Credit card balances that were 30 days or more past due rose to 8.9% in Q1.
In 2019 the rate was about 7.0%. Before the Great Recession, it was between 8.5% and 12% (red line).
“Other” consumer credit balances – personal loans, payday loans, and Buy-Now-Pay-Later (BNPL) loans, etc. – that were 30 days or more past due inched up to 7.6%, a tad above where it was in 2018 and 2019 (blue).
Now that the Covid freebie tap has been largely turned off, the marginal consumer is unable to maintain the lifestyle to which he was previously accustomed.
well whut an f’ing coincidence. being retired and NOT working full time, CIBC, Libro, PC Financial, and l think it was TD are all in agreement l doan hab enuff inkcum.
yet today, l opened a walfart Mastercard in a matter of minits.
and every one of the finanshill firms turned. me. down. apparently its all my fault for not werking til l drop. and tq jim flatulance flaerty former finanshill minister under Harpoon harper decided to favour the big money boyz and changed the rule about rooming house rental i/c. to whit it is NO LONGER factored in re necessary qualifications
ie inkcum .
previously, only half because of its uncertainty. now ZIP.
curiously Ms Karma whom l now realize *has been in the background hammering the living shyt (literally) out of my enemies and abusers* decided THAT was unacceptable and killed the squishy little dollar man with a massive coronary.
google it. he godam deserved to DIE for, once again, following tried and true conservatist priorities he catered to the big money boyz. thus removing potential small business operators and rooming house landlords like me from the cometition for commerce, enterprise and business.
‘rih’ jimmy, aka rest in HELL godam textbook BULLY
EVERYTHING is overinflated in “value” … and the economic shell game is about to end. Hard. Just watch as The Fed lowers interest rates TWICE before the election … with promise of MORE cuts to come.
FJB and FFED
A commentator on Fox News a few days back claimed 20% of Americans have their credit cards maxed out. Scary.
As an aside: It’s one of life’s eternal mysteries to me – I really don’t understand those with outrageous credit card balances and I’ve met a few. I was charged with training a young single woman many moons ago who revealed to me that she owed more than $20,000. Oh honey, you’re obviously doing something wrong in your life. Take out a loan…pay it off…cut the damn card in half and don’t look back.
Did I mention the big 5 banks in this country are soul sucking bastards? My mistake. I must be slipping.
Just remember … you were TOLD! A businessman can’t possibly make a good President … a businessman doesn’t understand politics, and compromise, and the bigger picture. A businessman doesn’t understand … nuance … say, like a 50-year veteran politician.
Right?
I recall, back in university, the constant battle between student union presidents of different stripes. One year it may have been a poli-sci major, the next, a business student. That was the typical back & forth. They all had warts of some sort.
Curiously, during the time I was there, the best SU president we had was a philosophy major. That exploded a lot of heads…
Wonder if commenters above know what a credit card rate is in russia now…
The CC companies have since Chargex (now VISA), first came on the scene and became ubiquitous, always RAPED consumers via their Cr Crd Interest rate of 19.5%.
Glad MINE SITS @ ZERO – I use it daily – pay it off immediately & rack up the points.
As for Russia…?? good question, Is ” legitimate” Credit even a thing there..??