Keyword: consumerdebt

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  • Americans headed towards $1 trillion in credit card debt, study says

    09/11/2017 3:01:53 PM PDT · by buckalfa · 33 replies
    Fox Business ^ | September 11, 2017 | Jade Scipioni
    Americans are starting to pile up more credit card debt than ever before. According to a new study released Monday, U.S. consumers added $33 billion in credit card debt during the second quarter of 2017, making it the second-highest point of debt since the end of 2008.
  • U.S. debt load falling at fastest pace since 1950s

    09/30/2012 1:40:43 PM PDT · by sopwith · 58 replies
    market watch ^ | June 8, 2012, | Rex Nutting
    WASHINGTON (MarketWatch) — Everyone knows America has too much debt. What they don’t know is that things are getting better, not worse. Little by little, our economy is reducing its debt burden, slowly repairing the damage caused by 10, 20 or 30 years of excess. If you want to know why economic growth has been so tepid, here’s your answer. Four years after the storm hit, the economy is still deleveraging. And it’s very hard for any economy to grow when everyone is focused on increasing their savings.
  • How Debt Can Destroy a Budding Relationship

    09/08/2010 5:19:39 AM PDT · by STONEWALLS · 88 replies
    NY Times ^ | September 3, 2010 | RON LIEBER
    Nobody likes unpleasant surprises, but when Allison Brooke Eastman’s fiancé found out four months ago just how high her student loan debt was, he had a particularly strong reaction: he broke off the engagement within three days. Ms. Eastman said she had told him early on in their relationship that she had over $100,000 of debt. But, she said, even she didn’t know what the true balance was; like a car buyer who focuses on only the monthly payment, she wrote 12 checks a year for about $1,100 each, the minimum possible. She didn’t focus on the bottom line, she...
  • Ghost of Joseph Schumpeter and the end of the Monthly Payment Consumer, again

    03/21/2009 8:23:32 AM PDT · by TigerLikesRooster · 9 replies · 729+ views
    Itulip ^ | 03/20/09 | Eric Janszen
    Ghost of Joseph Schumpeter and the end of the Monthly Payment Consumer, again More than 25 years of successful credit bubble re-inflations have trained us to think of consumer retrenchment as temporary. This time it is not. Invest accordingly. The monthly payment consumer (MPC) first appeared in the late 1920s with the advent of installment credit that temporarily extended the purchasing power of the American middle class enough to make exciting consumer products affordable, products that entrepreneurs unleashed in a wave as they beat government financed WWI military technology swords into consumer products plowshares--radios, refrigerators, and automobiles. By 1929, personal...
  • Treasuries Tremble On Supply Concerns

    03/13/2009 11:41:54 PM PDT · by bruinbirdman · 9 replies · 735+ views
    Forbes ^ | 3/13/2009 | Melinda Peer
    Tremors felt in the U.S. Treasury market after China's Premier Wen Jiabao's expressed insecurity about China's U.S. assets persisted throughout the trading day as U.S. government securities' appeal as a safe haven bid was tainted by supply concerns. "We have lent a massive amount of capital to the United States, and of course we are concerned about the security of our assets. To speak truthfully, I do indeed have some worries," Wen said during a Friday news conference in Beijing. Although investors largely put aside preoccupations about mounting government issuance this week following several fairly successful note and bond auctions,...
  • For Many U.S. Car Buyers, the World is 'Upside Down'

    04/05/2005 12:22:02 PM PDT · by ex-Texan · 130 replies · 3,529+ views
    OregonLive.com ^ | 4/4/2005 | Eileen Alt Powell
    Consumers often purchase a new vehicle while still owing thousands of dollars on their old one, which they use as a trade-in NEW YORK -- A growing number of new car buyers are finding they owe more on their existing car loans than the vehicles are worth as trade-ins. The phenomenon, known as being "upside down" on a loan, is the result of a confluence of changes in the ways Americans buy and finance their vehicles. To begin with, the prices of new cars and trucks have been held down as manufacturers offer incentives and rebates to lure purchasers. As...
  • Credit card companies' dirty little secrets exposed

