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| 10:17 PM | ||
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Shocking Consumer Credit Numbers: Everyone Is Maxing Out Their Credit Card Ahead Of The Recession | |
| Don Draper from Nantucket
Offer Upgrade  User ID: 80692948  United States05/06/2022 04:16 PM  Report Abusive Post Report Copyright Violation | [link to www.zerohedge.com (secure)] While it is traditionally viewed as a B-grade indicator, the March consumer credit report from the Federal Reserve was an absolute shocked and confirmed what we have been saying for month: any excess savings accumulated by the US middle class are long gone, and in their place Americans have unleashed a credit-card fueled spending spree. Here are the shocking numbers: in March, one month after the February print already came in more than double the $18 billion expected, consumer credit exploded to an absolutely blowout $52.435 billion, again more than double the expected $25 billion print, and the highest on record! And while non-revolving credit (student and car loans) rose by a relatively pedestrian 21.1 billion (which was still the 6th highest on record)... the real stunner was revolving, or credit card debt, which more than doubled from the already elevated February print of $14.2 billion to a stunning $31.4 billion, the highest print on record... just in time for those credit card APR to starting moving higher, first slowly and then very fast. While this unprecedented rush to buy everything on credit at a time when there were no notable Hallmark holidays should not come as much of a surprise, after all we have repeatedly shown that for the middle class any "excess savings" are now gone, long gone...  PLATA BITCHEZZZZZZ UPGRADE UNAVAILABLE The Rolling Stones said it best... "What's confusing you is the nature of my game" |
| Anonymous Coward User ID: 72424059 United States05/06/2022 04:20 PM Report Abusive Post Report Copyright Violation | |
| Don Draper from Nantucket
(OP) User ID: 80692948 United States05/06/2022 06:49 PM Report Abusive Post Report Copyright Violation | |
| Anonymous Coward User ID: 80692706 United States05/06/2022 07:15 PM Report Abusive Post Report Copyright Violation | Re: Shocking Consumer Credit Numbers: Everyone Is Maxing Out Their Credit Card Ahead Of The Recession Got plenty of savings. Over half a million to be exact. But lately every new savings account I try to open (my others are at the 250k fdic backing limit) I get rejected. How are people to save if all the banks reject you from opening an account? |
| Anonymous Coward User ID: 80045167 United States05/06/2022 07:16 PM Report Abusive Post Report Copyright Violation | Re: Shocking Consumer Credit Numbers: Everyone Is Maxing Out Their Credit Card Ahead Of The Recession Got plenty of savings. Over half a million to be exact. But lately every new savings account I try to open (my others are at the 250k fdic backing limit) I get rejected. Quoting: Anonymous Coward 80692706 How are people to save if all the banks reject you from opening an account? You're full of shit. |
| Mr Samuel Colt
User ID: 77989139 United States05/06/2022 07:16 PM  Report Abusive Post Report Copyright Violation | Re: Shocking Consumer Credit Numbers: Everyone Is Maxing Out Their Credit Card Ahead Of The Recession [link to www.zerohedge.com (secure)] Quoting: Don Draper from Nantucket While it is traditionally viewed as a B-grade indicator, the March consumer credit report from the Federal Reserve was an absolute shocked and confirmed what we have been saying for month: any excess savings accumulated by the US middle class are long gone, and in their place Americans have unleashed a credit-card fueled spending spree. Here are the shocking numbers: in March, one month after the February print already came in more than double the $18 billion expected, consumer credit exploded to an absolutely blowout $52.435 billion, again more than double the expected $25 billion print, and the highest on record! And while non-revolving credit (student and car loans) rose by a relatively pedestrian 21.1 billion (which was still the 6th highest on record)... the real stunner was revolving, or credit card debt, which more than doubled from the already elevated February print of $14.2 billion to a stunning $31.4 billion, the highest print on record... just in time for those credit card APR to starting moving higher, first slowly and then very fast. While this unprecedented rush to buy everything on credit at a time when there were no notable Hallmark holidays should not come as much of a surprise, after all we have repeatedly shown that for the middle class any "excess savings" are now gone, long gone... https://imgur.com/a/hbBt2z3Mr Samuel Colt |
