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Nov. consumer credit surges by $20.4 billion
Market Watch ^ | 1/9/12 | Greg Robb

Posted on 01/09/2012 12:31:44 PM PST by Nachum

WASHINGTON (MarketWatch) -- U.S. consumers increased their debt in November by a seasonally adjusted $20.4 billion, the largest increase since November 2001, the Federal Reserve reported Monday. Monthly debt rose at a 10% annual rate in November, a much faster pace than had been expected by Wall Street economists.

(Excerpt) Read more at marketwatch.com ...


TOPICS: News/Current Events
KEYWORDS: bondcollapse; consumer; credit; dollarcollapse; economy; markets; surges

1 posted on 01/09/2012 12:31:50 PM PST by Nachum
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To: Jet Jaguar; NorwegianViking; ExTexasRedhead; HollyB; FromLori; EricTheRed_VocalMinority; ...

The list, Ping

Let me know if you would like to be on or off the ping list

http://www.nachumlist.com/


2 posted on 01/09/2012 12:33:26 PM PST by Nachum (The complete Obama list at www.nachumlist.com)
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To: Nachum

Sounds like folks were Christmas shopping on credit. I wonder how much will be defaulted on.


3 posted on 01/09/2012 12:34:31 PM PST by formosa (Formosa)
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To: Nachum

The media is spinning this as good news. It shows consumer confidence that the economy is turning around. Hello!!!! To me it just means many are living off credit cards trying to make ends meet.


4 posted on 01/09/2012 12:35:36 PM PST by animal172 (Calling the Founding Fathers!! We need your help.)
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To: animal172

Proofread you idiot. Why can’t I get that through my thick skull?


5 posted on 01/09/2012 12:37:56 PM PST by animal172 (Calling the Founding Fathers!! We need your help.)
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To: Nachum

Would be interesting to know what portion of that $20 Billion was for firearms.


6 posted on 01/09/2012 12:40:52 PM PST by RedEyeJack
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To: RedEyeJack

I guess the O Zero posse got the word about mortgage relief on they way, so, why not credit card relief soon too?


7 posted on 01/09/2012 12:43:23 PM PST by Mouton (Voting is an opiate of the electorate. Nothing changes no matter who wins..)
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To: Nachum

Time for another spending binge. Why not? Obama will finda way to force credit card companies to write off this debt to let his voters off the hook.


8 posted on 01/09/2012 12:47:48 PM PST by Opinionated Blowhard ("When the people find they can vote themselves money, that will herald the end of the republic.")
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To: formosa

I would think that better than half will never be repaid in full.

LLS


9 posted on 01/09/2012 1:01:17 PM PST by LibLieSlayer (obamao... ...the bastard son of a hippie slut and a drunk communist British Kenyan!)
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To: Nachum

This is nuts!

People should be paying off credit debt, not spending more on credit.


10 posted on 01/09/2012 1:09:24 PM PST by SatinDoll (NO FOREIGN NATIONALS AS OUR PRESIDENT!)
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To: SatinDoll

Nuts?

Not at all. People are borrowing because that in many cases is the only way they can survive. Food on the table. Meds. Shoes. Gas.


11 posted on 01/09/2012 1:18:33 PM PST by Nachum (The complete Obama list at www.nachumlist.com)
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To: Nachum

It sounds like many were like me this holiday season...

I have been scrimping and saving for years now trying to pay down debt, but I just decided to splurge a little this Christmas, debt be damned.


12 posted on 01/09/2012 1:20:15 PM PST by TexasFreeper2009 (Go Newt!)
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To: Nachum; All

Right on the money! I was at my doctor’s a few days ago - he has a mostly blue collar, possibly illegal alien, definitely multi-national clientele and he was horrified by the number of patients who tell him they do not have enough money to put food on the table for their families, on a daily basis - including for their children!! Nor can they find work!

Welcome to corrupt Obamaland where Obama eats $140 a pound Kobe beef and we the people, legal or otherwise, are too often borderline starving.


13 posted on 01/09/2012 1:37:50 PM PST by FARS (Be Healthy, Happy and Thrive)
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To: Nachum

Those who get their incomes from whatever level of government and services (businesses with government incomes recipients for customers) are sure that the economy is recovering and will get no worse. That’s true, for them, for a while. Look forward to repudiation and currency reset time, when honest, hard working people will make more useful things again.


14 posted on 01/09/2012 1:46:24 PM PST by familyop (We Baby Boomers are croaking in an avalanche of rotten politics smelled around the planet.)
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To: Nachum

We were doing the credit card thing early last year. In July we started selling off belongings: jewelry, clothes, furniture, antiques, bullion, and art work. Note: you can’t eat gold!

