Americans are more in debt now than they were after the financial crisis

[Bladewire]

Yet another red flag about the financial crisis on the horizon.

"American household debt continues to climb to record levels, reaching $13.54 trillion in the fourth quarter of 2018.

According to the latest report from the Federal Reserve Bank of New York’s Center for Microeconomic Data, household debt is now $869 billion higher than 2008’s $12.68 trillion peak.

It is also 21.4% above the debt levels seen in the wake of the financial crisis in 2013."

Americans are more in debt now than they were after the financial crisis

American household debt continues to climb to record levels, reaching $13.54 trillion in the fourth quarter of 2018.

According to the latest report from the Federal Reserve Bank of New York’s Center for Microeconomic Data, household debt is now $869 billion higher than 2008’s $12.68 trillion peak.

It is also 21.4% above the debt levels seen in the wake of the financial crisis in 2013.

A large portion of this collective debt is a result of auto loans, which have been climbing steadily since 2011, increasing $9 billion in Q4.

Last year saw the highest level of auto loan debt in the 19 years that this data has been collected, with $584 billion in new auto loans and leases appearing on credit reports.

But a slowdown in mortgage originations has tempered debt growth in Q4, the New York Fed said.

Mortgage originations declined from $445 billion to $401 billion, reaching their lowest level in nearly four years. Mortgage balances totaled $9.1 trillion, mostly unchanged from the previous quarter.

Delinquencies were also flat, with 1.1% of mortgage balances late by 90 days or more.

HELOC balances also declined, falling $10 billion in Q4 to $412 billion – the lowest level in 14 years.

While mortgage debt declined, credit card and student debt rose. Outstanding student loan debt climbed to $1.46 trillion from $1.44 trillion, while credit card balances increased $26 billion to $870 billion, consistent with seasonal patterns.

On a positive note, bankruptcy notations were down in Q4. About 195,000 consumers had a bankruptcy notation added to their credit reports, down 5,000 from the same time last year.

[kane]

It's no shock. Real wages have been flat since Reagan while the cost of living has skyrocketed. The middle class is bringing some of this on themselves by using easy to get credit to live beyond their means, but still, even if you just want a normal house, normal car, and normal life and you are a typical middle class person you likely have to go into debt to get it.

It's only going to get worse as the Millennials enter the world many of them already have massive student debt so they are in a hole before they even get a job and try to build a life. We are seeing it play out as many of them don't own homes, aren't getting married, and aren't having kids.

[pimpmaster9000]

MAGA confirmed...

[Acepimp]

[King Mark]

Originally Posted by Acepimp

You guys would do what Saudi does if it was legal here tho.

That's why:

[TheSquealer]

March 2019, Dept of Labor.

Facts.

[TheSquealer]

[Acepimp]

Originally Posted by Dead Eye

You guys would do what Saudi does if it was legal here tho.

I believe that's false. You may recall that the new crown prince was appointed June 2017. Then, Kushner took a secret, unannounced trip there in Oct 2017. Then, in early Nov 2017 the Saudis cracked down on corrupt officials and military leaders.

More than 200 arrested in Saudi Arabia’s ‘corruption’ crackdown

And now the crown prince wants to become more moderate, let women drive, and invest in technology (jobs)

Seems pretty clear that Trump sent Kushner to advise MBS on draining their swamp.

[OneHungLo]

158,000,000

people are employed. The most in the history of the US

[GAMEFINEST]

Shit is getting more expensive

[2MuchMark]

Acepimp, OneHungLo and The Squeeler:

No one here is qualified to rebut the findings at https://www.newyorkfed.org/medialibr...HDC_2018Q4.pdf

And bringing in anyone else into this conversation such as Hillary Clinton, or posting memes about the Job rate etc, do not serve to answer the question. I know its fun to post this kind of thing, but its boring and just creates noise.

And if you do not agree with the findings, just for now pretend that they are accurate.

What do you think is the root cause of the problem and how could it be fixed? Be Bestesteseses.

[Bladewire]

Originally Posted by 2MuchMark

Acepimp, OneHungLo and The Squeeler:

No one here is qualified to rebut the findings at https://www.newyorkfed.org/medialibr...HDC_2018Q4.pdf

And bringing in anyone else into this conversation such as Hillary Clinton, or posting memes about the Job rate etc, do not serve to answer the question. I know its fun to post this kind of thing, but its boring and just creates noise.

