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re: US consumers with prime credit are starting to slip on payments
Posted on 8/27/25 at 8:39 am to N2cars
Posted on 8/27/25 at 8:39 am to N2cars
They were at historic lows because the government stopped the economy and then gave everyone money. Delinquency rates are above pre pandemic levels.
Yes, inflation is real. And yes, we should expect debt to rise if spending is not curtailed. The problem is that debt is rising and wages are stagnant, all while everything gets more and more expensive.
I’m not saying the sky is falling, I’m saying signs of weakness are becoming more and more prevalent.
Yes, inflation is real. And yes, we should expect debt to rise if spending is not curtailed. The problem is that debt is rising and wages are stagnant, all while everything gets more and more expensive.
I’m not saying the sky is falling, I’m saying signs of weakness are becoming more and more prevalent.
2
Posted on 8/27/25 at 8:43 am to The Third Leg
quote:
The problem is that debt is rising and wages are stagnant, all while everything gets more and more expensive.
Stagflation was seen as economic catastrophy in the 70s and 80s. Yet here we are steering hard into the heart of it.
Posted on 8/27/25 at 8:49 am to GeauxldMember
quote:
Is this a real surprise? Most Americans have far less buying power than we did just 5 years ago, so if someone was living at their means in 2020, how are they covering the inflation?
This is important and I really don’t think people understand how much. I’ve been digging through finances lately just trying to find ways to streamline and save money. Looking back at the initial budget I put together before we bought our house 5 years ago, I’m incurring about $1100/month in somewhat “non-discretionary” expenses in the last 5 years. Most of that is tied to insurance increases in car and homeowners. There’s other things we could cut back on, but trying to stay as close to apples to apples from 2020 vs 2025.
I mean how many people can easily absorb a 20% increase in their mortgage? A 60% increase in car insurance? Most of us have had monthly utility bills double, and then you factor in things like grocery costs and the insane price of vehicles now which has caused car prices to skyrocket. I can promise you my salary has not increased enough to break even with cost of living increases.
One of the guys that works for me has paid more in escrow than he does towards his principal since Hurricane Ida. His insurer dropped him, and no one would write him a policy. What choice do you have there? You go from a payment of about $1400/ month all in to $2600/month and make zero ground on your note despite almost doubling what you pay every month. True story.
It’s going to be interesting to see how this all shakes out.
Posted on 8/27/25 at 8:53 am to elprez00
quote:
I’m incurring about $1100/month in somewhat “non-discretionary” expenses in the last 5 years. Most of that is tied to insurance increases in car and homeowners. There’s other things we could cut back on, but trying to stay as close to apples to apples from 2020 vs 2025.
I mean how many people can easily absorb a 20% increase in their mortgage? A 60% increase in car insurance? Most of us have had monthly utility bills double, and then you factor in things like grocery costs and the insane price of vehicles now which has caused car prices to skyrocket. I can promise you my salary has not increased enough to break even with cost of living increases.
This is a train that has got to be slowed, or hopefully slow down on its own, at some point. How? Who the hell knows, but it's definitely worrisome.
Posted on 8/27/25 at 8:55 am to ragincajun03
Property taxes skyrocketing and home insurance skyrocketing will destroy many people.
Posted on 8/27/25 at 8:58 am to The Third Leg
Yes, so saying that delinquency rates have risen 40% in the past 4 years is true, it isnt a true indicator of historical data.
If I can loan 100 people 10,000 at 20%APR and I know already that 3 are not going to pay anything back and 43 are gonna carry a balance, but 54 are gonna not pay any interest, I'd do that all day, every day.
I'm going to have to unemployment really rise and default rates really increase before I get really concerned. JMO.
If I can loan 100 people 10,000 at 20%APR and I know already that 3 are not going to pay anything back and 43 are gonna carry a balance, but 54 are gonna not pay any interest, I'd do that all day, every day.
I'm going to have to unemployment really rise and default rates really increase before I get really concerned. JMO.
Posted on 8/27/25 at 9:27 am to GeauxldMember
quote:So some used toys about to get a whole lot cheaper...I'm in.
Every time I see people I know with the garage full of toys, the boat
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