Posted on 02/08/2024 2:24:53 PM PST by Republican Wildcat
The rates of Americans behind on auto loan and credit card bills continue to rise — in fact, both are at the highest levels in more than 10 years.
Rising delinquencies indicate that more people are in financial distress. When auto loan or credit card payments are missed, consumers dig themselves deeper into debt and see major drops in their credit scores, so it’s usually an outcome people try to absolutely avoid.
(Excerpt) Read more at msn.com ...
Next up, Bidenvilles.
New credit card charges are dropping. Not because people do not need to use their credit cards. They do. They desperately do. Instead it because they are maxed out on all their cards. We are now moving to the “foreclosures, repossessions, and bankruptcies are skyrocketing” level of Bidenomics. Isn’t transitory inflation just great?
When Biden stole the Presidency, I paid-off my auto loan within 6 months. I knew bad times were coming.
Just in time to blame it on trump
I think people bought the lie that inflation was transitory and used their lines of credit to, in essence, finance inflation
“Just in time to blame it on trump”
Yep. I believe at this point, they may really WANT Trump to win. They can then blame the economy (which is going to be the main issue next year) all on Trump and the GOP. Beginning next year, the narrative will be that all the economic reporting will “unexpectedly” bad. No matter the true numbers compared to those under Biden and the policies he implemented.
BTW, this is what I mean by consumer’s credit lines are maxed:
Total consumer credit in the US increased by $1.56 billion in December of 2023, following a $23.7 billion gain in a month earlier and missing market expectation of a $16 billion growth. Revolving credit, like credit cards, went up by $1.04 billion (up 1 percent on an annual basis). Non Revolving credit, typically auto and student loans, rose by $0.5 billion (up 0.2 percent on an annual basis) from the prior month. On a quarterly basis, consumer credit increased at a seasonally adjusted annual rate of 2.6 percent.
Credit Justice.
Earlier I heard Biden blame Trump for the invasion at our border. Biden is a liar, a punk, a crook, plus many more bad things. He has no good quality (ies) I can see.
I mean, $100,000+ for a new Ford pickup? No way.
The life of a Repo Man is always intense.
D**n Donald Trump and his MAGA Republicans!
When I listen to the callers to Dave Ramsey it is stunning that is not wealthy or comfortable folks who spent ridiculous sums on new vehicles—it is blue collar workers who take out insane loans they cannot afford to buy “the truck of their dreams”.
Then they call Dave Ramsey after a year of being broke trying to survive while making the thousand a month vehicle payments.
We are very close to seeing a repeat of Jimmy Carter’s last 2 years.
Pushing DIE was the last nail in the coffin.
I took a stroll around a couple of different dealerships while getting oil changes when there weren't a lot of cars on the lots. A $30K list price car often had a $5K market adjustment. So instead of being $6K underwater when the customer drove it off the lot, they were $11K underwater. Double that for a $60K truck..
My local dealer (N CT) has lots of vehicles for sale at reasonable prices.
They are a “boring” Subaru dealer.
The truck guys laugh at them—and pay double the prices for their trucks of the cost of a “boring” Subaru.
-PJ
Very different on West coast regarding Subaru — prices and image.
Our local Subaru dealer had nothing on their lot for several months in a row during the worst of the supply chain problems. Looks like it is back to normal...
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