Authored by Mike Shedlock via MishTalk.com,
Credit card debt surged to a record high in the fourth quarter. Even more troubling is a steep climb in 90 day or longer delinquencies.
Please consider the New York Fed Household Credit Report for the Fourth Quarter 2023, released this week.
Continue reading “Credit-Card & Auto Delinquencies Soar, Especially Age Group 18-39”
“The illusion of freedom will continue as long as it’s profitable to continue the illusion. At the point where the illusion becomes too expensive to maintain, they will just take down the scenery, they will pull back the curtains, they will move the tables and chairs out of the way and you will see the brick wall at the back of the theater.”―
I know they try to keep us distracted with Taylor Swift’s latest escapades, today’s fake indictments of Trump, Biden’s dog biting another White House visitor, Dementia Joe falling down or shitting his pants while lying about his past, our imminent death from climate change and gas stoves, black lesbians from Maryland being appointed senator from California, allowing millions of third world savages to invade our homeland and then proposing Trumps wall, the annual government shutdown kabuki dance, and sending another $25 billion into Zelensky’s off-shore bank accounts for his noble freedom fighting efforts against Russia.
“Secrecy begets tyranny.” ― Robert A. Heinlein, Stranger in a Strange Land
“Thinking doesn’t pay. Just makes you discontented with what you see around you.” ― Robert A. Heinlein, Stranger in a Strange Land
When I read quotes by men like H.L. Mencken and Robert Heinlein, I realize I’m not really a stranger in a strange land, even though I feel that way most of the time. These cynical, critical thinking, libertarian minded gentlemen understood government tended towards corruption and tyranny, the populace tended towards ignorance and distraction, and reality eventually teaches a harsh lesson to fools, knaves and dumbasses.
Sometimes we think the current day worldly circumstances are new and original, when human nature, politicians, and governments never really change. When Mencken and Heinlein were writing and providing social commentary during the 30’s, 40’s and 50’s, they observed the same fallacies, foolishness, lack of self-responsibility, government malfeasance, and inability of the majority to think critically, that are rampant in society today.
This always happens in a booming economy. Right? I guess loaning money to people with no means to pay you back does have consequences. Best economy evah!!! Jobs, jobs, jobs.
As those who follow our monthly consumer credit updates already knew, aggregate household debt balances jumped in 4Q18 for the 18th consecutive quarter, and were $869 billion (6.9%) above the previous peak (3Q08) of $12.68 trillion. As of late December, total household indebtedness was at a staggering $13.54 trillion, $32 billion higher than 3Q18. Overall household debt is now 21.4% above the 2Q 2013 trough, according to quarterly data from the Fed.
“The increase in credit card balances is consistent with seasonal patterns but marks the first time credit card balances re-touched the 2008 nominal peak,” according to the report.
Continue reading “Deadbeat Nation? 37 Million Credit Cards Were 90 Days Past Due In 4Q18”
Guest Post by Eric Peters
An interesting data nugget percolated the other day about a “sharp worsening” – that is to say, an increase – in the number of car loan defaults among borrowers under 30 years old. According to Bloomberg Financial News, the rate for the Millennial demographic was 4.04 percent last quarter vs. 2.36 for the general population, or about twice as high.
But it’s not just The Youth who are in danger of having their cars repo’d.
I’m shocked that giving $30,000 loans to anyone who could scratch an X on a loan document so they could “buy” a new Lexus or Cadillac is backfiring. Our entire Potemkin economy has been based on easy money that won’t be repaid.
Authored by Mac Slavo via SHTFplan.com,
Debt has become an issue of concern for those who care about their financial future. But with the government setting the terrible example of drastically spending more than they bring in, many in America are following suit and it is leading to a crisis and a red flag for the economy.
Just on the heels of the United States government’s debt surpassing $22 trillion comes the news that there are now a record number of Americans who are behind on their record high car payments. According to CNBC, more than 7 million Americans are at least 90 days behind on their auto loans, according to the New York Fed. This is a major concern, considering the average car payment in the U.S. is now $523.
Continue reading “Debt Crisis In America: A Record Number Of Americans Are Behind On Car Payments”