this post was submitted on 18 Mar 2025
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A Boring Dystopia

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[–] [email protected] 7 points 3 hours ago

I am reminded again of how we need to organized. A few people here or there defaulting on loans or refusing to pay won't make a difference. A lot of people not paying, but not talking to each other, is kind of a wild card. But if you and fifty thousand of your closest friends went to DC together to tell your reps this is unacceptable, and if they want to sleep at night it will change, maybe we'd see change.

But organizing is really hard and I don't know how to go about it effectively.

[–] [email protected] 4 points 4 hours ago* (last edited 4 hours ago)

Quick numbers for those reading:

  • Overall debt grew by $93 billion in the last three months of 2024 -- and about half of that increase was new credit card debt.
  • Americans' total credit card balances now stand at a record-high $1.21 trillion.
  • Americans hold nearly $1.7 trillion in auto loan debt.
  • Americans' total household debt is $18.04 trillion -- including credit cards, mortgages, auto loans and student loans

STUDENT DEBT:

  • Americans hold $1.62 trillion in student debt.
  • Missed federal student loan payments were not reported to credit bureaus between 2020Q2 and 2024Q3.
  • Consequently, less than % of aggregate student debt was reported 90+ days delinquent or in default in 2024Q4.
  • Missed federal student loan payments will likely begin appearing on reports beginning in 2025Q1.

Here’s the report: House Hold Debt and Credit: Q4 2024 (published 2025 by Federal Reserve Bank of New York)

[–] [email protected] 6 points 4 hours ago

Don't pay. Debt strike.

[–] [email protected] 8 points 7 hours ago* (last edited 7 hours ago) (1 children)

An rendition of Trump's Greater Depression:

[–] [email protected] 2 points 3 hours ago

My only hope is that America slingshots back to Roosevelt era policies. Wild that this exact shit happened and what saved us? Oh social programs and high tax rates on the wealthy.

[–] [email protected] 43 points 18 hours ago (17 children)

Just don't pay. Debt-strikes are far more damaging than a work-stoppage.

[–] [email protected] 2 points 4 hours ago (1 children)

Why was this blocked by an instance filter?

[–] [email protected] 1 points 2 hours ago

Because .world is biased and has their own agenda.

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[–] [email protected] 9 points 14 hours ago (4 children)

$5000? …A month? A sudden rate increase 10 times the agreed amount? This smells like rage bait. We are not in post-World War I, Germany, yet.

[–] [email protected] 13 points 5 hours ago

You are post world war germany. Namely 1933. Wake up.

[–] [email protected] 15 points 6 hours ago

My partner was eligible for ~$750 per month repayments under a Biden era plan that Trump scrapped. They now have to pay ~$4300 per month. The headline isn't far off.

[–] [email protected] 6 points 7 hours ago

The fact that it's bad doesn't make it impossible.

[–] [email protected] 18 points 11 hours ago (1 children)

I mean... There's a full article explaining the cause for the increases, it's not like there's no reasoning provided.

[–] [email protected] 3 points 10 hours ago (2 children)

The article says the loan costs have increased and gives lots of examples.

It doesn't explain why the increases have happened.

[–] [email protected] 2 points 3 hours ago

Try again. It's the 4th paragraph.

Last month, a federal judge blocked the Biden administration-era SAVE plan, an income-driven student loan replacement program with 8 million borrowers, claiming it lacked the authority to forgive millions of dollars in debt. In response, the Trump administration paused all applications for income-driven repayment plans and online loan consolidation, leaving some borrowers in limbo struggling to make ends meet.

[–] [email protected] 1 points 9 hours ago (1 children)

Maybe cause of the 5trilion the US market has lost?

[–] [email protected] 3 points 8 hours ago

I don't see the connection between the stock market falling and student loans being more expensive.

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