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Personal Savings Rate at 14yr Low
Posted on 6/3/22 at 2:04 pm
Posted on 6/3/22 at 2:04 pm
Stolen from OT…. This is where it’s gonna get bad
LINK
quote:
In April, the personal savings rate in the US ticked down to a 14-year low of 4.4%, according to the latest figures from the Commerce Department.
That's half the rate it was in December, and roughly a third of where it was the year before. Many households are already in negative savings territory, meaning they are increasingly tapping into their savings to cover purchases each month.
"This isn't a normal recovery, and that fiscal stimulation is still in the pocketbooks of consumers," JPMorgan CEO Jamie Dimon told investors at a conference this week. "They're spending it, they're spending at very strong levels." But, he added, the drawdown could mean that consumers have only about six to nine months of spending power left.
LINK
Posted on 6/3/22 at 2:35 pm to Lsut81
Biden was just on tv saying americans have it better than ever!
Lol. They dont give a frick. Dancing as Rome burns.
Lol. They dont give a frick. Dancing as Rome burns.
Posted on 6/3/22 at 2:46 pm to USMCguy121
The above along with this for a few weeks back is a perfect storm brewing
quote:
Credit card balances rose year over year, reaching $841 billion in the first three months of 2022, according to data released Tuesday from the Federal Reserve Bank of New York.
Although balances fell slightly from where they stood at the end of 2021 following the peak holiday shopping season, they are expected to keep going up from here, according to researchers at the New York Fed. “There’s a good chance that Americans’ total credit card balances will soon reach a new record high, marking a sharp reversal from the precipitous drop that occurred in 2020 and early 2021,” said Ted Rossman, a senior industry analyst at CreditCards.com.
Posted on 6/3/22 at 3:26 pm to Lsut81
But it's different this time!
Posted on 6/3/22 at 3:52 pm to Lsut81
quote:We've never carried CC debt, so I don't pay attention to CC interest fees. Holy Cow! A 14% - 26% variable rate with Good to Excellent credit ? ! ? !?????
Credit card balances rose year over year
How the HELL does a middle class HH (or a fifth of "high earner" HHs) get roped into THAT?
Posted on 6/3/22 at 5:26 pm to Lsut81
My company just announced layoffs and can't promise more won't follow later this year. My savings rate is about to skyrocket just in case.
Posted on 6/3/22 at 5:29 pm to TDsngumbo
quote:
My savings rate is about to skyrocket just in case.
Posted on 6/3/22 at 6:27 pm to TDsngumbo
quote:
company just announced layoffs
What industry?
Seems like a very proactive approach and pulling the trigger a little too early at this point.
Posted on 6/3/22 at 6:47 pm to Lsut81
My household gas spending has quadrupled this year. I spent $600 last month on gas. Last year I was averaging $150. Partially going from WFH back to office, but half of the increase is gas prices
This post was edited on 6/3/22 at 6:48 pm
Posted on 6/3/22 at 8:32 pm to Upperdecker
quote:
My household gas spending has quadrupled this year. I spent $600 last month on gas. Last year I was averaging $150. Partially going from WFH back to office, but half of the increase is gas prices
Good. Sounds like they just need to squeeze you a little more to get you and your family to stop taking trips and start considering electric vehicles and public transportation.
See! The plan is working!
Posted on 6/4/22 at 6:48 am to TigerFanatic99
Problem is gonna be when all the McMansion people who stretched to buy their homes get squeezed.
Posted on 6/4/22 at 7:21 am to Lsut81
quote:McMansion's aside, inflation eats the Middle Class alive. It always has. Fixed salaries paid with significantly devalued currency ... not good!
Problem is gonna be when all the McMansion people
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