Mainecat Posted February 11, 2020 Share Posted February 11, 2020 U.S. Household Debt Exceeds $14 Trillion for the First Time Source: Yahoo Americans increased their borrowing for the 22nd straight quarter as more households took out loans to buy homes or refinance existing mortgages, according to a report released today from the Federal Reserve Bank of New York. Total debt for people ages 18 to 29 rose to a record $1.04 trillion. Student debt increased to $1.51 trillion from $1.46 trillion at the end of 2018. More than $100 billion in student debt is held by those age 60 and over. Auto loans rose to $1.33 trillion, while credit card debt rose to a record $930 billion. <snip> Almost 5% of auto loans are 90 days of more delinquent. This is the highest percentage since the third quarter of 2011. Credit card delinquencies rose to 8.36% an 18-month high. Read more: https://finance.yahoo.com/news/u-household-debt-exceeds-14-160303784.html Meanwhile total U.S. debt as a percentage of GDP rose to 5.1% last year, the highest it's been since the end of the Republican Great Recession, up 34% from the previous year, which was up from the year before that. All under Republican fiscal policy, supposedly advertised fiscal conservative policy. NOT! Quote Link to comment Share on other sites More sharing options...
Angry ginger Posted February 11, 2020 Share Posted February 11, 2020 i like people that take out debt to buy/refinance homes. keep it going 1 Quote Link to comment Share on other sites More sharing options...
Mainecat Posted February 11, 2020 Author Share Posted February 11, 2020 I have seen many crashes in the economy over my years. Another one is coming....it always does. Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted February 11, 2020 Share Posted February 11, 2020 18 minutes ago, Mainecat said: U.S. Household Debt Exceeds $14 Trillion for the First Time Source: Yahoo Americans increased their borrowing for the 22nd straight quarter as more households took out loans to buy homes or refinance existing mortgages, according to a report released today from the Federal Reserve Bank of New York. Total debt for people ages 18 to 29 rose to a record $1.04 trillion. Student debt increased to $1.51 trillion from $1.46 trillion at the end of 2018. More than $100 billion in student debt is held by those age 60 and over. Auto loans rose to $1.33 trillion, while credit card debt rose to a record $930 billion. <snip> Almost 5% of auto loans are 90 days of more delinquent. This is the highest percentage since the third quarter of 2011. Credit card delinquencies rose to 8.36% an 18-month high. Read more: https://finance.yahoo.com/news/u-household-debt-exceeds-14-160303784.html Meanwhile total U.S. debt as a percentage of GDP rose to 5.1% last year, the highest it's been since the end of the Republican Great Recession, up 34% from the previous year, which was up from the year before that. All under Republican fiscal policy, supposedly advertised fiscal conservative policy. NOT! Thats funny. Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted February 11, 2020 Share Posted February 11, 2020 12 minutes ago, Mainecat said: I have seen many crashes in the economy over my years. Another one is coming....it always does. There is good and bad debt. Quote Link to comment Share on other sites More sharing options...
Angry ginger Posted February 12, 2020 Share Posted February 12, 2020 1 hour ago, ArcticCrusher said: There is good and bad debt. overleveraging homes isn't good, ask all the people who had to short sale or get foreclosed on when they over leveraged Quote Link to comment Share on other sites More sharing options...
Ez ryder Posted February 12, 2020 Share Posted February 12, 2020 3 hours ago, Mainecat said: I have seen many crashes in the economy over my years. Another one is coming....it always does. waiting for it . I fully plan on spending bit on a property or 2 in FL Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted February 12, 2020 Share Posted February 12, 2020 1 hour ago, Angry ginger said: overleveraging homes isn't good, ask all the people who had to short sale or get foreclosed on when they over leveraged No but leveraging is good. I can give you a no brainer example I am currently looking to implement. Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Highmark Posted February 12, 2020 Platinum Contributing Member Share Posted February 12, 2020 3 hours ago, Mainecat said: I have seen many crashes in the economy over my years. Another one is coming....it always does. Really Nostradamus? Quote Link to comment Share on other sites More sharing options...
Angry ginger Posted February 12, 2020 Share Posted February 12, 2020 14 minutes ago, ArcticCrusher said: No but leveraging is good. I can give you a no brainer example I am currently looking to implement. you may use your leverage to invest but too many end up at 60 something with nothing to show for it after using their home as an ATM for their entire life. Quote Link to comment Share on other sites More sharing options...
