Posted on 02/06/2024 9:21:55 AM PST by Kaiser8408a
I think the Biden Presidency is nicely summed-up by Biden confusing France’s President Macron with former French President Mitterand. Particularly since Mitterand died in 1996. Is Biden seeing dead people??
Anyway, the Biden economy and his Bidenomic strategy is based on massive debt expansion, both public and private debt. Household Debt reached $17.5 Trillion in Fourth Quarter; Delinquency Rates Rise
Credit card delinquecies (90+ days) rose to almost 10% in Q4 2023.
Credit card delinquencies surged more than 50% in 2023 as total consumer debt swelled to $17.5 trillion, the New York Federal Reserve reported Tuesday.
Debt that has transitioned into “serious delinquency,” or 90 days or more past due, increased across multiple categories during the year, but none more so than credit cards.
Rising credit card delinquencies combined with the worst job additions in January on record.
(Excerpt) Read more at confoundedinterest.net ...
Am I reading this correctly? 10% of credit cards are more than 90 days delinquent? I want to make sure this isn’t some misstatement or statistical manipulation. If 10% of credit cards are that delinquent there will be major problems. Its not just the credit cards - there could be contagion to mortgages and rent and of course consumer spending and beyond.
Good, this is exactly what should be happening.
People still looking for that non-existent free pass out of what the govt has created.
Unlike the author, I asked the pertinent question:
What percentage of credit card payments are currently delinquent?
“Just 2.98% of Americans’ total outstanding credit card balances are currently at least 30 days delinquent.”
We’re all gonna die.
There’s too much consuming going on out there.
It didn’t sound right. That’s why I asked.
I do not follow these statistics. What is the average for 30 days of delinquent?
“It didn’t sound right. That’s why I asked.”
The lowest ever is 1.89% in 2021, right after Trump, duh.
The record high was in 2009, 6.89%
2.98% is obviously not a disaster. You have to check or disregard most everything you these days.
Butt, butt, what IF the title of the article/thread says BOMBSHELL!
(s)
With this writer it always is...King of Exclamation points and cherrypicking stats, no real analysis of anything.
The return of student loans is crushing millennials. After two years of letting them fester, the “shock” to their wallets is just starting to show up. This is going to be seen in a decline of goods like washers, dryers, and cars. They will rely on their credit cards for emergencies…and then at 29% interest…they cannot keep up with THOSE payments.
I am not suggesting for a second that the loans should be forgiven. I am merely pointing out that those households—at the time of their lives when they NEED to spend on kids—are getting slammed from all sides.
Why they are not marching on Biden’s White House for lying about forgiving their student debt is beyond me.
The student loan holders who used the two year moratorium to pay down their principle are the only winners here.
Probably they are still hopeful that the Dems will forgive their loans.
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