Bank Card Delinquencies Dip to 8-Year Low

[Neubarth]

That's probably because so many people are now in total default that they are no longer delinquint.

Once the debt gets sold to the bottom feeding credit recovery agencies those accounts are no longer ON the CCC's books.

Indeed. In fact, the credit card companies are actually being more restrictive in who they issue cards to.

 

[Baruch Menachem]

Oh Nos! More Shirtless!

Will the tragedy never end!

 

[KissMy]

Consumer credit card debt falls for 21 straight months The Fed also sharply revised April's numbers down from the previous release.

For a record 21 straight months, consumers' credit card debt has continued to shrink. The chart above shows how much less credit card debt Americans have than they did when revolving debt hit its peak of $975.7 billion in September 2008. Note: Decrease is cumulative, and shown in billions of dollars.

 

[Sinatra]

Probably because so many people can't get credit now.

You nailed it there.

Meredith Whitney - Large numbers of people getting kicked out of the financial system

Meredith Whitney said Primary among her concerns is the lack of credit access for consumers who she said are "getting kicked out of the financial system." She said that will be the prevailing trend in 2010.

Despite being able to borrow at near-zero percent interest, banks are not taking that money and putting it back into the marketplace. The Federal Reserve said Monday that consumer lending dropped 1.7 percent on an annualized basis in October, the ninth straight monthly decline.

Meredith Whitney said "For a 2010 prediction, which is so disturbing on so many levels to have so many Americans be kicked out of the financial system and the consequences both political and economic of that, it's a real issue. You can't get around it. This has never happened before in this country."

And that is the major reason for the economic demise.

Obama started mircromanaging banks, so now they are afraid to lend money to people who need them.

Businesses need cash flow via loans. No cash flow via loans, bye bye jobs.

Bingo.

The underwriting industry is running very very scared these days.

As is the appraisal industry in real estate.

The Federal oversight has gone Draconian and the power grab is in full effect.

At least the taxpayer is making money off TARP - but goddamn, the banks need to start loaning out money again...

 

[topspin]

That's probably because so many people are now in total default that they are no longer delinquint.

Once the debt gets sold to the bottom feeding credit recovery agencies those accounts are no longer ON the CCC's books.

wow, I should be loading up on stocks. When good news is turned into bombs the fear is near peaking.
People are watching thier big purchases ie. auto's way down, housing way down.

Remember 90% ish are still working and making more.

The OP topspin likely never attained a G.E.D. equivalent education if he believes the drivel he posted. He doesn't know the difference between "People are watching their big purchases" & "bad debt sold off & consumer credit being slashed". Top spin also has a lot of spelling problems.

be man enough to back up your words, I'll show you the MBA and Mill in assets if you bet me $5,000

 

[editec]

wow, I should be loading up on stocks. When good news is turned into bombs the fear is near peaking.
People are watching thier big purchases ie. auto's way down, housing way down.

Remember 90% ish are still working and making more.

The OP topspin likely never attained a G.E.D. equivalent education if he believes the drivel he posted. He doesn't know the difference between "People are watching their big purchases" & "bad debt sold off & consumer credit being slashed". Top spin also has a lot of spelling problems.

be man enough to back up your words, I'll show you the MBA and Mill in assets if you bet me $5,000

Try backing up the claim that:

Remember 90% ish are still working and making more.

I'd love to see where you got those numbers

 

[KissMy]

wow, I should be loading up on stocks. When good news is turned into bombs the fear is near peaking.
People are watching thier big purchases ie. auto's way down, housing way down.

Remember 90% ish are still working and making more.

The OP topspin likely never attained a G.E.D. equivalent education if he believes the drivel he posted. He doesn't know the difference between "People are watching their big purchases" & "bad debt sold off & consumer credit being slashed". Top spin also has a lot of spelling problems.

be man enough to back up your words, I'll show you the MBA and Mill in assets if you bet me $5,000

You do not have a million in assetts if you have a mortgage. You posted this post in a different thread saying you went from a 5.6% to a 4.6% mortgage.

