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The banks have no way of knowing what I "need", despite having more than $100k in available credit nobody has asked me to verify a single thing.
Credit is still very loose...
They know everything about you....
High interest rates don't cause inflation, its the other way around. Large spending cuts, or not raising the debt ceiling will just be highly deflationary.
Credit debt is decreasing rapidly as consumers pay it off, and delinquencies are way way down. I forgot actual numbers but they are significant according to Bloomberg Businessweek, I want to say $1 trillion less debt vs 2 years ago. Credit is becoming fast and loose again but people in general aren't falling for it, most likely because many feel rather insecure about their jobs and the economy. Probably why you see all these offers - banks are shotgunning them out hoping people bite. And probably why they are putting just necessities on their cards instead of lavish luxuries like the days of yore.
Credit debt is decreasing rapidly as consumers pay it off, and delinquencies are way way down. I forgot actual numbers but they are significant according to Bloomberg Businessweek, I want to say $1 trillion less debt vs 2 years ago. Credit is becoming fast and loose again but people in general aren't falling for it, most likely because many feel rather insecure about their jobs and the economy. Probably why you see all these offers - banks are shotgunning them out hoping people bite. And probably why they are putting just necessities on their cards instead of lavish luxuries like the days of yore.
I am not sure where you are getting your statistics, but they seem to be outdated.
Consumer debt stopped decreasing several months ago, and now is in fact increasing.
I am not sure where you are getting your statistics, but they seem to be outdated.
Consumer debt stopped decreasing several months ago, and now is in fact increasing.
Maybe I have read too much Doom P0rn lately, but that read a bit (quite a bit) like polished corporate PR.
An awful lot of Glib Happy talk -- when you consider the reason the Consumer / CC debt reduced was in large part due to billions that had to charged off by the CC Companies due to massive defaults.
Yet, we are suppose to believe this is some how due to the debt ceiling nonsense? Also, the place you'd want to look in terms of whether investors are worried about default is bond yields, after all, we are talking about defaults on bonds.
The US dollar index has been weakening for the past year.
Why worry about it? Like I said 4 years ago, you will never see $1 = 1 Euro for as long as you live.
It's only a matter of time before OPEC either switches to the Euro, goes to a basket currency, or allows members to choose their own currencies, and that will drop the Dollar even further.
Quote:
Originally Posted by jimhcom
I can see where you would get the wrong impression from that article.
Here is a little more comprehensive look at the situation.
I thought that guy did a good job breaking that down.
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