Jul 31 2015

The economy chugs along with consumers going into deep credit card debt: Credit card debt surges in top 25 US metro areas according to Equifax data.

Credit card debt is like crack for the American consumer.  A cheap alternative to pure spending cocaine but enough to keep you on the hamster wheel of consumption.  I recently discussed how credit card debt while remaining subdued since the Great Recession suddenly made a 180 degree turn.  Americans are spending money they don’t have […]

Jul 28 2015

You Cannot Afford a $250,000 Home with a $50,000 Household Income!

People are still surprised why new home sales remain anemic and new home building is simply not materializing.  The latest Census data shows that the typical new home sold for $281,000.  At the same time we also realize that your typical U.S. household is making about $50,000 per year.  The reason home sales remain weak […]

Jul 26 2015

Credit card debt makes up for lack of income growth: Credit card debt outstanding back up to $900 billion. Since 1980 household income up 300% while credit card debt up 1,760%.

The middle class started disappearing in earnest in the late 1970s.  Massive inflation started eating away at the standard of living for most Americans.  Yet much of this was covered up by access to debt.  Credit cards, creative mortgages, student loans, and auto debt all allowed Americans to continue acting as if prosperity was only […]

Apr 24 2015

Two-thirds of Americans don’t understand how credit cards work: The debt addiction in your pocket.

There is something alluring about swiping a card and making a purchase.  It almost seems euphoric and fun.  Credit cards come in a variety of sleek designs to help you part with your current and future income.  Americans are deeply in debt.  Mortgages, student loans, auto debt, and credit cards consume a large portion of […]

Feb 24 2015

Subprime lending at highest level since financial crisis hit: The three leading subprime categories are auto loans, credit cards, and student debt. $189 billion in subprime loans made in 2014.

The euphoria is bleeding into every corner of our debt driven economy.  Access to credit is being given to consumers but unfortunately, the loans are tied to items that are counter to becoming financially healthy.  More to the point, subprime loans have reached levels that were last seen only during the financial crisis.  As fewer […]

Aug 9 2014

Masters of debt easing access to debt again: FICO score adjustments will allow people to take on more leverage at market peaks.

It is no coincidence that as the market gets long in the tooth, the crafty financial sector is looking for ways to offload products onto the public. This is the modus operandi of Wall Street in that after a historic bull run brought on by massive financial assistance from the government and Fed, it is […]

Jul 29 2014

Collection nation: One out of three consumers have debts in collection over the past year. A total of 77 million Americans are having problems managing their debt. 22 million consumers have zero credit.

A recent report by the Urban Institute and Encore Capital Group’s Consumer Credit Research Institute has found some rather startling news about consumer debt in the United States. Over one third of consumers had some sort of debt in collection over the past year. Of course this coincides with the struggling employment growth that many […]

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