And if you do not agree with the findings, just for now pretend that they are accurate.

What do you think is the root cause of the problem and how could it be fixed? Be Bestesteseses.

They aren't capable of correlating the fact that credit inquiries have gone down, lending has gone down, and debt has skyrocketed to a record high.

Household net worth crashes - record low since financial crisis $3.7 trillion lost

Translation: fewer people are being accepted for credit cards & loans more people are delinquent & defaulting on their credit cards & loans and they're charging more on the cards & keeping a higher balance.

You would think that of all people Trump supporters would want to have an honest discussion about economics but unfortunately they're in denial and playing team sports.

And when things do crash Trump supporters will say it was expected no big deal nothing to do with Trump.

[TheSquealer]

[Acepimp]

Originally Posted by 2MuchMark

Acepimp, OneHungLo and The Squeeler:

No one here is qualified to rebut the findings at https://www.newyorkfed.org/medialibr...HDC_2018Q4.pdf

And bringing in anyone else into this conversation such as Hillary Clinton, or posting memes about the Job rate etc, do not serve to answer the question.

What do you think is the root cause of the problem and how could it be fixed?

None of this matters. Trump has signed an EO that will allow him to seize the assets of big time criminals.

MSU SCHOLARS FIND $21 TRILLION IN UNAUTHORIZED GOVERNMENT SPENDING; DEFENSE DEPARTMENT TO CONDUCT FIRST-EVER AUDIT

Holding U.S. Treasurys? Beware: Uncle Sam Can't Account For $21 Trillion

Wow, 21 trillion. No worries, Trump has people going after it. Once he drops several Trillion dollars back into the treasury, those "findings" will be completely irrelevant.

[Bladewire]

Household net worth reaches 10 year lows since the financial crisis and household debt is at a record high.

There's no sugar coating those facts.

[Acepimp]

[pimpmaster9000]

Originally Posted by OneHungLo

158,000,000

people are employed. The most in the history of the US

Every single president had the same stats on account of population increase...but red hats are really really dumb so it goes above their head...I like how desperate you are tho...it amuses me to see you squirm like that...

[pimpmaster9000]

Originally Posted by Acepimp

What a joke LOL

[Acepimp]

Originally Posted by crucifissio

What a joke LOL

[RedFred]

Originally Posted by Acepimp

None of this matters. Trump has signed an EO that will allow him to seize the assets of big time criminals.

We've had civil forfeiture asset laws since the early 80's.

How could someone that claims to live in America not know this??

And BTW, Trump cannot seize anyone's assets, as much as you want him to be he is not a king.

[Acepimp]

Originally Posted by RedFred

We've had civil forfeiture asset laws since the early 80's.

How could someone that claims to live in America not know this??

And BTW, Trump cannot seize anyone's assets, as much as you want him to be he is not a king.

Hello Fred. Lemme know when ur coming for drinks.

Executive Order Blocking the Property of Persons Involved in Serious Human Rights Abuse or Corruption

“any foreign person determined by the Secretary of the Treasury, in consultation with the Secretary of State and the Attorney General… to be a current or former government official, or a person acting for or on behalf of such an official, who is responsible for or complicit in, or has directly or indirectly engaged in… corruption, including the misappropriation of state assets, the expropriation of private assets for personal gain, corruption related to government contracts or the extraction of natural resources, or bribery…”


2018 Amendments to the Manual for Courts-Martial, United States

..establishes the preservation of the government’s right to prosecute crimes of treason and deep state collusion against America, all of which may be prosecuted via military tribunals under existing U.S. law.

------------------

This would allow deep state traitors to be arrested by military police and subjected to military trials run by the Pentagon, completely bypassing the corrupt court system which has been deliberately stacked with complicit deep state traitors and “resistance” judges.

Try to keep up, dude

[AmeliaG]

Who do we need two threads on this? I'm going to repeat what I said about credit card debt. In addition to credit card debt, those numbers include people finally able to buy homes and cars.

But how greedy and selfish and against social mobility does a person have to be to think it was good when large groups of Americans were not permitted (bank leverage requirements, anti self-employed regs, Operation Choke Point) to get mortgages or business loans or got their credit cards turned off???