Mainecat Posted February 12, 2020 Author Share Posted February 12, 2020 1 hour ago, Angry ginger said: overleveraging homes isn't good, ask all the people who had to short sale or get foreclosed on when they over leveraged In the 80’s, 90’s and 2000nds and soon again. Many here are clueless to that. Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted February 12, 2020 Share Posted February 12, 2020 19 minutes ago, Angry ginger said: you may use your leverage to invest but too many end up at 60 something with nothing to show for it after using their home as an ATM for their entire life. Borrowing rates here are under 3%. I can borrow against my home on an asset making 10% easily. Can't help the blind. Quote Link to comment Share on other sites More sharing options...
motonoggin Posted February 12, 2020 Share Posted February 12, 2020 11 hours ago, Highmark said: Really Nostradamus? Predicting another recession isn't exactly Earth shattering considering we average one every decade. It's coming, no doubt about that, just a matter of when. Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted February 12, 2020 Share Posted February 12, 2020 12 minutes ago, motonoggin said: Predicting another recession isn't exactly Earth shattering considering we average one every decade. It's coming, no doubt about that, just a matter of when. Timing one apparently is. Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Highmark Posted February 12, 2020 Platinum Contributing Member Share Posted February 12, 2020 13 minutes ago, motonoggin said: Predicting another recession isn't exactly Earth shattering considering we average one every decade. It's coming, no doubt about that, just a matter of when. That's what i meant. Quote Link to comment Share on other sites More sharing options...
AKIQPilot Posted February 12, 2020 Share Posted February 12, 2020 15 hours ago, ArcticCrusher said: Thats funny. Looks like 10% of the debt is student loans and 10% is auto loans. That seems like a lot. Wonder what home mortgage debt amounts to. Quote Link to comment Share on other sites More sharing options...
Anler Posted February 12, 2020 Share Posted February 12, 2020 Hopefully Bernie Sanders wipes that out when he becomes president. 1 Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Highmark Posted February 12, 2020 Platinum Contributing Member Share Posted February 12, 2020 Bernie's gonna snap his fingers and voila.....student debt is gone. Quote Link to comment Share on other sites More sharing options...
revkevsdi Posted February 12, 2020 Share Posted February 12, 2020 28 minutes ago, Highmark said: Bernie's gonna snap his fingers and voila.....student debt is gone. You mean like Trump promised to do with the nations debt? Quote Link to comment Share on other sites More sharing options...
Angry ginger Posted February 12, 2020 Share Posted February 12, 2020 3 hours ago, revkevsdi said: You mean like Trump promised to do with the nations debt? Hopefully if bernies elected it works just like trumps promis on the nations debt. 1 Quote Link to comment Share on other sites More sharing options...
revkevsdi Posted February 12, 2020 Share Posted February 12, 2020 1 minute ago, Angry ginger said: Hopefully if bernies elected it works just like trumps promis on the nations debt. Yeah, it would suck to spend the money on health care and education of citizens when it has worked so well spending on the arms and oil industry. The last thing Republicans want is an educated population. Quote Link to comment Share on other sites More sharing options...
DriftBusta Posted February 12, 2020 Share Posted February 12, 2020 3 minutes ago, revkevsdi said: Yeah, it would suck to spend the money on health care and education of citizens when it has worked so well spending on the arms and oil industry. The last thing Republicans want is an educated population. Our Democratic state senators are calling his budget a “travesty” because he cut back on the number of subs he wants to build in our defense industry state. No one has paid any attention to his budget reform proposals. No one cares that our allies are being forced to contribute more to their defense. They just don’t want their own ox gored. Not defending Trump as much as pointing out some of the hypocrisy. House has to approve his budget. Does anyone actually think a budget that slashed spending has a chance of being passed? Quote Link to comment Share on other sites More sharing options...
snoughnut Posted February 12, 2020 Share Posted February 12, 2020 3 hours ago, Highmark said: Bernie's gonna snap his fingers and voila.....student debt is gone. That's funny and I'm no Bernie fan but the govt. did that very thing for Wall Street via TARP. It blows my mind how this country puts the banking industry on a pedestal. 1 Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Highmark Posted February 12, 2020 Platinum Contributing Member Share Posted February 12, 2020 16 minutes ago, snoughnut said: That's funny and I'm no Bernie fan but the govt. did that very thing for Wall Street via TARP. It blows my mind how this country puts the banking industry on a pedestal. My point is it doesn't disappear. Everyone else pays for it. Quote Link to comment Share on other sites More sharing options...
Angry ginger Posted February 12, 2020 Share Posted February 12, 2020 31 minutes ago, revkevsdi said: Yeah, it would suck to spend the money on health care and education of citizens when it has worked so well spending on the arms and oil industry. The last thing Republicans want is an educated population. we already bailed enough irresponsible people out, we certainly don;t need to make college free. if you made good choices you should easily be able to pay back your student loans. if you didn't, well fuck you feel free to keep working at Starbucks with your womens study degree buried in debt. We need to address college costs- it needs to start with the cost of tuition not bailing people out of their idiocy. Quote Link to comment Share on other sites More sharing options...
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