‘monthly’ debt should is not _really_ debt that should be counted in overall stats.
I suspect many ‘middle class’ people do the same. I’m not sure it’s enough to skew the overall number by orders of magnitude - but it surely is at least a measurable amount.
*It is manifestly unfair that richer folks who can get good credit cards end up paying less for everything than poorer folks who can’t, but that’s a different conversation…
I buy almost everything on credit/store cards - because with 1-5% back it seems stupid not to* - but I pay them all off every month.
I would argue this kind of ‘monthly’ debt should is not _really_ debt that should be counted in overall stats.
I suspect many ‘middle class’ people do the same. I’m not sure it’s enough to skew the overall number by orders of magnitude - but it surely is at least a measurable amount.
*It is manifestly unfair that richer folks who can get good credit cards end up paying less for everything than poorer folks who can’t, but that’s a different conversation…