| - NEO -
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| TGus
User ID: 8393653 United States05/06/2022 07:22 PM Report Abusive Post Report Copyright Violation | |
| Anonymous Coward User ID: 83130355 05/06/2022 07:39 PM Report Abusive Post Report Copyright Violation | Re: Shocking Consumer Credit Numbers: Everyone Is Maxing Out Their Credit Card Ahead Of The Recession Joe Biden and democrats have destroyed the USA. There is no coming back from this without democrats out of office everywhere. Democrats will continue to destroy America from within if real Americans do not stop them. |
| Anonymous Coward User ID: 78036093 05/06/2022 07:44 PM Report Abusive Post Report Copyright Violation | |
| Anonymous Coward User ID: 61738202 United States05/06/2022 07:47 PM Report Abusive Post Report Copyright Violation | |
| Anonymous Coward User ID: 78036093 05/06/2022 07:48 PM Report Abusive Post Report Copyright Violation | Re: Shocking Consumer Credit Numbers: Everyone Is Maxing Out Their Credit Card Ahead Of The Recession Joe Biden and democrats have destroyed the USA. There is no coming back from this without democrats out of office everywhere. Democrats will continue to destroy America from within if real Americans do not stop them. Quoting: Anonymous Coward 83130355 It's too late. The Beast System is in place and the dipshit dross public doesn't react one bit. But they'll get the punishment for their apathy and cowardice in the form of complete and utter collapse in which no-one will give a flying fuck about the next person. |
| Anonymous Coward User ID: 80139959 United States05/06/2022 07:49 PM Report Abusive Post Report Copyright Violation | Re: Shocking Consumer Credit Numbers: Everyone Is Maxing Out Their Credit Card Ahead Of The Recession Superb idea. Max em out. Uncle Joe is picking up all tabs, all debt, public and private. Owe mom? Joe got dat Behind on rent? Joe got dat 15 years of college tuition? Joe got dat. Bought a mansion on janitor salary? Joe got dat. Illinois and California deficit? Joe got dat. Still owe on that tractor? Joe got dat. Owe hospital bills? Joe got dat. Money is fugazi. Fairy dust as MM. JUST, don't expect to eat food but everything else is PAID FOR. And for those who disagree, you just bought yourself 30 lashes, keep rowing slave. Tyrone needs more bling. |
| SaveUSa
User ID: 83096883 United States05/06/2022 07:49 PM  Report Abusive Post Report Copyright Violation | Re: Shocking Consumer Credit Numbers: Everyone Is Maxing Out Their Credit Card Ahead Of The Recession While I don’t maintain a balance (anymore), I get it. Hell, if I wanted to I could buy a house on unsecured credit cards. Possession is 9/10, particularly when acquired on unsecured credit. If shit’s going to hell in a hand basket, largely due to our “benefactors” continually extending credit to those that shouldn’t qualify and then artificially inflating EVERYTHING to fuck us to poverty in their dreamworld utopia, I’d say spend it if you got it. Then declare BK before they change those laws too. Fuck em. Within the surreal depths of "reality" lies the truth. |
| Anonymous Coward User ID: 82689927  Netherlands05/06/2022 07:50 PM Report Abusive Post Report Copyright Violation | |
| Anonymous Coward User ID: 80127614 United States05/06/2022 07:52 PM Report Abusive Post Report Copyright Violation | |
| Anonymous Coward User ID: 81125645 United States05/06/2022 07:54 PM Report Abusive Post Report Copyright Violation | Re: Shocking Consumer Credit Numbers: Everyone Is Maxing Out Their Credit Card Ahead Of The Recession If they are buying fairly liquid real assets on credit, good on them. Over leverage the cocksucking banks to the max because when they and the dollar collapses, no one is paying their notes back. The liquidating cash out of their savings accounts is also smart as USD will be TP soon. But, I suspect most are blowing their credit card purchase power and savings on useless shit - like "experiences" and remaining Chinese trinkets. |
