Posted on 01/10/2022 11:57:20 AM PST by algore
Lenders are again welcoming borrowers with less-than-pristine credit, a vote of confidence in the health of the U.S. economy and Americans’ finances.
An estimated 29.2 million general-purpose credit cards were issued to people with credit scores of 660 and below last year, according to projections from credit-reporting firm TransUnion, up from 20.4 million in 2020 and 26.3 million in 2019. That is generally the threshold where lenders view consumers as having fair, rather than good, credit.
Even subprime borrowers, a group shunned during the pandemic, are finding it easier to get credit.
Lenders issued roughly 11.6 million general-purpose credit cards to people with credit scores below 620 during the first nine months of 2021, according to the latest data by Equifax, up 43.5% from a year earlier and the highest for the period on record. (Equifax’s data goes back to 2010.) The aggregate spending limit on the cards rose 45% over the same period.
(Excerpt) Read more at wsj.com ...
On a more serious note I just got a brand new MasterCard with an expiration date of 2/27.
This makes me very happy because it means the lizard banker overlords think the world will last until at least then.
Or they figure we will all expire beforehand and no one will be around to use your card.
Debt is slavery.
Was it in Chinese?
We never get the full five years out of a card because the number gets stolen every year or two. Then I have to go change all of my auto-pay accounts AGAIN. I finally made a spreadsheet of our credit cards a couple years ago to make that chore easier.
I have no idea how it gets stolen. Actually, I have some idea — I left it behind at merchants three times in the past 30 years and the crooks started using it within minutes! But there are other times where it’s a complete mystery.
Hmmm, extending credit to those who can’t pay it back...I believe that got some banks bailed out awhile back. Then again, our federal government is not exactly in a position to talk with a $29.7 trillion deficit.
the banks’ highest profit margins are on credit cards
They are most likely either stripping it at the gas station after you use the pumps..if you use the card reader at the stations, or are scanning in a crowd when you are in the store.
Oh they are lending out the cards, but the interest rate is nearly 30%.
“Debt is slavery.”
Debt can be your friend.
My 2016 car loan was 0%.
My 2019 car loan is 1%.
That money is earning 2.5%.
Be my guest. ☺
“Debt is slavery.”
Debt can be the path to financial award.
Bought my present house in 2014 with a mortgage.
My stocks have more than doubled since then essentially paying for the house!
Yep.
I went back to college and every class, I would go to the cork board by the blackboard and rip off all of the credit card applications waiting for the young college students and throw them away. Nothing like starting your adult life with a huge debt at 33% interest.
Debt is the only reason 2 dudes with nary a clue, and 10k combined could start a small business in late 2018. Without equipment leases to own, that wouldn’t have been possible.
Misuse of other peoples money is slavery.
Using it towards an end goal instead is not.
“I’ve made a fortune by using debt, and if things don’t work out I renegotiate the debt. I mean, that’s a smart thing, not a stupid thing.”
What could possibly go wrong?
What would Dave Ramsey say?
I always inspect the gas station readers for the skimmers.
Just ask Wells Fargo how it’s done.
“Debt is slavery”
CC debt is.
Mortgage debt and generally a business loan debt to buy or expand a buiness are a good thing.
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