My thought is I don’t think this accounts for the afterpay stuff, which seems to have grown in prevalence. Buy now, pay later type of stuff.
I’d be curious to see a stacked area chart of the different types or consumer debt as a % of income over time.
I’m sorry, but actual data that does not support the idea that WE ARE ALL DOOMED is not welcome here.
(I’m trying to be sarcastic but it may not be sarcasm.)
Chart doesn’t include Buy Now Pay Later (BNPL) which took off after 2012.
The concern is that it’s on the rise. Layoffs and high inflation are causing this. It’s not a doomer thing to look at problems and try to find a solution before the problem is a major effect on an economy
Man, how much of that Covid relief money just went right to credit companies?
So it is at a 10 year high and rising. Thats not great.
And total credit card balance debt is at a 25 year high. So people aren’t defaulting but are spending more than they earn using cards with rates of 20-30% so they can’t pay it down.
The % is based on total value. My guess is that the current % of total is lower than 2010, but the total exposure amount (as value) is greater than 2010.
Maybe credit card delinquency would go down if credit card companies didn’t have exorbitantly high interest rates adding to balances and increasing monthly payments
Credit Card DEBT is at an all time high. I’ve never seen anyone claim delinquencies are. (Although up from previous year)
But side note…same with student loans. 90% or so are paid on time and up to date. Yet people want you to think there is a “crisis”
It’s still at a normal rate given the long term average. It went way below average during a recession and then free money was handed out.
People no longer have free money and life is returning back to normal.
Nothing to see here that’s concerning for me unless the trend continues to break above long term norms
Sometimes you gotta read the real quiet parts. The statements like this usually go “Credit Card Delinquencies are at an All Time High ^since ^2011. ”
That rise in 2017 until 2020. Trump voters thinking everything is great running up their CC. Then they got Covid checks and paid off their CC.
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Still below the 2000-2007 historical average.
My thought is I don’t think this accounts for the afterpay stuff, which seems to have grown in prevalence. Buy now, pay later type of stuff.
I’d be curious to see a stacked area chart of the different types or consumer debt as a % of income over time.
I’m sorry, but actual data that does not support the idea that WE ARE ALL DOOMED is not welcome here.
(I’m trying to be sarcastic but it may not be sarcasm.)
Chart doesn’t include Buy Now Pay Later (BNPL) which took off after 2012.
The concern is that it’s on the rise. Layoffs and high inflation are causing this. It’s not a doomer thing to look at problems and try to find a solution before the problem is a major effect on an economy
Man, how much of that Covid relief money just went right to credit companies?
Where have you read that? A quick Google search shows that they speak about [highest levels since 2010](https://www.google.com/search?sca_esv=ac943ea8c69708b9&sxsrf=ADLYWIJpFXpdg-n0Eqf6p6KtyoBuGd8JBA:1736095750329&q=credit+card+delinquency&tbm=nws&source=lnms&fbs=AEQNm0Aa4sjWe7Rqy32pFwRj0UkWtG_mNb-HwafvV8cKK_h1a0WYAF4mXQP8CuyQXqW6TNy13UkevHY0-J_FzaAyCXAKL5hgHqeuxPHAlMb2PxuWVjH-qBqKePd9SXLxqkN-RHQnb-ziOnbKDB9Wkhtj1SR0clIJukM95t1v8fWsqAQkHSxTcPJL-nJut9TrPL6ASitd9A4g&sa=X&ved=2ahUKEwiQ8vnThN-KAxUyU0EAHZqgC3oQ0pQJegQIGBAB&biw=1163&bih=546&dpr=2.2)
Look at that stability between 2016-2020 ☺️
So it is at a 10 year high and rising. Thats not great.
And total credit card balance debt is at a 25 year high. So people aren’t defaulting but are spending more than they earn using cards with rates of 20-30% so they can’t pay it down.
That’s ominous
https://www.lendingtree.com/credit-cards/study/credit-card-debt-statistics/
The % is based on total value. My guess is that the current % of total is lower than 2010, but the total exposure amount (as value) is greater than 2010.
Maybe credit card delinquency would go down if credit card companies didn’t have exorbitantly high interest rates adding to balances and increasing monthly payments
Credit Card DEBT is at an all time high. I’ve never seen anyone claim delinquencies are. (Although up from previous year)
But side note…same with student loans. 90% or so are paid on time and up to date. Yet people want you to think there is a “crisis”
It’s still at a normal rate given the long term average. It went way below average during a recession and then free money was handed out.
People no longer have free money and life is returning back to normal.
Nothing to see here that’s concerning for me unless the trend continues to break above long term norms
Sometimes you gotta read the real quiet parts. The statements like this usually go “Credit Card Delinquencies are at an All Time High ^since ^2011. ”
That rise in 2017 until 2020. Trump voters thinking everything is great running up their CC. Then they got Covid checks and paid off their CC.
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