Posted on 11/28/2011 4:55:23 PM PST by Nachum
Today the NY Fed released its quarterly report on consumer credit, and in it is a wealth of charts on the nature of consumer debt. The charts did contain a red flag: For the first time since the recovery began, there were clear signs that in Q3, consumers started falling behind on paying their debts following several quarter of improvement. It's not across all categories, and it's not necessarily even dramatic in some cases, but it is notable for the reversal in the pattern.
(Excerpt) Read more at businessinsider.com ...
I think it is the run up on gas prices that happened in the spring and into the summer. When gas goes over $3.00, people either cut spending or they go in to debt.
I hear more and more people say they’re going to pay them off and go to using a debit card.
Yep, I’m a few payments from getting to zero balance. I’ve been avoiding the cash back arrangements but now will be using them.
Only in this sick nation would the Dow spike 300 points because consumers in a recession spent a record amount (of cash? credit?) on cheap, useless items made in a foreign country. What % of the items people bought on Black Friday and Cyber Monday were made in China? 60%? 70%? 80%? 90%?
The credit card companies will also go to bat for you if your number is stolen and false charges show up, because it’s their money.
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