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Credit-Card Delinquency Rates Were Worst on Record in Fed Study

10 points by moose_man 3y ago

moose_man 3y ago
The economy is terrible for most people and this AI driven loosening of financial conditions is only benefitting a small number of wealthy people at the expense of prolonging the pain for most. The longer the stock mania keeps the Fed from lowering interest rates the worse things will get for most Americans.
- tekla 3y ago
  What numbers are you using to say the economy is terrible for most people?
  - _mlbt 3y ago
    https://www.nbcnews.com/business/economy/inflation-report-march-2024-percentage-how-high-interest-rate-cuts-rcna146991 https://www.nbcnews.com/business/economy/inflation-report-ma... “Since the start of the pandemic, Americans have seen average prices increase more than 20% overall.” Inflation has been absolutely devastating to the middle class. Also credit card interest rates are now 20-30% APR for most people, making them even harder to pay off when you are carrying balances on them from month to month.
  - revlolz 3y ago
    Home affordability and or homelessness, inflation, interest rates, layoffs, crime, gruesome jobs reports showing net loss on full time careers, growing defaults in credit, insurance cos pulling out of whole states, a war in Europe, cancer rates... I feel at this point it is common knowledge the general person is not doing well. We're working harder, for less, and everything is more expensive.
    - tekla 3y ago
      These aren't numbers
      - serf 3y ago
        here's some US numbers. The situation is similar in most developed countries, if you care enough go search out those numbers. https://dqydj.com/historical-home-prices/ https://dqydj.com/historical-home-prices/ https://dqydj.com/historical-home-affordability/ https://dqydj.com/historical-home-affordability/ affordability is decreasing, home prices are increasing, dollar buying value is decreasing. it's not really some mysterious phenomena, financial analysts have been implying that the interest rates would cause most of this behavior for 10+ years at least.
  - moose_man 3y ago
    The Calls for Help Coming From Above the Poverty Line https://www.wsj.com/lifestyle/poverty-america-low-income-emergency-services-d309a7a6 https://www.wsj.com/lifestyle/poverty-america-low-income-eme...

10 points by moose_man 3y ago

The economy is terrible for most people and this AI driven loosening of financial conditions is only benefitting a small number of wealthy people at the expense of prolonging the pain for most. The longer the stock mania keeps the Fed from lowering interest rates the worse things will get for most Americans.

tekla 3y ago
What numbers are you using to say the economy is terrible for most people?
- _mlbt 3y ago
  https://www.nbcnews.com/business/economy/inflation-report-march-2024-percentage-how-high-interest-rate-cuts-rcna146991 https://www.nbcnews.com/business/economy/inflation-report-ma... “Since the start of the pandemic, Americans have seen average prices increase more than 20% overall.” Inflation has been absolutely devastating to the middle class. Also credit card interest rates are now 20-30% APR for most people, making them even harder to pay off when you are carrying balances on them from month to month.
- revlolz 3y ago
  Home affordability and or homelessness, inflation, interest rates, layoffs, crime, gruesome jobs reports showing net loss on full time careers, growing defaults in credit, insurance cos pulling out of whole states, a war in Europe, cancer rates... I feel at this point it is common knowledge the general person is not doing well. We're working harder, for less, and everything is more expensive.
  - tekla 3y ago
    These aren't numbers
    - serf 3y ago
      here's some US numbers. The situation is similar in most developed countries, if you care enough go search out those numbers. https://dqydj.com/historical-home-prices/ https://dqydj.com/historical-home-prices/ https://dqydj.com/historical-home-affordability/ https://dqydj.com/historical-home-affordability/ affordability is decreasing, home prices are increasing, dollar buying value is decreasing. it's not really some mysterious phenomena, financial analysts have been implying that the interest rates would cause most of this behavior for 10+ years at least.
- moose_man 3y ago
  The Calls for Help Coming From Above the Poverty Line https://www.wsj.com/lifestyle/poverty-america-low-income-emergency-services-d309a7a6 https://www.wsj.com/lifestyle/poverty-america-low-income-eme...