Posted on 03/14/2024 6:44:44 AM PDT by ChicagoConservative27
During an interview with the Fox Business Network on Wednesday, Treasury Secretary Janet Yellen answered a question on record credit card spending by stating that we still have strong credit quality and delinquencies have gone up a small amount from a historically low level and while “particularly lower-income households are borrowing again on credit cards. I see that as a normalization, rather than a disturbing new trend.”
Fox Business White House Correspondent Edward Lawrence asked, [relevant exchange begins around 4:05] “Last year, many economists predicted a recession this year. We haven’t seen it. It looks like we may not see one this year. The consumer is spending record amounts on credit card[s] in order to just survive, for basic things. They can’t afford basic items. How long do you think this credit card debt accumulation can continue?”
Yellen answered, “Well, credit quality remains excellent and charge-off rates, delinquencies have moved up slightly, but from historically low levels. Most households, even including the lowest-income households, saw their overall financial position improve during the pandemic. Their average level of cash balances went up. Their overall finances improved. Now, over time, they have spent some of that buffer of savings, and particularly lower-income households are borrowing again on credit cards. I see that as a normalization, rather than a disturbing new trend.”
(Excerpt) Read more at breitbart.com ...
One of the big benefits of re-electing President Trump is that we could dump this dizzy old, demented broad.
Record credit card spending (borrowing) means record payments. Credit card balances are really nothing more than predatory pay-day style loans.
Running up balances with ungodly usurious rates has been the only way to keep gas in the car and food on the table for many working class and working poor families. I’m sure this last lifeline is disappearing for most as the cards are being maxed out.
“Well, credit quality remains excellent and charge-off rates, delinquencies have moved up slightly, but from historically low levels. Most households, even including the lowest-income households, saw their overall financial position improve during the pandemic. Their average level of cash balances went up. Their overall finances improved. Now, over time, they have spent some of that buffer of savings, and particularly lower-income households are borrowing again on credit cards. I see that as a normalization, rather than a disturbing new trend.”
Who wrote this WORD SALAD for her? Kammie? Yeesh! Every line (LIE!) contradicts the next!
Just HOW did our financial lives IMPROVE when the entire WORLD was shut down during Covid-BS-19? Oh, that’s right. We all live off of our dividends, like this woman! *SNORT*
What a MESS we are in, no matter WHO is blathering on about how GREAT things are! *SPIT*
We are rudderless with no compass pointing us towards shore while Brandon & Crew shoot holes in the bottom of our boat!
Yeah, overall financial position improved during the pandemic -- because the government printed and distributed massive stimulus money after they destroyed the Trump economy.
Now over time, they have spent some of that buffer of savings.
The stimies are gone!
Households are borrowing again on credit cards. I see that as a normalization...
Borrowing to buy food and necessities to survive is completely normal now. It's called Bidenomics!
</LIAR>
Anything that skank says is a lie.
The Hobbit has spoken
Truly an ugly, stupid dwarf! It compliments Biden’s evil force perfectly.
Hopefully America can hold out until President Trump and Treasury Secretary Kudlow take over!
Theyre coming off record lows because the govt was paying people more money to stay home than work for a while. People were able to build up capital but then COVID emergency went away and now they cash these folks saved is gone , inflation has run rampant and they buy everything with credit...including bills. Lots of these people will default. Yellen is doing these poor folks a disservice by pretending this is normal and there is some kind of light at the end of the proverbial tunnel. At every turn shes been wrong , yet she is still a beacon of information? Yikes.
It's true, the disturbing trend is not new, it is now the norm.
God gave us physiognomy for a reason.
Liars do come in washed up small packages. Geez, Marxists are the absolute bottom of the barrel cucks in the known universe.
I missed out on the cash bonanza, but what you say makes perfect sense. People can be terrible about managing their finances. It’s not Rocket Science; always spend LESS than you bring in. Bank/invest the rest!
Debt free and retired since age 56, so I’ve always lived below my means. So many don’t/won’t or can’t.
Look at all the airmiles people are receiving.
“Normalization”. Memorize it, learn to spell it, and practice using it in sentences. “Transitory” is out and “normalization” is in. Watch and see how many times the word is used in connection to the economy over the next few weeks. “Normalized” will be used as well.
Record debt, by both the nation and consumers, is being normalized.
I suppose using a CC is, in some sense, “borrowing”, but in my case, although I charge most purchases (how else to shop online?), I always pay the total billed monthly balance shortly the due date (maximizing “float”). So I never pay any “fees” (aka interest). Also, my max running balance at any time is far below my credit limit.
But don’t tell AG James or Judge Engoron — I can’t possibly post a bond of $100M+.ch?vÂ
I just pay one bill at the end of the month on my Amex Card.
Everything goes on that. You don’t carry a balance on an Amex card. It’s a charge card, not a credit card.
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.