    11/26/2004 10:39:36 AM PST · by Racehorse · 105 replies · 5,264+ views
    Alameda Times-Star ^ | 26 November 2004 | Susan Young
    If you pay your bills on time and generally pay off your credit card balance each month, credit card companies aren't really interested in you. The money is made by charging an interest rate that can capriciously hop up and down, slamming you with outrageous late fees and making sure you never want to pay more than the minimum payment. "I don't know any merchant in America who can change the price after you've bought the item, except the credit card industry," says Harvard law professor Elizabeth Warren in the film. "These guys have figured out the best way  ...
  • Two scoops and a sprinkle of inflation

    04/26/2004 5:26:20 PM PDT · by jedi · 3 replies · 177+ views
    The Daily Reckoning ^ | 26 April 2004 | Mogambo Guru
    St Petersburg, Florida - Slowly crawling out from the cozy darkness beneath my desk where I have been cowering all morning, I peer tentatively at Total Fed Credit, which I do because that is where the proverbial "money out of thin air" initially comes from. I note with alarm bells clanging so loudly that my own screaming in fear is partially drowned out, that this particular cancer ballooned by a hefty $6.6 billion last week. The reason for this continual creation of new money is perhaps best explained by Sean Corrigan himself, when he says "US commercial banks, foreign monetary...
  • US consumer credit up $4.1 bln in November-Fed

    01/08/2004 2:46:38 PM PST · by Starwind · 4 replies · 154+ views
    Biz.Yahoo/Reuters ^ | January 8, 2004
    UPDATE - US consumer credit up $4.1 bln in November-Fed Thursday January 8, 3:34 pm ET (Adds details, quotes) WASHINGTON, Jan 8 (Reuters) - U.S. consumers took on debt in November, but at less than half the pace seen in October, a Federal Reserve report released on Thursday showed. The Fed said consumer debt outstanding rose by $4.1 billion in November, after a sharply revised rise of $8.3 billion in October. The November data was close to Wall Street expectations for a $5.0 billion advance. October's gain had initially been reported as a rise of only about $940.7 million. In...
  • US consumer credit rose $940.7 mln in Oct -Fed

    12/05/2003 12:49:22 PM PST · by Starwind · 6 replies · 134+ views
    Biz.Yahoo/Reuters ^ | December 5, 2003
    UPDATE - US consumer credit rose $940.7 mln in Oct -Fed Friday December 5, 3:23 pm ET (Adds detail, background) WASHINGTON, Dec 5 (Reuters) - U.S. consumers took on new debt at a slower pace than expected in October, a Federal Reserve report showed on Friday. The Fed said consumer credit outstanding edged up $940.7 million to $1.977 trillion in October from an upwardly revised total of $1.976 trillion in September. In September, outstanding credit increased an upwardly revised $17.0 billion, the Fed said. Analysts polled by Reuters were expecting a $5 billion October increase. Revolving debt, which tracks credit...
  • US holiday spending to disappoint-consumer group

    11/25/2003 1:27:52 PM PST · by Starwind · 18 replies · 167+ views
    Forbes/Reuters ^ | November 25, 2003 | Andrea Hopkins
    US holiday spending to disappoint-consumer group Reuters, 11.25.03, 12:35 PM ET By Andrea Hopkins WASHINGTON, Nov 25 (Reuters) - The U.S. holiday shopping season may not live up to economists' robust expectations, a survey out on Tuesday suggested, with more Americans saying they would cut spending from last year's already weak levels. A surprisingly pessimistic survey from the Consumer Federation of America and the Credit Union National Association said consumers are cautious because of lingering concern about the economy and worries about household debt. Most private-sector economists have predicted strong U.S. holiday spending, fuelled by leftover cash from summer tax...
  • US consumer credit shot up $15.1 bln in Sept - Fed

    11/07/2003 12:08:03 PM PST · by Starwind · 4 replies · 111+ views
    Biz.Yahoo/Reuters ^ | November 7, 2003
    US consumer credit shot up $15.1 bln in Sept - Fed Friday November 7, 3:01 pm ET WASHINGTON, Nov 7 (Reuters) - U.S. consumers piled on debt in September, taking on loans for cars and other items at a rapid pace, the Federal Reserve said on Friday. The Fed said consumer credit outstanding rose a larger-than-expected $15.1 billion to $1.972 trillion in September, its biggest gain since January. It marked an acceleration from August's revised $8.8 billion gain and was well ahead of Wall Street expectations of a $5.9 billion increase.
  • Consumption - Recovery Leader or Potential Profit-Killer?

