TRUMP SAYS: HUNTER MAKES FORTUNE FROM SHADY DEALS!
BIDEN FAMILY STINKS TO HIGH HEAVENS OF CORRUPTION!
DON'T GET LEFT OUT: HUNTER MUST BE STOPPED!
The government keeps telling us that the labor market is strong and unemployment is low. Yet, regardless, borrowers are increasingly being rejected for vehicle loans while consumer debt continues to rise.
A Federal Reserve Bank of New York survey of consumer credit released Monday showed a spike in the rate of auto-loan rejections, to 8.1% in October from 4.5% in the same month last year. That means they have almost doubled. It could be that borrowers are “tapped out” when it comes to debt, as SHTFPlan reported yesterday.
Secret Deep State Demands: The FBI Wants Consumers’ Credit Data
Market Watch reported that this lined up with a small dip in the unemployment rate. November saw a surprise dip in the U.S. unemployment rate, to 3.5% from 3.6%, matching a 50-year low and fueling optimism that a strong American consumer can help keep the economy chugging along beyond its record 11th year of expansion.
“The reported rejection rates for credit cards, mortgages, and mortgage refinancing applications all declined compared to 2018,” according to the Fed’s snapshot of its annual survey, which covers consumer experiences when applying for auto loans, credit cards, credit-card balance increases, mortgages, and mortgage refinancing.
Now beyond the decade mark, these years of easy money policies have allowed consumers to rack up debt in the wake of the Great Recession. Easy auto credit has fueled concerns that U.S. households could be on the verge of yet another financing bubble, only a few years after many borrowers emerged from the worst foreclosure crisis since the Great Depression.
Consumer debt is also still rising. It grew 4.8% in October versus a year earlier, however, some analysts at Bank of America Global Research see a more stable picture forming next year. “We believe consumer debt will continue to grow but the pace will continue to moderate, with expectations for slower growth in consumer spending (+2.3% YoY in 2020) and relatively stable lending standards,” wrote a team of analysts, led by Chris Flanagan, in a weekly note to clients.
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You will never be able to explain to the irresponsible borrower, why car and home ownership are not a civil right, nor to the irresponsible employer, why free laborers are not a civil right.
People want trucks and SUV’s.
New truck fully load 70,000 with sales tax of 5.5% (where I live)
$1000 down
8 year loan – Monthly payment $957.35
How do you pay for that on 30 grand a year? You think the bank wants to risk that with a “correction” on the horizon?
Dec 13, 2019 THEY DON’T WANT YOU TO KNOW: IT’S A WONDERFUL LIFE
There is no better Christmas time movie than the 1946 Jimmy Stewart classic, It’s A Wonderful Life. But NBC is going to make sure it’s very difficult to watch this year, and forever more. WHY?
https://youtu.be/ySatDqciDpA
I respectfully disagree with you on the best Christmas movie.
I think the best Christmas movie is the 1988 movie “Scrooged” staring Bill Murray. But hey, enjoy your movie, it is Christmas!
Jim, the last time I tried to get a car loan my bank told me I had to make at least $50,000 per year to qualify and even then I’ll still have trouble getting one. I finally said to hell with credit and still buy older vehicles for cash. 2 months before I relocated I bought a 2003 Dodge Ram 4×4 with only 130,000 miles for $5000 cash. The truck had been sitting in a garage for several years and needed a lot of work just to get it roadworthy plus replacing a set of tires that were dry-rotted. Only thing not working on the truck is the AC but I’ll get that done in the spring. At the end of July I loaded up that truck and finally relocated to my beloved BOL. At 138000 miles that truck runs like a champ. Made several out of town trips in it without any issues. I did have to spend about another $5000 grand right after getting it just so it would be driveable. Tuneup, belt, hoses, all fluids replaced, brake job, engine flush, and a set of tires. So for around $10,000 I got a truck that serves my purposes just fine AND it’s all paid for. Beats the hell out of $70,000 any day.