Posted on 05/17/2023 10:36:10 AM PDT by RomanSoldier19
The first-quarter dip never happened. Some observers say that’s a problem.
Credit-card balances hit $986 billion in the fourth quarter, but remain largely unchanged in the first quarter of the year, the Federal Reserve Bank of New York said in its most recent quarterly report on household debt. It looks increasingly likely that credit-card debt is on track to hit the $1 trillion mark this year, and experts say that this number could be an indicator of a looming economic downturn.
(Excerpt) Read more at marketwatch.com ...
dont worry about it- biden will forgive all credit card debts- as long as you fall into one of their protected classes
Get ready for it. Foreclosures are racist.
2008 called. They want their bank bailouts back
An advance on reparations.
“We should be concerned”
What do you mean “we”, paleface?
Banksters - pack your bags.
The media have been studiously ignoring this for months, while assuring us that as long as “consumer spending” holds up, all is well. The Biden economy is like Wiley Coyote chasing Roadrunner off a cliff, not noticing that he is left standing in midair, right before he plummets.
BidenDepression 2023
And here I am, looking for a new job - part-time
And still battling car problems - one guy has everything I need - in Los Angeles - AND, he doesn’t ship. Of course.
(sheet metal for car)
The same group that got rid of debt jubilees and aggressively increased the debt based economy are now concerned.
Privilege
Why would a financial paper think that we can’t just Borrow our way to prosperity?
We’re all waiting for Biden to pay off or cancel our debt. Just like he’s doing with student loans.
They have to get w a program and shut the cards down. Get working. Get some income. Budget. Relocate. Cut out anything unnecessary
Recognize how much we pay in taxes.
Just in time for a wave of millions of unskilled immigrants into the US we are on the precipice of a fundamental transformation of the job market where MANY positions will be eliminated due to automation, AI, and robotics.
You and I will share the government benefits for which we have paid our entire working lives (medicare and social security) with persons who have not paid a dime and whom have very few job prospects.
This story is important and its not just the amount of credit card debt we are accumulating - it is what people are using credit to pay! Utilities, groceries, gas, car payments, and other “budgeted items” are increasingly being purchased with credit. A very bad sign.
Speaking of car payments.... bank repossessions of vehicles are spiking dramatically as more Americans walk away from vehicles they simply cannot afford. Local banks here are not even bothering with the “bank lot” any more.... they have so many they are hiring brokers and sending cars to the auto auction!
Car dealers are still struggling to get new vehicles to sell and they are still marking up used cars despite the pending market flood with late model repossessions.
These are real things that should cause everyone concern regardless of your personal situation or what the Ivy-league idiots say.
How can they pay it off when they are maxing it out because their income is not sufficient to cover food and gas and rent?
The difference between the 70’s inflation and today’s inflation is wages were going up in the 70’s. Today wages are so far behind I expect an all out revolt FROM the LEFT.
I wonder how many Americans will maxx out their cards and just walk away from their debt? With all this talk about a “great reset” many probably think this is their last chance at getting ahead of any coming economic collapse.
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