New Credit Card stats….storm is brewing

[Klaus]

Good point, but I have noticed even in middle class areas around here there's definitely a squeeze in spendings. Sure, maybe some have done some poor purchases that are coming to roost in regards to budget, but IMO the inflation on items has gotten to the point where I can see people on budgets, self inflicted or not, racking up debt/eating savings to stay afloat.

Definitely curious too on the long term charts.
Thought I saw one on savings that had it lower than pre-covid but can't verify the accuracy.

Part of it is that consumer over consumed during COVID and now this is reverting to trend.

At my firm we finance myriad consumer lenders and it is nirvana right now. Utilization is up, the rates we charge are up, borrower quality is better than average and delinquencies have not yet picked up. This will all change but it is goldilocks right now.

COVID was actually a shitshow because utilization collapsed. It is hard to make money lending money when no one is borrowing.

 

[Adower]

I believe counter to those stats, the average American has more cash in their savings then ever before.

Nevertheless poor financial management, ie paying big CC interest on thousands while holding thousands to pay it off is a bad move. People are by majority dumb enough to do that.

There will come a time between it all where people have to start making choices which bills to pay. Whoever is left holding the bigger bag is going to have the feds swoop in like an off-brand batman to save them. It's a tale as old as time

The average American only has more cash in their savings due to the lock downs and hand outs. That savings is starting to run its course.

 

[Klaus]

 

[VegasMichael]

What are you the zodiac killer?

 

[Klaus]

What are you the zodiac killer?

LOL. None of my charts posted. I will have to try again.

 

[Klaus]

 

[13COBRA]

That is interesting, thanks @Klaus

 

[Tractorman]

I love how things are getting more expensive… yet businesses are like “ oh hey employees we know your bonus was $1800 last year, here’s $100 this year “

 

[gimmie11s]

An annual membership to the jelly donut!!!!!????

 

[MG0h3]

An annual membership to the jelly donut!!!!!????

Clark, that’s the gift that keeps on giving alllllll year long.

That is is Eddie. That it is.


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[gimmie11s]

GOLD

 

[Relaxed Chaos]

I'm expecting a sizable bonus this year, but I've told the wife to expect a jelly of the month membership. We don't count on the bonus for any living expenses; It truly is a bonus of discretionary money.

 

[MG0h3]

I’m in Key West for work.

Does that count as a bonus?


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[13COBRA]

I’m in Key West for work.

Does that count as a bonus?


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I'll be in Key Largo next month for much of the same. I'm ready for some nice weather.

 

[OX1]

I'll be in Key Largo next month for much of the same. I'm ready for some nice weather.

My next trip is most likely Canada. Why do I get Canada in the winter and then something like NAS Key West or 112 out on the runway @ Lemoore, in the dead of summer.

 

[1 Alibi 2]

And if you're not in debt, pay your bills, carry no CC balances, you get this :
.
Lack of recent installment loan information
FICO® Scores consider recent non-mortgage installment loans (such as auto or student loans) information on a person's credit report. Your score was impacted because your credit report shows no recent non-mortgage installment loans or insufficient recent information about your loans.
Keep in mind:
In general, people who purchase with an installment loan, and pay back the loan on time tend to demonstrate the ability to manage a variety of credit types. However, a new account opening, and to a lesser extent the credit inquiry associated with applying for a new account, may demonstrate higher risk in the short term.
.

 

[13COBRA]

And if you're not in debt, pay your bills, carry no CC balances, you get this :
.
Lack of recent installment loan information
FICO® Scores consider recent non-mortgage installment loans (such as auto or student loans) information on a person's credit report. Your score was impacted because your credit report shows no recent non-mortgage installment loans or insufficient recent information about your loans.
Keep in mind:
In general, people who purchase with an installment loan, and pay back the loan on time tend to demonstrate the ability to manage a variety of credit types. However, a new account opening, and to a lesser extent the credit inquiry associated with applying for a new account, may demonstrate higher risk in the short term.
.

I always carry a balance on a card. Probably 10% of the limit. You don't pay interest on it, as I put over 10% on it each month and then pay for it... and it keeps my credit stationary.

 

[Bdubbs]

And our union contract is up and fighting for more wages. Inflation has been over 8% for how long....

So we are all voting on what's been proposed. Which is 1.50/hr raise for the first year, then 3.5% the second year, and 2% the third year. Our union members say this is the best it's going to get....

This equals only roughly 6.5% and not even close to the current inflation over the last couple years. It will likely pass, because too many people are cowards in fighting for more.


What a joke....

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[AustinSN]

And if you're not in debt, pay your bills, carry no CC balances, you get this :
.
Lack of recent installment loan information
FICO® Scores consider recent non-mortgage installment loans (such as auto or student loans) information on a person's credit report. Your score was impacted because your credit report shows no recent non-mortgage installment loans or insufficient recent information about your loans.
Keep in mind:
In general, people who purchase with an installment loan, and pay back the loan on time tend to demonstrate the ability to manage a variety of credit types. However, a new account opening, and to a lesser extent the credit inquiry associated with applying for a new account, may demonstrate higher risk in the short term.
.

My brother and sister in law fell into this issue after going full Dave Ramsey.

It ended up biting them in the ass when trying to secure a loan on a much more expensive house. No mortgage, very little financing of cars, and no credit cards did not help them in the long run.

 

[DSG2003Mach1]

And if you're not in debt, pay your bills, carry no CC balances, you get this :
.
Lack of recent installment loan information
FICO® Scores consider recent non-mortgage installment loans (such as auto or student loans) information on a person's credit report. Your score was impacted because your credit report shows no recent non-mortgage installment loans or insufficient recent information about your loans.
Keep in mind:
In general, people who purchase with an installment loan, and pay back the loan on time tend to demonstrate the ability to manage a variety of credit types. However, a new account opening, and to a lesser extent the credit inquiry associated with applying for a new account, may demonstrate higher risk in the short term.
.

ya, annoying. I carry no balance anywhere and still over 800 so I don't worry about it