| SaveUSa
User ID: 83096883 United States05/06/2022 07:58 PM Report Abusive Post Report Copyright Violation | Re: Shocking Consumer Credit Numbers: Everyone Is Maxing Out Their Credit Card Ahead Of The Recession They're still going to come after you even if the recession hits. You owe that money, one way or another, they'll collect it. Quoting: Anonymous Coward 82689927 . “They” are going to try a lot of shit in the coming months and years. Well underway with their “shit” now in fact. Most see it too, in their own way, which is partially why folks are maxing credit and doing whatever else they can to acquire and retain assets. Likely the kind of assets that aren’t so easy to take back if shit hits the fan for real. So, yes, “they” will likely try, but may not be too successful if/when the system crashes. Within the surreal depths of "reality" lies the truth. |
| O70
User ID: 57802456  Canada05/06/2022 07:59 PM  Report Abusive Post Report Copyright Violation | Re: Shocking Consumer Credit Numbers: Everyone Is Maxing Out Their Credit Card Ahead Of The Recession Got plenty of savings. Over half a million to be exact. But lately every new savings account I try to open (my others are at the 250k fdic backing limit) I get rejected. Quoting: Anonymous Coward 80692706 How are people to save if all the banks reject you from opening an account? You're full of shit. Why is he full of shit? I’m in the same boat, thinking of taking 400k out of my main bank account and depositing it in various banks or credit companies as they only guarantee 100k for each account. O70 |
| Cebeij
User ID: 40501117 United States05/06/2022 08:00 PM  Report Abusive Post Report Copyright Violation | Re: Shocking Consumer Credit Numbers: Everyone Is Maxing Out Their Credit Card Ahead Of The Recession Got plenty of savings. Over half a million to be exact. But lately every new savings account I try to open (my others are at the 250k fdic backing limit) I get rejected. Quoting: Anonymous Coward 80692706 How are people to save if all the banks reject you from opening an account? u go to the stupid bank? |
| SaveUSa
User ID: 83096883 United States05/06/2022 08:00 PM Report Abusive Post Report Copyright Violation | Re: Shocking Consumer Credit Numbers: Everyone Is Maxing Out Their Credit Card Ahead Of The Recession If they are buying fairly liquid real assets on credit, good on them. Over leverage the cocksucking banks to the max because when they and the dollar collapses, no one is paying their notes back. Quoting: Anonymous Coward 81125645 The liquidating cash out of their savings accounts is also smart as USD will be TP soon. But, I suspect most are blowing their credit card purchase power and savings on useless shit - like "experiences" and remaining Chinese trinkets. Unfortunately, you are likely correct. Maybe enough at least are being smart about it. Within the surreal depths of "reality" lies the truth. |
| Anonymous Coward User ID: 82475371 United States05/06/2022 08:12 PM Report Abusive Post Report Copyright Violation | Re: Shocking Consumer Credit Numbers: Everyone Is Maxing Out Their Credit Card Ahead Of The Recession Actually buying now and paying later is a completely sane thing to do in an economy with this kind of horrible Obama-Biden inflation. You are buying at a lower price than you will get next year. You will pay with next year's less valuable dollar. |
| GLP Saved Me
User ID: 82506674 United States05/06/2022 08:18 PM  Report Abusive Post Report Copyright Violation | |
| Fiscally Biscuits User ID: 77244437 United States05/06/2022 08:25 PM Report Abusive Post Report Copyright Violation | Re: Shocking Consumer Credit Numbers: Everyone Is Maxing Out Their Credit Card Ahead Of The Recession What's really happening (from experience): People who were already living paycheck to paycheck are being destroyed by the inflation and rise in gas prices. I've always been an anti-credit card person and very fiscally responsible, but I kept one on hand for emergencies and to keep my credit from stagnating. Paid of the small balance every month. As things got worse and worse, I had to rely on it more and more for food and gas. It took very little time to rack up a $4K debt on basic things. I imagine someone fiscally irresponsible could quadruple that pretty easily. A lot of people were living tight before the doom started, but now tons are sliding into the red as society spirals toward the drain. Will be very interesting to see how many are filing for bankruptcy in the next 6 months... Can't even imagine another year of this fiscal hellscape. |
