“Credit card, mortgage, and auto loan balances continued to increase in the third quarter of 2022 reflecting a combination of robust consumer demand and higher prices,” said Donghoon Lee, economic research advisor at the New York Fed. “However, new mortgage originations have slowed to pre-pandemic levels amid rising interest rates.”
Bkmk
When the Fed and the Junta decide to sell short and crash the market, effectively wiping out Americans’ savings, then this nation will be in dire straits..
American’s can’t afford to buy anything?
As the Communist/leftist loot the American treasure, sending hundreds of billions to foreign countries.
Husband: Inflation is crushing us. Our credit card debt is astronomical.
Wife: Well, okay. But let’s go vote for more Democrats.
Husband: Good idea!
It is difficult to argue against insanity such as that.
Given has ruined Black Friday. People are already maxxed-out.
We just had national elections and a majority of people said they are okay with this economy. So, unless you voted for the Republican in the most recent election, you have absolutely no right to complain because your vote said you are good with the current economy and the way Democrats are running it.
“The economy is strong as hell.”
- Calamity Joe
What would you suppose the interest rate on those cards would be? Definitely north of 20%. Inflation, interest and taxes is the toxic mix that’s destroying the middle class.
That’s flat, at best, fully inflation adjusted.
We talked about this a couple weeks ago when the admin was crowing about how “consumer spending is holding up so well” without noting that people are using credit cards to pay for routine expenses. So no this is no surprise.
And many of the debtors voted for it.
In two years I renew my rate. Not looking forward to it. For the mortgage that is.
Anyone have an idea what the real inflation rate is? I sure don’t believe 8 percent.
The price on a typical suburban house is about 26 times as much as it was in the early 1970s. Some things have got to give. Policy changes and force of increasing interest rates will do it. But it’s going to be a long, unimaginably painful process, unless much upward building is completed soon.
Consumerism supported with debts and import business riding on debts are also about to take a long, drawn out fall. Look for tax hikes in the near future.
The likely extended economic downturn ahead is also coming, when nations are starting to build up to fight more obviously over natural resources (energy and other resources).