On the inflation front ...

[Mikej]

Straight up comedy.

View: https://youtu.be/MWNWijQ-_aQ?si=wrdEiOStnWqqnPVa

How do you know when anyone in the biden Administration is LYING?

Answer: When ANY SOUND is coming from their Pie-hole.

 

[arakboss]

Nearly 1 in 4 Americans with debt are putting less money toward credit card payments: 'People are really struggling'

Credit card debt in the U.S. has reached a record high but around 23% of Americans are putting less money toward paying it down, per New York Life's survey.

www.cnbc.com

 

[Alexx1401]

Nearly 1 in 4 Americans with debt are putting less money toward credit card payments: 'People are really struggling'

Credit card debt in the U.S. has reached a record high but around 23% of Americans are putting less money toward paying it down, per New York Life's survey.

www.cnbc.com

I STRONGLY suspect we will soon see a massive amount of filings of people who walk away from the debt. Then those same people will SCREAM for law makers to pass new laws to prevent there piss poor credit rating from being used against them.

 

[CamoDeafie]

I STRONGLY suspect we will soon see a massive amount of filings of people who walk away from the debt. Then those same people will SCREAM for law makers to pass new laws to prevent there piss poor credit rating from being used against them.

Probably concurrent, credit card APR rates going up into the stratosphere,.maybe higher than the 38.5% APR interest rates of those skeevy "payday loans" places?

 

[Alexx1401]

Probably concurrent, credit card APR rates going up into the stratosphere,.maybe higher than the 38.5% APR interest rates of those skeevy "payday loans" places?

Could well happen. I have not payed attention so don't know if they finally got rid of those pay day loan spots around here. For years the law makers were squawking about doing away with them. I always figured adults can make adult choices. Should be fun to watch the big banks though when people start walking away from CC debt. No doubt they will arrange another bail out where I have to pay for it.

 

[CamoDeafie]

Could well happen. I have not payed attention so don't know if they finally got rid of those pay day loan spots around here. For years the law makers were squawking about doing away with them. I always figured adults can make adult choices. Should be fun to watch the big banks though when people start walking away from CC debt. No doubt they will arrange another bail out where I have to pay for it.

They're still everywhere down here in Oregon. Right now for standard credit cards offers, seems an adjustable/variable APRs of 18.5% all the way to 29.99% depending on card issuers and so forth.

Edit, some of them have "0% APR introductionary" for 6 months to 18 months and then bam 19% to 30% APR

 

[Jay Walk]

Recession always follows a freight crash.

UPS To Lay Off 12,000 Employees

3 days ago The shipping giant, which forecast weak demand for parcel delivery in 2024, has said it plans to lay off 12,000 employees .

 

[Alexx1401]

They're still everywhere down here in Oregon. Right now for standard credit cards offers, seems an adjustable/variable APRs of 18.5% all the way to 29.99% depending on card issuers and so forth.

Edit, some of them have "0% APR introductionary" for 6 months to 18 months and then bam 19% to 30% APR

Several cards are forever offering me 0% deals. Now and then I take advantage of them but of course pay it back. The way things are going I fully expect a LOT of write off in the near future. We have seen this before and of course few learned.

 

[CamoDeafie]

Several cards are forever offering me 0% deals. Now and then I take advantage of them but of course pay it back. The way things are going I fully expect a LOT of write off in the near future. We have seen this before and of course few learned.

I seem to remember a 7.9% fixed APR rate was considered high. How long ago was that?

 

[Alexx1401]

I seem to remember a 7.9% fixed APR rate was considered high. How long ago was that?

Remember for a LONG time Fed kept rate at near zero. So banks got money free. Only way to really make money was CC type loans. Some people of course get in way over their heads but why not? They see over and over others feel no real pain so they don't care. Of course when they walk away from debt they soon find out with a really bad credit score it can GREATLY effect them for years.

 

[coreymet]

Heard an interesting hypothesis the other day (possibly on Lars Larson; not sure where): There will be such HUGE numbers of defaults on credit cards the issuers will not be able to cover the debt. Then the issuing bank gets sold off to the Federal Reserve Bank, which then starts down the road to digital currency controlled by the central bank. Then they can track ALL our spending and deny/approve whatever they wish.

 

[Alexx1401]

Heard an interesting hypothesis the other day (possibly on Lars Larson; not sure where): There will be such HUGE numbers of defaults on credit cards the issuers will not be able to cover the debt. Then the issuing bank gets sold off to the Federal Reserve Bank, which then starts down the road to digital currency controlled by the central bank. Then they can track ALL our spending and deny/approve whatever they wish.

While I have ZERO doubt they would LOVE to get rid of cash no one ever seems to find the "solution" to the illegal economy. Mainly drugs. We are talking BILLIONS of dollars. Law makers will soon find a LOT of VERY pissed off billionaires if they shut off their income. Since no way are they going to be able to deal with the digital cash selling drugs. IRS would sure as hell love them to try. No more laundering money any more. It sure will be fun to watch this play out.

 

[Hanhoon]

Faccabrute, aka Janet Yellen is a joke. I mean look at her lol. Just another puppet that is worth less than wet garbage on a hot day.

 

[arakboss]

Probably concurrent, credit card APR rates going up into the stratosphere,.maybe higher than the 38.5% APR interest rates of those skeevy "payday loans" places?

40% APR is a bargain, compared to pawn rates. Most pawn loans exceed 100%APR. It's not uncommon to see APRs near 150%. The smaller the loan the higher the APR because of fixed fees.

BTW, I just transferred my only loan balance over to onpoint card at 1.99% rate for 12months.

 

[Alexx1401]

40% APR is a bargain, compared to pawn rates. Most pawn loans exceed 100%APR. It's not uncommon to see APRs near 150%. The smaller the loan the higher the APR because of fixed fees.

BTW, I just transferred my only loan balance over to onpoint card at 1.99% rate for 12months.

DAMN! No wonder so often I would find good deals at Pawn places. Never having pawned anything I had no idea they rape them that bad. Surprised the people screaming about pay day loan are not screaming about the pawn.

 

[arakboss]

DAMN! No wonder so often I would find good deals at Pawn places. Never having pawned anything I had no idea they rape them that bad. Surprised the people screaming about pay day loan are not screaming about the pawn.

Surprisingly the State sets the fees, so they would have to critique their own work to change things.

 

[Certaindeaf]

Just got back from shopping at winco.. rarely buy frozen pizzas but a couple years ago, the little Totinos pizzas were round and cost $1. Now they're $2 and rectangular.
Suck it, Joe!

Oh and edit to add they used to be in cardboard boxes, now they're in a plastic sack with a dirty syringe and some fentanyl inside.
Well, probably.

 

[Jay Walk]

56% of middle class are having trouble paying for groceries.
Think about that.

 

[arakboss]

56% of middle class are having trouble paying for groceries.
Think about that.

My guess is that 56% doesn't shop at Grocery Outlet.

 

[TTSX]

56% of middle class are having trouble paying for groceries.
Think about that.

And their multiple car payments, large house payment, Netflix subscription, premium phone plans, name brand clothes, a Starbucks or two per day....

The middle class as a whole can easily tighten their belts, they just don't wanna.