Free Republic
Browse · Search
Bloggers & Personal
Topics · Post Article

Skip to comments.

There is a mounting probability of a looming surge in massive credit card loan delinquencies and defaults.
Citizen Watch Report ^

Posted on 12/05/2023 1:57:52 PM PST by davikkm

fredblog.stlouisfed.org/2023/12/three-measures-of-us-credit-card-debt/#:~:text=In%202023%2C%20outstanding%20credit%20card,for%20consumer%20spending%20going%20forward.

From a disposable income standpoint the Fed data agrees that the consumer is better able to service their debt now than they ever have. That peaked during the stimmie checks but that gap has closed from -25% to -5% in the past 2 years. Which is not a promising trend.

Adjusting for inflation the debt is equal to pre Covid but 20% higher than post GFC.

(Excerpt) Read more at citizenwatchreport.com ...


TOPICS: Business/Economy
KEYWORDS: creditcard; delinquencies
Navigation: use the links below to view more comments.
first 1-2021-4041-44 next last

1 posted on 12/05/2023 1:57:52 PM PST by davikkm
[ Post Reply | Private Reply | View Replies]

To: davikkm

That’s why the Democrats will win, they will promise to forgive Credit Card debt, just as with Student Loan debt.


2 posted on 12/05/2023 1:59:27 PM PST by dfwgator (Endut! Hoch Hech!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: dfwgator

3 posted on 12/05/2023 2:01:08 PM PST by kiryandil (China Joe and Paycheck Hunter - the Chink in America's defenses)
[ Post Reply | Private Reply | To 2 | View Replies]

To: davikkm

The one thing unique about credit card debt is that it’s dischargeable in bankruptcy because it’s unsecured.

My wife as a bankruptcy attorney for many years, you can only file chapter 7 personal bankruptcy once every 7 years, immediately after filing bankruptcy and getting their debts wiped out, the credit card companies would flood people with new credit card applications, knowing they could not file bankruptcy again for 7 years, sounds crazy but it happens.


4 posted on 12/05/2023 2:01:55 PM PST by srmanuel
[ Post Reply | Private Reply | To 1 | View Replies]

To: dfwgator

> That’s why the Democrats will win, they will promise to forgive Credit Card debt… <

That wouldn’t be all that hard to do. Just send every indebted American a series of checks. Or make it a tax credit. All the debtor had to do is prove what he owes. Of course, fraud will then explode. Who cares about that?

Ah, but there will be one problem. The Democrats will have to come up with a catchy and benign-sounding name for the program. “The 2024 Fairness in Credit Act”, that might work.


5 posted on 12/05/2023 2:07:08 PM PST by Leaning Right (The steal is real.)
[ Post Reply | Private Reply | To 2 | View Replies]

To: srmanuel

Same with students getting CC in college..run up THOUSANDS in CC bills..


6 posted on 12/05/2023 2:07:36 PM PST by Paul46360 (Nuk'em all let GOD sort them out!)
[ Post Reply | Private Reply | To 4 | View Replies]

To: davikkm

Stop buying crap on Amazon ya dummies.


7 posted on 12/05/2023 2:07:38 PM PST by toddausauras (Trump Lake 2024....Go down swinging!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: davikkm

As well as REPOS and home defaults


8 posted on 12/05/2023 2:08:11 PM PST by Paul46360 (Nuk'em all let GOD sort them out!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: davikkm

Just like student loans, they are incurring the debt but have not intention of paying it. The curse of the “entitled”.


9 posted on 12/05/2023 2:08:25 PM PST by RetiredTexasVet (Biden not only suffers fools and criminals, he appoints them to positions of responsibility. )
[ Post Reply | Private Reply | To 1 | View Replies]

To: toddausauras

NOW you tell me...


10 posted on 12/05/2023 2:08:28 PM PST by Paul46360 (Nuk'em all let GOD sort them out!)
[ Post Reply | Private Reply | To 7 | View Replies]

To: Paul46360

Haha. I’m really just lashing out at my wife.


11 posted on 12/05/2023 2:10:23 PM PST by toddausauras (Trump Lake 2024....Go down swinging!)
[ Post Reply | Private Reply | To 10 | View Replies]

To: toddausauras

Amazon products are fine .

…..


12 posted on 12/05/2023 2:16:57 PM PST by Mears
[ Post Reply | Private Reply | To 7 | View Replies]

To: toddausauras

Amazon is very useful to many of us; and if a person can’t get out to shop easily, it’s a godsend. We order lots of household things from Amazon and other places.

(And Amazon isn’t just Chinese crap. A lot of American small businesses sell there.)

What people need to do is just shop wisely and pay everything off quickly.


13 posted on 12/05/2023 2:20:26 PM PST by Jamestown1630 ("A Republic, if you can keep it.")
[ Post Reply | Private Reply | To 7 | View Replies]

To: toddausauras
> Stop buying crap on Amazon ya dummies. <

So I guess you think my purchase of a $10,000 Swiss Army knife was a bad idea.

Not kidding about the price. It is (or was) 10 grand on Amazon.

14 posted on 12/05/2023 2:20:46 PM PST by Leaning Right (The steal is real.)
[ Post Reply | Private Reply | To 7 | View Replies]

To: dfwgator

GFC ? Global Financial Crisis?


15 posted on 12/05/2023 2:20:46 PM PST by MIA_eccl1212 (utilize leverage at every opportunity.)
[ Post Reply | Private Reply | To 2 | View Replies]

To: Leaning Right

does it have an option for an air compressor?


16 posted on 12/05/2023 2:21:43 PM PST by MIA_eccl1212 (utilize leverage at every opportunity.)
[ Post Reply | Private Reply | To 14 | View Replies]

To: Mears

Agree with that. They take a lot of heat, some of it justified, but Amazon is a godsend for people in small towns and rural areas who need goods they cannot find locally.


17 posted on 12/05/2023 2:22:42 PM PST by JennysCool ("It's easier to fool people than to convince them that they have been fooled." - Mark Twain)
[ Post Reply | Private Reply | To 12 | View Replies]

To: dfwgator

GFC ? Global Financial Crisis?


18 posted on 12/05/2023 2:26:39 PM PST by MIA_eccl1212 (utilize leverage at every opportunity.)
[ Post Reply | Private Reply | To 2 | View Replies]

To: davikkm

Who writes thes absurd headlines?


19 posted on 12/05/2023 2:31:09 PM PST by Night Hides Not (Remember the Alamo! Remember Goliad! Remember Gonzales! Come and Take It!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Night Hides Not

Nobody hires proofreaders or really functional editors, on the Internet.

No matter how good a writer you think you are, you NEED those.


20 posted on 12/05/2023 2:33:07 PM PST by Jamestown1630 ("A Republic, if you can keep it.")
[ Post Reply | Private Reply | To 19 | View Replies]


Navigation: use the links below to view more comments.
first 1-2021-4041-44 next last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
Bloggers & Personal
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson