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Bidenomics FTW

Adjusted for inflation?

Poor LolPoors.

Oh well, back to the yacht.

some day this house of cards is going to come crashing down.

hopefully after I can start to take early Social Security payments in 2032.

There is hope....
(Baker Street into)
(Host with Tennessee accent)

AggieUSMC said:

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Just glad none of that is mine. I pay my CC bills in full every month

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You're paying for all of it through inflation.

AggieUSMC said:

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Just glad none of that is mine. I pay my CC bills in full every month

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I take five figure balance transfers for 24 months for 0% interest and 3% total fee, because free money. But to each his own.

The chickens are coming home to roost. People have been adding to the their debt to pay for everyday items due to inflation that Joe has pushed on us.

Let's all thank Joe and the Democrats by voting him/them out of office.

The "most amount ever" will always be an indicator journalists use to spread fear. Population growth and inflation always provide more fear bait. Delinquencies are a better indicator for consumer stress:

I never said that. also this: pic.twitter.com/5LXN0E7DA4

— Ben Carlson (@awealthofcs) September 6, 2023

It's a record. That's a fact, not fear.

COVID money has run out. Student loan repayments restarting. Interest rates are high.

The stress is coming.

It's tough right now for many people.

The cost of living has gone way way up.
Peoples incomes are going down vs. inflation.

It can't keep going like this.

I've basically become cashless. I put everything on a card. And, I pay it all off in full each month. If that is becoming more common with everybody then the amount of credit card use rising is of no surprise or concern, and the earlier post about delinquencies would have relevance in analyzing this issue.

FJB

sleepybeagle said:

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It's tough right now for many people.

The cost of living has gone way way up.
Peoples incomes are going down vs. inflation.

It can't keep going like this.

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1-2% raises ain't cutting it.

sleepybeagle said:

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Peoples incomes are going down vs. inflation.

It can't keep going like this.

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good news, that trend reversed in march

Logos Stick said:

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Bidenomics FTW

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Our national debt is 3x that at least

Think about that

Old McDonald said:

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sleepybeagle said:

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Peoples incomes are going down vs. inflation.

It can't keep going like this.

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good news, that trend reversed in march

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While it's good to see the black line lower than the blue, it'll actually mean something to the most Americans if they see the price of groceries and housing to back down.

Now, I'm not sure if those industries are going to want to lower their prices if they're making more by keeping them where they are, but those two things will really help the average American.

Paid mine off a few months ago.

I may buy another star with the extra funds.

No Spin Ag said:

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Old McDonald said:

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sleepybeagle said:

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Peoples incomes are going down vs. inflation.

It can't keep going like this.

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good news, that trend reversed in march

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While it's good to see the black line lower than the blue, it'll actually mean something to the most Americans if they see the price of groceries and housing to back down.

Now, I'm not sure if those industries are going to want to lower their prices if they're making more by keeping them where they are, but those two things will really help the average American.

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unfortunately, grocery prices aren't likely to go down without recession-induced deflation. best most people can hope for now is that their wages catch up with/surge past the 2021-2022 inflation. on aggregate that'll take at least another year of current trends.

housing affordability is totally f****d, low inventory and high interest rates have been killer. 61% of outstanding mortgages are under 4%, people locked in all that cheap debt during the covid era 0 interest rates and now no one wants to sell their house.

Manhattan said:

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AggieUSMC said:

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Just glad none of that is mine. I pay my CC bills in full every month

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I take five figure balance transfers for 24 months for 0% interest and 3% total fee, because free money. But to each his own.

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I don't believe you but even if it was true, it isn't free money.

Logos Stick said:

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It's a record. That's a fact, not fear.

COVID money has run out. Student loan repayments restarting. Interest rates are high.

The stress is coming.

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I agree there are other factors that will put pressure on the consumer in the coming quarters. And because of these we will probably see higher delinquencies rates - which is a more accurate indicator of consumer stress.

My point is "record highs" on debt is often used by journalists to get clicks due to the fear response they generate (which pretty consistently hit "record highs") So yes, your figure is a "fact" but for the reasons I stated, isn't a good signal on its own.

Yeah, LOL, 3% isn't "free".

And if that's actually the deal, the interest deferment depends upon timely payment. There is likely a very high inerestt rate that would kick in if the balance isn't paid in full on the due date.

Once you get your CC to paid in full each month, it's nuts to every accrue a balance again.

For homeowners with decent equity, replace your mortgage with a Home Equity Line of Credit immediately. No downside at all, and you can pay in and pull out at will. Interest still deductible.

Fake news.

There was a guy overcharged at the pump by the Exxon at Texas & Harvey by several trillion dollars one time. Took a couple days to get that reversed.

I'm just over here getting ready for the student loan repayments to resume…. We just thought they were squealing like pigs before…

Across the board, we're seeing access to liquidity getting (1) more expensive and (2) tougher to come by.

Recessions are cyclical. They come and go.

What the Biden administration is desperately hoping/praying that it can figure out a way to paper over is a liquidity crisis.

Problem is that this time around, it's going to hit hard at the consumer level. Right now it's a big pile of dry leaves. Student loans going into repayment are accelerant. All you need after that is a match.

People paying their bill for covid at 24.9% interest.

So not only are the American people stupid enough to fall for the biggest scam in the history of mankind; poison themselves with a voluntarily mandatory vaccine, now they paying for it with a personal credit card making the big banks even more money.

Outstanding. Great job everybody, keep up the good work.

Quote:

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Right now it's a big pile of dry leaves. Student loans going into repayment are accelerant. All you need after that is a match.

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Yep.

October 1th.

November and December should be interesting to see play out. Might be batten down the hatches for 1Q '24.

What will happen when people start dipping into 401K / IRA money that might now only exist on paper?

I'll be surprised if we don't see some sort of new restriction on early withdrawal of these assets. People have talked about it for years and were laughed off. But now we might see it come to fruition.

A legitimate bank run or panic withdrawal from the big firms and God only knows what we might live to see go down.

Like I've said before, we all in the passenger seats of Malaysia Flight 370. We at cruising altitude watching a movie on our seat back with headphones in waiting for both engines flame out due to fuel starvation.

Yes to all of the above comments and yet the Fed keeps raising rates. Absolutely clueless.