| Anonymous Coward User ID: 78294056 05/06/2022 08:34 PM Report Abusive Post Report Copyright Violation | |
| Anonymous Coward User ID: 80842091 United States05/06/2022 08:41 PM Report Abusive Post Report Copyright Violation | Re: Shocking Consumer Credit Numbers: Everyone Is Maxing Out Their Credit Card Ahead Of The Recession Got plenty of savings. Over half a million to be exact. But lately every new savings account I try to open (my others are at the 250k fdic backing limit) I get rejected. Quoting: Anonymous Coward 80692706 How are people to save if all the banks reject you from opening an account? Why do people like you come on here and brag?! Dude it’s not a lot of money and no one gives a fuck?  |
| Fluffy Pancakes
User ID: 75526318 United States05/06/2022 08:41 PM  Report Abusive Post Report Copyright Violation | Re: Shocking Consumer Credit Numbers: Everyone Is Maxing Out Their Credit Card Ahead Of The Recession I understand. My husband keeps pushing me to do the same thing, but I am not doing it. What part of unsecured debt is difficult to understand? I get it, but I don''t believe that our Heavenly Father would be alright with maxxing it out with no intention to repay. I just can't. Things are bad enough, there is no need to make anything up. ~Fluffy "Never interrupt an enemy in the process of destroying himself." Quercitin and zinc...Get it. Take it. Visit howbad.info...If you took the shot, for sure. |
| Anonymous Coward User ID: 81125645 United States05/06/2022 08:45 PM Report Abusive Post Report Copyright Violation | Re: Shocking Consumer Credit Numbers: Everyone Is Maxing Out Their Credit Card Ahead Of The Recession I understand. My husband keeps pushing me to do the same thing, but I am not doing it. Quoting: Fluffy Pancakes What part of unsecured debt is difficult to understand? I get it, but I don''t believe that our Heavenly Father would be alright with maxxing it out with no intention to repay. I just can't. What about when the owners of the banks are part of a conspiracy actively trying to kill 90% of humanity? |
| Anonymous Coward User ID: 14673134 United States05/06/2022 08:45 PM Report Abusive Post Report Copyright Violation | Re: Shocking Consumer Credit Numbers: Everyone Is Maxing Out Their Credit Card Ahead Of The Recession Joe Biden and democrats have destroyed the USA. There is no coming back from this without democrats out of office everywhere. Democrats will continue to destroy America from within if real Americans do not stop them. Quoting: Anonymous Coward 83130355 You fucking moran republicans have held the majority of power for the last 30 fucking years even the courts are packed. Blame those idiots for free trade and selling your ass out to China. Clinton didn’t have backing from his own party except for the blue dogs FUCK CONSERVATIVES! |
| Fhirinne
User ID: 79463692  United Kingdom05/06/2022 08:48 PM Report Abusive Post Report Copyright Violation | Re: Shocking Consumer Credit Numbers: Everyone Is Maxing Out Their Credit Card Ahead Of The Recession Heading into this people should be paying the debts off not clocking higher. If people think the card makers won't clock the interest up they are kidding themselves. You are the CEO of your own wellness. You need to take back your health from the disease-care system |
| Anonymous Coward User ID: 79302659 United States05/06/2022 08:53 PM Report Abusive Post Report Copyright Violation | Re: Shocking Consumer Credit Numbers: Everyone Is Maxing Out Their Credit Card Ahead Of The Recession Most of these people didn’t have built up savings to begin with. They are all the week to week people who got extra money to spend from the government. They didn’t save they just upped their lifestyle and instead of pulling it back they are maintaining it thru credit. I image a lot of new April credit was to pay off items that already had 30-60 day terms like electricity and home heating. The bills came due, didn’t have the cash, threw it on the card after already hitting the lenient terms from suppliers. In the coming months it is gonna get bad. |