This is a good thing. You have to keep in mind that the total debt figures include amounts that the user will pay off in full when their statement cycles.

People actively using charge cards means that commerce is happening. That amount growing probably says more about consumer confidence than impending disaster.

A lot of small businesses charge their credit cards up each month and then pay them off each month before incurring finance charges. This establishes creditworthiness and gives an operating capital buffer.

Access to capital is crucial for business and small business often has easier access to credit card debt than other types.

[Bladewire]

Originally Posted by AmeliaG

This is a good thing. You have to keep in mind that the total debt figures include amounts that the user will pay off in full when their statement cycles.....

....Access to capital is crucial for business and small business often has easier access to credit card debt than other types.

Most people do not pay their credit card balance in full every month.

The average American is now at a record high $67,000 in debt.

This is consumer debt not business debt.

We're now at higher levels of low net worth and high debt than we were during the financial crisis.

You might see these things as positive but financial analysts see these markers as negative red flags for the economy.

[AmeliaG]

Originally Posted by Bladewire

Most people do not pay their credit card balance in full every month.

The average American is now at a record high $67,000 in debt.

This is consumer debt not business debt.

We're now at higher levels of low net worth and high debt than we were during the financial crisis.

You might see these things as positive but financial analysts see these markers as negative red flags for the economy.

Given the average cost of a house or an advanced degree, both things nearly always paid for with credit, $67,000 means a lot more Americans still need to own homes and achieve higher education, so that number would ideally be higher.

Different financial analysts have very different views of ideal markers because different groups either do or do not wish to expand the prosperity of the middle class.

A college-educated employed homeowner, driving past a homeless encampment, in a late model car, will have a debt-heavy much lower net worth than the folks living in tents, under an overpass, but which of those options should be our goal in America?

[Acepimp]

[The Porn Nerd]

On a more positive note: my penis has grown 0.2% since last quarter.

I credit the new vitamins I consume every morning. Now I can almost touch the G Spot!

[huey]

If more people are working and have jobs it makes sense that they carry more debt because they do not fear having to pay it back. Debt is what makes the world go around.

[Paul Markham]

Americans live beyond their means. This didn't start with trump it's been going on for decades.

Add that to the falling number of real jobs paying decent wages for decades and you have the highest personal debt.

[Brian mike]

brainwash

[RedFred]

Originally Posted by huey

If more people are working and have jobs it makes sense that they carry more debt because they do not fear having to pay it back. Debt is what makes the world go around.

Trump has officially created a generation of dumbasses.

[Bladewire]

↑↑↑ Truth

[BaldBastard]

1.1 trillion.. budgeted deficit

Republicans.. party of fiscal responsibility!

What country ya gonna borrow that from?..

[huey]

Originally Posted by RedFred

Trump has officially created a generation of dumbasses.

Do you have a mortgage?

[Bladewire]

Originally Posted by MrBaldBastard

1.1 trillion.. budgeted deficit

Republicans.. party of fiscal responsibility!

What country ya gonna borrow that from?..

China

[AmeliaG]

Originally Posted by huey

Do you have a mortgage?

Crickets and your question here is key to people understanding what these numbers mean.

[huey]

Originally Posted by AmeliaG

Crickets and your question here is key to people understanding what these numbers mean.

The more money I make the more good debt I take on. : )

[tony286]

Originally Posted by OneHungLo

158,000,000

people are employed. The most in the history of the US

Most of them pay shit so who cares. Also debt doesn't go up as dramatically when times are good.Also lots of late payments and no payments those don't go up in good times.How many smart people are brainwashed by the orange fool is stunning

[Paul Markham]

Originally Posted by RedFred

Trump has officially created a generation of dumbasses.

So was it intelligent people who voted him in? According to so many the dumbasses were the ones voting Trump. So they already existed.

[Paul Markham]

Originally Posted by tony286

Most of them pay shit so who cares. Also debt doesn't go up as dramatically when times are good.Also lots of late payments and no payments those don't go up in good times.How many smart people are brainwashed by the orange fool is stunning

Now we have another fool blaming Trump for what's been going on for for forty years. Trump is trying to turn it around. Telling big exporters to the US they have to buy more from the US, stopping illegal immigrants from entering to work in the US, etc.

What previous Presidents did those?