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I'm thrify like that~!11
Posted on 02/08/2024 8:37:01 AM PST by MrRelevant
Buried at bottom:
Credit card delinquency rates jumped across the board, the New York Fed and TransUnion found. Credit card delinquencies surged more than 50% in 2023, the New York Fed reported. According to TransUnion’s research, “serious delinquencies,” or those 90 days or more past due, reached the highest level since 2009.
“Consumers are struggling with their payments,” Wise said, and “I think we will continue to see those delinquencies tick up.”
(Excerpt) Read more at cnbc.com ...
China, US Commercial Real Estate, US interest rates, Debt, War, etc.
Dominoes teetering.
But the media said the economy is BOOMING!!! They wouldn’t lie, would they?
(/S)
Being broke, poor, hungry and near homeless is a small price to pay for no more Mean Tweets from the White House from the orange bad man.
Why pay? The government never pays. They just print and rape you of wealth.
At the mafia interest rates these days, these debtors DON’T intend to ever pay off.
This economy is COOKING!
Much higher than mafia rates.
Italians didn’t have a bailout mechanism and the law on their side.
Then the Democrats promise to forgive the debts, and they win in a landslide.
The 10% increase in balances is just about what you’d expect due to Biden inflation. The value of the balances is most unchanged.
Delinquencies are rising, but that’s not due to consumers owing more real, inflation-adjusted money.
Pshhh!
Under Bidenflation, 6 grand isn’t a lot of debt. It’s like 3 trips to the grocery
always loved this line, when checks were still the thing, “I want the last check i write to bounce.”
My motto
Credit Cards, the Biggest Payment Method: Balances, Burden, Delinquencies, Available Credit: How Are our Drunken Sailors Holding Up?
9NOV2023
https://wolfstreet.com/2023/11/09/credit-cards-the-big-payment-method-balances-burden-delinquencies-available-credit-how-are-our-drunken-sailors-holding-up/
The interest rates of the average visa/mc are at about 24.9%
This is insane, and a recipe for bankruptcy.
in years past those same cards were probably under 20% but since almost all credit cards are variable rate things now suck, and minimum payments have gone up.
My Visa card has gone up from 7.9% to 12.49% which I think is crazy high, and they keep raising my limit too.
Why do I need a limit of 40k on a credit card? That is is what a charge card like Amex is for
Three trips!!! How on earth are you able to make three trips with 6 grand??? You have to tell us where you shop.
It’s insane.
For disclosure, I owe zero dollars.
At some point all parties are responsible. Same for college debt.
Raping stupid people isn’t my idea of a good economy.
America, get out of debt. It’s a trap.
And consider that these delinquencies mean people aren’t even able to make payments on the MINUMUM AMOUT DUE, which is a often a tiny fraction of the balance due.
What kind of an idiot *EVER* has a balance on a credit card?
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