New Credit Card stats….storm is brewing

[IA Shelby]

CC balances up 15% since last year to $5400

% of people who carry a balance up from 39% to 46% in a year

Savings rate near all time lows.

Auto credit amounts all time high along with the length financed.


….. Things are going to get interesting.

Oh and when the student debt repayment kicks in again

 

[MG0h3]

Almost party time!


Sent from my iPhone using svtperformance.com

 

[tones_RS3]

Don't worry,............good 'ole Sleepy Joe and the rest of the gang will take care of the American People.
Isn't that why we have a gubberment?!? lol

They gonna take care of us.

 

[HudsonFalcon]

A lot of people don’t have a choice but to take out lines of credit just to buy groceries. Pretty sad how far we’ve fallen in the past couple years

 

[Blk04L]

Don't worry,............good 'ole Sleepy Joe and the rest of the gang will take care of the American People.
Isn't that why we have a gubberment?!? lol

They gonna take care of us.

Luckily, the banks are too big to fail.
But hey, they'll get billions for their risky loans while the population gets a $1,500 check, get called leaches, and get stuck with the bill for the banks.



It's no surprise CC debt is climbing. Everything costs more, from non-essentials to essentials.
Our economy is dependent on consuming. Tech/retail Stocks can get rocked by 10% if they miss an earning by a few percentages.
Apple needs you to buy a new phone every year.


And to make it worse the interest hikes only hurts the average person as it raises the CC interest rates, personal loans, home loans, etc...

 

[tones_RS3]

Luckily, the banks are too big to fail.
But hey, they'll get billions for their risky loans while the population gets a $1,500 check, get called leaches, and get stuck with the bill for the banks.



It's no surprise CC debt is climbing. Everything costs more, from non-essentials to essentials.
Our economy is dependent on consuming. Tech/retail Stocks can get rocked by 10% if they miss an earning by a few percentages.
Apple needs you to buy a new phone every year.


And to make it worse the interest hikes only hurts the average person as it raises the CC interest rates, personal loans, home loans, etc...

Dead on brother.
Dead on.

 

[VegasMichael]

That's the crux of rising interest rates: Good for savers but bad for credit card holders with a balance since cc rates are variable and rise along with increasing rates.

 

[Double"O"]

My CC got out of control with the new house and shit...ill have it paid in a handful of months but f me it got tonthe highest its ever been for us

 

[tistan]

My CC got out of control with the new house and shit...ill have it paid in a handful of months but f me it got tonthe highest its ever been for us

Someone is losing their svtp baller status.

 

[CompOrange04GT]

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 “

 

[tistan]

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 “

That is because any business based in reality projects next year is going to be a rough one. If you give out all of your money and need it later, your options for getting money is going to be 10%+ loans. I'm not going to lie, I'm hording money right now. I'm also trying to get my subcontracts in line for getting back to normal pricing next year. I tell them the reality is, I don't need to work for the next couple of years. When you bid, it isn't for me to make a living it is for you to make a living. I'll be fine unless inflation goes crazy, in that case, we will all be ****ed.

 

[IronSnake]

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

 

[CompOrange04GT]

That is because any business based in reality projects next year is going to be a rough one. If you give out all of your money and need it later, your options for getting money is going to be 10%+ loans. I'm not going to lie, I'm hording money right now. I'm also trying to get my subcontracts in line for getting back to normal pricing next year. I tell them the reality is, I don't need to work for the next couple of years. When you bid, it isn't for me to make a living it is for you to make a living. I'll be fine unless inflation goes crazy, in that case, we will all be ****ed.

I get that

BUT…

At the same time; why piss off employees? You want your business to succeed? Moving in silence, and changing things without a word wont cut it

We have a total of 70 or so employees. 7 have quit in 60 days. When you’re losing 10% of your employees…. It’s a problem

 

[tistan]

I get that

BUT…

At the same time; why piss off employees? You want your business to succeed? Moving in silence, and changing things without a word wont cut it

We have a total of 70 or so employees. 7 have quit in 60 days. When you’re losing 10% of your employees…. It’s a problem

If you want your business to succeed you need capital. Cash is always king. Maybe the owner is projecting a slowdown, and is going to lay them off anyways. They can't collect unemployment by quitting. Basic business principles are to make profit and grow.

 

[Klaus]

CC balances up 15% since last year to $5400

% of people who carry a balance up from 39% to 46% in a year

Savings rate near all time lows.

Auto credit amounts all time high along with the length financed.


….. Things are going to get interesting.

Oh and when the student debt repayment kicks in again

Balances were at historic lows a year ago due to stimulus payments. So y/y is not a good comp. Credit utilization is right at pre covid trend. I will post some graphs that you will find interesting.

 

[CompOrange04GT]

If you want your business to succeed you need capital. Cash is always king. Maybe the owner is projecting a slowdown, and is going to lay them off anyways. They can't collect unemployment by quitting. Basic business principles are to make profit and grow.

I work in green energy…. Environmental
that ain’t slowing down any time soon lol

 

[Klaus]

I work in green energy…. Environmental
that ain’t slowing down any time soon lol

So long as the gun to the head of subsidy and mandate "encourages" the "transition." These will recede at some point.

 

[CompOrange04GT]

So long as the gun to the head of subsidy and mandate "encourages" the "transition." These will recede at some point.

Yup. I’ll be 100% honest I don’t agree with what I do… BUT… emissions regulations don’t seem to be letting up any time soon

 

[Blk04L]

Balances were at historic lows a year ago due to stimulus payments. So y/y is not a good comp. Credit utilization is right at pre covid trend. I will post some graphs that you will find interesting.

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.

 

[Double"O"]

Someone is losing their svtp baller status.

Never had it lol
But ill have that cc paid off before june lol

Its my damn wifes fault, but man i love that new rosewood table and chairs, ****in barstools, and ofher ****in shit...gah