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Buckle in.

This may be paid content. Snippet and attached chart.

Americans have skipped payments on more than 100 million student loans, auto loans and other forms of debt since the coronavirus hit the U.S., the latest sign of the toll the pandemic is taking on people’s finances.

The number of accounts that enrolled in deferment, forbearance or some other type of relief since March 1 and remain in such a state rose to 106 million at the end of May, triple the number at the end of April, according to credit-reporting firm TransUnion.

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I was able to get a three months deferred payments on my mortgage. It will extend the end date by three months only. I really did not need to but I am an IT contractor so I may loose my job at some point so I have me some additional savings.
 
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I was able to get a three months deferred payments on my mortgage. It will extend the end date by three months only. I really did not need to but I am an IT contractor so I may loose my job at some point so I have me some additional savings.

But will you pay more interest?

It is good to have backup plans/implementations.

I didn't make 2 mortgage payments ahead of time with the idea that I would someday need that buffer, I did it so that I would have a lower balance and pay less interest. It just worked out that I could take advantage of that. Late last year, when the Daimler CEO started laying off people and talking about a recession, I cut back on my discretionary spending and rebalanced my retirement funds to be more bonds than stocks. Sure enough, they laid off a bunch of IT staff in March and from what I hear, they are continuing.

It is interesting that months before anyone even knew about CV-19, much less were talking about it, that a number of CEOs and economists were talking about a worldwide recession last year.

Hmmm... :s0153:
 
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But will you pay more interest?

It is good to have backup plans/implementations.

I didn't make 2 mortgage payments ahead of time with the idea that I would someday need that buffer, I did it so that I would have a lower balance and pay less interest. It just worked out that I could take advantage of that. Late last year, when the Daimler CEO started laying off people and talking about a recession, I cut back on my discretionary spending and rebalanced my retirement funds to be more bonds than stocks. Sure enough, they laid off a bunch of IT staff in March and from what I hear, they are continuing.

It is interesting that months before anyone even knew about CV-19, much less were talking about it, that a number of CEOs and economists were talking about a worldwide recession last year.

Hmmm... :s0153:

No I did not pay more interest I just got a deferral for three months that will extend my mortgage end date by three months only.
 
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I was a little wise - in 2018 I paid two months ahead on my mortgage, so this summer I have been able to skip two payments. Mortgage is the only debt I have. I keep my CC paid off in full when it is due.

I feel sorry for those that have debt and live paycheck to paycheck. This isn't going to be pretty.
It is a choice that was made.
 
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How many jobs would we have lost if we had treated covid like a normal flu season?
That would have been "turnover." :eek:
It is interesting that months before anyone even knew about CV-19, much less were talking about it, that a number of CEOs and economists were talking about a worldwide recession last year.
I read many of those articles, including internal reports, and thought, "this is a self-made recession coming."
Despite that, word of delayed orders and things slowing down were circulating in our group, and my company was laying off people in EU. China had slowed to single digit GDP growth predictions. That one alone indicates recession.
 
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The student loan forbearance was automatically applied to my wife’s loan. I imagine all student loans were. It’s not like we had to apply for it. We paid off a significant chunk because of this and hope to make decent sized payments till October when the interest comes back. Right now anything paid goes direct to principal.

We were given the choice to apply for our mortgage forbearance. I’m thinking we might to take advantage of a few months of no interest.

I’m thinking this isn’t really a good portrait of the country’s financial problems.
 
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That would have been "turnover." :eek:
I read many of those articles, including internal reports, and thought, "this is a self-made recession coming."
Despite that, word of delayed orders and things slowing down were circulating in our group, and my company was laying off people in EU. China had slowed to single digit GDP growth predictions. That one alone indicates recession.

Yeah, that was pretty much the case with Daimler - slowed growth in China, but also elsewhere, including here in the USA; the previous couple of years had been record sales for DTNA, a lot of fleets replacing trucks with new trucks, so they projected sales of new trucks, and selling their used trucks would be slow this year due to market saturation (both new and used). Vocational trucks (dump, garbage, oil field, utility, etc.) get replaced more often due to heavy use apparently but OTR not so much.

Also, like a LOT of huge orgs Daimler tends to cut back on headcount across the board, not just in those divisions where they are suffering - they will cutback the profitable divisions to help the unprofitable survive. Automotive industry has been suffering for a while, especially the German manufacturers - BMW and VAG especially, etc. have been cutting back for years before. VAG suffered due to "diesel-gate" and that spread to other car manufacturers who sold diesel cars.
 

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