Temporarily embarrassed millionaire Americans go back into credit card debt: Credit card debt begins to tick up as tapped out Americans re-leverage once again. Average household has $7,000 in credit card debt.
It is hard to believe that a large part of the nation has already forgotten the Great Recession. A crisis created by too much debt and the financialization of global markets is now once again unleashing high levels of debt to keep consumption going. This makes sense given that 1 out of 4 working Americans […]
The shackles of consumer credit in a low rate environment – Banks would rather leverage low rates from the Fed than lend money to cash strapped American households. 15 percent average rate on credit cards and typical savings account rate near 0 percent.
In a world where debt equals the ability to purchase large items, access to debt is king. For this reason banks are the new modern day oligarchy since they have a nearly unlimited line of credit with the Federal Reserve. The public during the credit bubble days had access to nearly unlimited debt via mortgages, […]
The average American is broke and buying things they cannot afford with debt again. Debt based consumer financing again filling the gap of a shrinking middle class.
At a family Thanksgiving get together we typically have a usual crowd showing up to celebrate the year that has passed. For many, this is the only time we see each other. A familiar face was not there. We asked what happened and apparently he had to work on Thanksgiving Day because stores are now […]
100 million credit card accounts are gone since 2008 – Credit card balances decline by 22 percent since their 2008 peak.
Credit cards have been used as a lifeline and a way to live beyond one’s means in the United States for many years. Yet the current environment of deleveraging is hitting credit cards hard. The outstanding balance on credit card debt has reached a level last seen over a decade ago. This is positive since […]
The dark financial clouds engulfing Europe. CBO projects massive deficits yet Treasury Bills move lower on global mattress bet.
The Congressional Budget Office released national debt projections showing the US Federal debt will surge to over 200 percent of GDP in the next two decades. Or maybe it will go under 100 percent. It is an interesting wide range projection. You only have a few options to remedy the situation and for the moment […]
Contagion and the viral spreading of debt based systems – CEO pay at regional banks surge on average to $10.5 million thanks to bailouts while austerity is forced onto the middle class.
The biggest economy in the world just reached a new peak with their unemployment rate. We are not talking about the United States but the massive block in the Eurozone. The unemployment rate in the 17 country block reached a new all-time high at 10.9 percent as austerity measures are being used to combat massive […]
Hitting the credit card wall – Credit card debt contracts 17 percent as the grand American household deleveraging continues. Average household with credit card debt carries $16,000 at an average rate of 15% – Real broke housewives. Orange County California witnesses a 600 percent jump in bankruptcies.
Credit card debt has become a big financial albatross for many American families. According to the Federal Reserve Survey on Consumer Finance over 176 million credit cardholders exist in the United States. This is an amazing figure when you actually think about what a credit card is. A credit card essentially allows you to spend […]