    10/31/2003 9:23:32 AM PST · by Starwind · 1 replies · 108+ views
    SafeHaven.com/DailyReckoning ^ | October 31, 2003 | Kurt Richebächer
    October 31, 2003 Consumption - Recovery Leader or Potential Profit-Killer? by Kurt Richebächer Abstract:"...The underlying basic fact is that Americans, in the aggregate, have been spending and continue to spend in excess of their current income. What is wrong with that? Why should excess consumption strangle economic growth? The short answer is, consumer spending in excess of income inherently means also in excess of production, and this part of consumer spending essentially emigrates to foreign producers, adding nothing to the U.S. GDP..."Americas economic recovery and its likely strength have been and remain the central preoccupation in economics around the...
  • U.S. consumer debt expanded in July - Fed

    09/08/2003 12:18:00 PM PDT · by Starwind · 2 replies · 211+ views
    Biz.Yahoo/Reuters ^ | September 8, 2003
    U.S. consumer debt expanded in July - Fed Monday September 8, 3:01 pm ET WASHINGTON, Sept 8 (Reuters) - U.S. consumers took on more debt in July, attracted to still-low loan rates for cars and other closed-end credit lines, the Federal Reserve said in a report on Monday. Consumer debt outstanding gained a seasonally adjusted $6.0 billion in July to total $1.774 trillion, the Fed said. The rise was slightly larger than Wall Street economists had been looking for, but most of it came from "non-revolving" loans for cars, mobile homes, education costs, boats or vacations
  • Treasuries slip, auction just tip of debt iceberg

    08/27/2003 10:37:09 AM PDT · by Starwind · 10 replies · 239+ views
    Biz.Yahoo/Reuters ^ | August 27, 2003 | Wayne Cole
    Treasuries slip, auction just tip of debt iceberg Wednesday August 27, 11:39 am ET By Wayne Cole (Updates prices, comment)NEW YORK, Aug 27 (Reuters) - Treasury prices trundled lower on Wednesday as the market braced for an auction of two-year paper -- just a taste of the torrent of debt issuance to come as the U.S. budget deficit deepens. Traders fear the $25 billion sale will receive a frosty reception, given the meteoric rise in yields of recent months. Since yields are now around 1.94 percent, any investor who bought into the last auction in July, when the notes went...
  • Americans going deeper in debt

    03/10/2003 10:28:12 AM PST · by hoosierskypilot · 38 replies · 826+ views
    Sacramento Bee ^ | 3/10/03 | Loretta Kalb
    <p>Almost half of U.S. consumers are making only minimum payments -- or no payments at all -- on their credit cards, a new credit survey shows.</p> <p>And a similarly large volume -- some 44 percent -- are continuing to take on debt because they don't have enough cash to pay ongoing expenses.</p>
  • Importing People, Exporting Jobs

    06/18/2002 4:30:52 AM PDT · by NMC EXP · 7 replies · 139+ views
    NewsMax ^ | June 18, 2002 | Paul Craig Roberts
    Recent economic reports indicate that the recovery is struggling to move forward. The main barriers are high consumer indebtedness and mediocre corporate earnings. Consequently, neither consumer demand nor business investment is driving the recovery. Interest rates are low, but Federal Reserve easing has not provided the usual stimulus to spending and equity prices. Part of the problem is the reverse wealth effect from the drop in equity values. The wealth effect from the long bull market made consumers comfortable with more debt, which they used to finance second homes and high living. When the market dropped, much wealth disappeared, but...