I think we’re about 2 months away from a solid 15-20% of the population being priced out of existing. Long-commuters (1+hr drive each way, 5 days a week) are going to get killed by gas prices, fixed income people are going to get killed by rising grocery prices, new homeowners are going to get killed by adjustable rate mortgages spiking, etc etc.
There is just no answer for these problems; you just can’t scale back your lifestyle when there are just no alternatives to price instability, and no ways to improve your earnings. It’s going to be millions of Americans maxing out credit cards to cover basic expenses.
We’re not even going to factor in the job losses that haven’t arrived (yet)
TacosAreJustice on
Can I still finance a hot dog at Costco? If so, it’s only going to get worse.
Personal credit bubble is going to be large… think about how the stage is currently set:
More access to credit than any time in human history… I’d be curious how much a person with a 600+ credit score could borrow from various lenders before the tap turns off… $100k? How much credit does the average person have right now, just sitting in their pocket? 30k per Google…
Anger. Not sure there’s an anger metric, but man, the country feels angry. I’m trying not to get overly political, but we can agree that trust in government is at an all time low… a society that doesn’t trust the system is much more likely to abuse it.
Job market sucks. Lots of people are going into credit card debt… everything is more expensive. Costs continue to rise…
But credit is available… how much can people borrow before the spigot turns off? Seems unlikely that lenders are going to say NO until it’s too late.
At some point, it stops working. No more balance transfers, no more minimum payments… just people giving up on paying it back.
Wrong-Camp2463 on
This is a clickbait article that offers no meaningful statistics how the percentage of CC debt is up any more than it usually is. 1 $ of debt is the same as .50$ debt a few years ago. Every week “millions of Americans are hitting a [insert name of debt type]”. Nothing but click bait headlines. We’re many meals away from “3 missed meals”
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I think we’re about 2 months away from a solid 15-20% of the population being priced out of existing. Long-commuters (1+hr drive each way, 5 days a week) are going to get killed by gas prices, fixed income people are going to get killed by rising grocery prices, new homeowners are going to get killed by adjustable rate mortgages spiking, etc etc.
There is just no answer for these problems; you just can’t scale back your lifestyle when there are just no alternatives to price instability, and no ways to improve your earnings. It’s going to be millions of Americans maxing out credit cards to cover basic expenses.
We’re not even going to factor in the job losses that haven’t arrived (yet)
Can I still finance a hot dog at Costco? If so, it’s only going to get worse.
Personal credit bubble is going to be large… think about how the stage is currently set:
More access to credit than any time in human history… I’d be curious how much a person with a 600+ credit score could borrow from various lenders before the tap turns off… $100k? How much credit does the average person have right now, just sitting in their pocket? 30k per Google…
Anger. Not sure there’s an anger metric, but man, the country feels angry. I’m trying not to get overly political, but we can agree that trust in government is at an all time low… a society that doesn’t trust the system is much more likely to abuse it.
Job market sucks. Lots of people are going into credit card debt… everything is more expensive. Costs continue to rise…
But credit is available… how much can people borrow before the spigot turns off? Seems unlikely that lenders are going to say NO until it’s too late.
At some point, it stops working. No more balance transfers, no more minimum payments… just people giving up on paying it back.
This is a clickbait article that offers no meaningful statistics how the percentage of CC debt is up any more than it usually is. 1 $ of debt is the same as .50$ debt a few years ago. Every week “millions of Americans are hitting a [insert name of debt type]”. Nothing but click bait headlines. We’re many meals away from “3 missed meals”