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 […]

Feb 20 2015

The revival of the American debt machine: auto loans, student debt, and credit card debt surge in latest report. Total non-housing debt now at $3.15 trillion.

Last week while going through mountains of credit cards offers, it felt as if we were in 2005 and 2006.  Even last year, the cold calls started and it seemed like the debt machine was back and alive.  This is helpful news for consumers given that half of Americans are living paycheck to paycheck.  Now […]

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 […]

Jun 10 2014

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 […]

Feb 8 2014

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, […]

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