I think I'm getting like 4.6 I was at 5.6

just cause we have a reform bill doesn't mean most bankers aren't snake oil salesman

Again you are to stupid to have a degree. Anyone with half a brain can pretend & lie on-line, but you not even smart enough to do that & have been busted many times over.

 

[topspin]

The OP topspin likely never attained a G.E.D. equivalent education if he believes the drivel he posted. He doesn't know the difference between "People are watching their big purchases" & "bad debt sold off & consumer credit being slashed". Top spin also has a lot of spelling problems.

be man enough to back up your words, I'll show you the MBA and Mill in assets if you bet me $5,000

You do not have a million in assetts if you have a mortgage. You posted this post in a different thread saying you went from a 5.6% to a 4.6% mortgage.

I think I'm getting like 4.6 I was at 5.6

just cause we have a reform bill doesn't mean most bankers aren't snake oil salesman

Again you are to stupid to have a degree. Anyone with half a brain can pretend & lie on-line, but you not even smart enough to do that & have been busted many times over.

put your money where you mouth is fool
I've been investing for 25 yrs and have made a ton of money
check back in a year and you'll see I'm right

 

[topspin]

The OP topspin likely never attained a G.E.D. equivalent education if he believes the drivel he posted. He doesn't know the difference between "People are watching their big purchases" & "bad debt sold off & consumer credit being slashed". Top spin also has a lot of spelling problems.

be man enough to back up your words, I'll show you the MBA and Mill in assets if you bet me $5,000

Try backing up the claim that:

Remember 90% ish are still working and making more.

I'd love to see where you got those numbers

unemployment is below 10%, and income is up
those are facts your politics might make you ignore them, that's your problem

 

[topspin]

The OP topspin likely never attained a G.E.D. equivalent education if he believes the drivel he posted. He doesn't know the difference between "People are watching their big purchases" & "bad debt sold off & consumer credit being slashed". Top spin also has a lot of spelling problems.

be man enough to back up your words, I'll show you the MBA and Mill in assets if you bet me $5,000

You do not have a million in assetts if you have a mortgage. You posted this post in a different thread saying you went from a 5.6% to a 4.6% mortgage.

I think I'm getting like 4.6 I was at 5.6

just cause we have a reform bill doesn't mean most bankers aren't snake oil salesman

Again you are to stupid to have a degree. Anyone with half a brain can pretend & lie on-line, but you not even smart enough to do that & have been busted many times over.

are you retarded, how does having a mill have anything to do with a mortgage you clown

 

[KissMy]

put your money where you mouth is fool
I've been investing for 25 yrs and have made a ton of money
check back in a year and you'll see I'm right

Put up your $5,000 so I will see if you are for real. You can send the money to my Allstate Insurance Agent as she is a fiduciary or by Western Union.

You do not have the million you say you do because you said in the previous post that you refied to a lower rate from 5.6% to 4.6% meaning you bought your home back in the top of the market, slow at paying off or are broke. If you can't time a housing market then you defiantly can't time stocks.

My gold coins in my safe has out performed the markets since Obama was elected. $715 per ounce on election day. It will do the same next year also. You are dreaming if you think you are right on consumer credit. The government flat out lies & revises the numbers later. (see below)

Consumer Credit Falls 21 months straight

The Fed sharply revised April's numbers from the previous release. Last month's release indicated a small 0.5 percent increase in overall consumer debt in April, but that number was changed to reflect a 4.5 percent drop for that month. The change was sparked by a major revision to the nonrevolving debt numbers. The previous release had shown a 7.1 percent increase in nonrevolving debt in April, but Thursday's release showed that nonrevolving debt actually decreased by 5 percent in April. (Revolving credit numbers were basically unchanged in the two releases.)