We have, this first week in January, cashed in a life insurance policy in order to pay off the house, the car, and all credit cards. By the end of this month we will be debt free.

I’ve been following the economic news with trepidation and believe the nation is on the abyss’s edge. An economic collapse will be devastating for those who neither know it is coming nor what will happen when it does finally arrive.

One thing is apparent: if you cannot roll around naked on your wealth, then you have nothing. Why? Because paper has no value - MF Global, beyond a doubt, was proof of that fact.

When I was in the supermarket on Saturday, bought beef for incredibly low prices: New York strip steaks @ $3.44 per lb.; huge Rib steaks 2” thick @ $4.30 per lb. I bought up all they had and will freeze it all. This sounds like ranchers slaughtering their herds now because of future uncertainty, not knowing if they can borrow money or afford to feed cattle later this year.


15 posted on 01/09/2012 1:50:04 PM PST by SatinDoll (NO FOREIGN NATIONALS AS OUR PRESIDENT!)
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To: Nachum
"We're printin' Money.....OBAMA MONEY...."

Ray Stevens....great video on how the Progressives deal with debt.

16 posted on 01/09/2012 1:51:32 PM PST by traditional1 (Free speech for me.....not for thee)
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To: SatinDoll
"This sounds like ranchers slaughtering their herds now because of future uncertainty, not knowing if they can borrow money or afford to feed cattle later this year."

And for other reasons.


17 posted on 01/09/2012 2:13:11 PM PST by familyop (We Baby Boomers are croaking in an avalanche of rotten politics smelled around the planet.)
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Look! It's Spam!!!


Click The Spam And Donate

Donate Anyway

18 posted on 01/09/2012 2:13:44 PM PST by DJ MacWoW (America! The wolves are here! What will you do?)
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To: RedEyeJack

The recent record number of background checks has me wondering the same thing.


19 posted on 01/09/2012 2:22:39 PM PST by upchuck (Let's have the Revolution NOW before we get dumbed down to the point that we can't.)
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To: Nachum
There's something fishy about that number.

I'm not claiming fraud by the agency that put it out, just that a rise like that doesn't come out of nowhere. Is it a mistake in calculation? After all, these statistics are just, well, statistics based on surveys.

Or are people losing their unemployment benefits and trying to live off credit cards? I don't know, but I could believe that.

20 posted on 01/09/2012 3:38:00 PM PST by BfloGuy (The final outcome of the credit expansion is general impoverishment.)
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To: Mouton
I guess the O Zero posse got the word about mortgage relief on they way, so, why not credit card relief soon too?

The article reports credit card debt up 8.5%, but student debt up even more, at 10.7%. Zero is already trying his best to forgive student loans. Of course, easy student loans just means tuition will rise that much faster.


21 posted on 01/09/2012 3:52:04 PM PST by cynwoody
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To: cynwoody

This is a sometimes leftist bent outlet, but for what it’s worth they disagree. He could be totally FOS for all that I know.

THE AGE OF CONSUMER DELEVERAGING IS OVER
http://www.businessinsider.com/the-age-of-consumer-deleveraging-is-over-2012-1?utm_source=dlvr.it&utm_medium=social&utm_campaign=moneygame


22 posted on 01/09/2012 3:59:10 PM PST by listenhillary (Look your representatives in the eye and ask if they intend to pay off the debt. They will look away)
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To: familyop

Do you have some inside information on this?


23 posted on 01/09/2012 4:03:23 PM PST by SatinDoll (NO FOREIGN NATIONALS AS OUR PRESIDENT!)
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To: listenhillary
He's just reposting Federal Reserve data. His chart makes it appear that consumer deleveraging bottomed out in early 2010, and we've bee releveraging since. However, he also notes, "Now, technically the population has grown since last year, so on a per-capita basis, the average consumer still carries, less debt, but... still." I would think per-capita would be the way to view such data.

Of course, speaking of population growth, it's worthy of note that, even though the population has increased, the number of people in the workforce has decreased. Recently, someone calculated that, if everybody who was in the workforce in 2007 were still looking for work (i.e., hadn't given up), then the unemployment rate would be 11.3%, not 8.5% or whatever it the official number is.

24 posted on 01/09/2012 8:04:59 PM PST by cynwoody
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To: Nachum

buying consumer items on credit is not a good thing. You have to pay it back with interest, plus that money could’ve been better spent investing instead of consuming


25 posted on 01/09/2012 10:51:17 PM PST by 4rcane
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