Credit card delinquencies surged in 2023, indicating ‘financial stress,’ New York Fed says
[ad_1] D3sign | Moment | Getty Images Credit card delinquencies surged more than 50% in 2023 as total consumer debt swelled to $17.5 trillion, the New York Federal Reserve reported Tuesday. Debt that has transitioned into “serious delinquency,” or 90 days or more past due, increased across multiple categories during the year, but none more […]
Credit card losses rising at fastest pace since Great Financial Crisis
[ad_1] Frederic J. Brown | AFP | Getty Images Credit card companies are racking up losses at the fastest pace in almost 30 years, outside of the Great Financial Crisis, according to Goldman Sachs. Credit card losses bottomed in September 2021, and while initial increases were likely reversals from stimulus, they have been rapidly rising […]
Credit crunch worries at 10-year plus high, New York Fed survey says
[ad_1] Choochart Choochaikupt | Istock | Getty Images American consumers are worried about access to credit amid persistently higher interest rates and tighter standards at banks, according to a New York Federal Reserve survey released Monday. Respondents indicating that the ability to get loans, credit cards and mortgages is harder now than it was a […]
Credit card balances jumped in the second quarter and are above $1 trillion for the first time
[ad_1] Jose Luis Pelaez Inc | Digitalvision | Getty Images Americans increasingly turned to their credit cards to make ends meet heading into the summer, sending aggregate balances over $1 trillion for the first time ever, the New York Federal Reserve reported Tuesday. Total credit card indebtedness rose by $45 billion in the April-through-June period, […]
Corporate Equality Index 2023 – New Criteria for the Woke Credit Score
[ad_1] (old ratings featured above; deemed not inclusive enough) I mentioned how the Corporate Equality Index (CEI) is the reason companies are going WOKE. This is the imaginary social credit score based on a company’s adherence to WOKE policies. The Human Right Campaign (HRC), a massive international political lobbying group that dictates the CEI score, […]
The American credit cycle is at a dangerous point
[ad_1] The celebrated tome “Capital in the Twentieth Century”, by Thomas Piketty, a French economist, runs to 204,000 words—longer even than Homer’s “Odyssey”. But the book’s central argument can be distilled to a single, three-character expression: r > g. As long as “r”, the real rate of return to capital, exceeds “g”, the real rate […]
Veteran investor David Roche says a credit crunch is coming for ‘small-town America’
[ad_1] A home in Lynch, Kentucky. Scott Olson | Getty Images The banking turmoil of March, which saw the collapse of several regional U.S. lenders, will lead to a credit crunch for “small-town America,” according to veteran strategist David Roche. The collapse of Silicon Valley Bank and two other small U.S. lenders last month triggered […]
Outlook for credit access hits record low, inflation expectations jump
[ad_1] A customer shops for eggs at a H-E-B grocery store on February 08, 2023 in Austin, Texas. Wholesale egg prices have begun declining more than 50% since December record highs according to Urner Barry data. Brandon Bell | Getty Images News | Getty Images Consumers are getting more pessimistic about inflation and their access […]
The Swiss rage about the demise of Credit Suisse
[ad_1] When swiss regulators announced that ubs would rescue Credit Suisse from the brink of collapse on March 19th, the troubled bank’s shareholders seemed lucky to avoid a total loss on their investment. Yet if any of the 1,700 who entered Zurich’s Hallenstadion on April 4th for the firm’s final annual general meeting were relieved, […]
After Credit Suisse’s demise, attention turns to Deutsche Bank
[ad_1] In recent weeks, euro-zone investors have experienced a sense of disbelief. Could banking turmoil really stay confined to America and Switzerland? On March 24th, as European bank stocks slumped, the disbelief faded. By the end of the day Christine Lagarde, president of the European Central Bank, had commented that Europe’s banks were safe and […]