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Consumer Credit Growth Misses For 3rd Month, Credit Card Debt Trickles To A Halt
For the 3rd month in a row, Consumer Credit growth rose less than expected. At $13.226 billion (against expectations of a $16.5bn gain), this is the smallest growth since Nov 2013. This is the first 3-month miss since June 2009. Once again, as expected, the rise is practically entirely due to student and auto loans (which now face 27% delinquency for the subprime borrowers) which rose by $12.3 billion, or 93% of the total.
First 3 month miss since June 2009
However, perhaps the most notable facet is a 66% collapse in revolving credit growth from a year ago. As the chart below shows, total revolving credit rose by just $922 million in October: this was two-thirds less than the $2.8 billion increase in revolving credit a year ago, and is the second lowest increase in revolving credit in the past 8 months.
As for sources of consumer credit, well... this one is self-explanatory.
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But the malls are full and they're fighting over junk in the aisles. Oh wait, that was Ferguson, never mind.
Correction- Trailer Trash Amerika.
Victoria’s Secret Brawl: Women Fight Over Lingerie On Black Friday [Video]http://www.inquisitr.com/1642066/victorias-secret-brawl-women-fight-over...
They better fix this or we will have a GDP problem......
Credit card debt is absolutely stupid.
SOmetimes, having that line of credit is a lifesaver, but to continually put your head into that trough, is lunacy.
THe lack of self control abounds thruout all the land. Educate your young so they understand.
Some are too stupid to understand
Keep in mind...we're talking here of "collapse" of the GROWTH RATE. Credit is still growing. It's all Bullshit!!!
my classmate's step-sister makes $61 /hour on the laptop . She has been out of work for 5 months but last month her pay check was $12417 just working on the laptop for a few hours. browse around this web-site... www.yelptrade.com
<---- Tapped out
<---- Tap me out
The mutton is overcooked.
From BI
Consumer Credit Balances Expandhttp://www.businessinsider.com/consumer-credit-oct-2014-2014-12
I need a shrink
Damned debt-averse consumers. Don't they realize the damage they're doing to the economy?
So its a negative that people aren't going ever deeper into debt?
In 3 weeks' time, I will make the final payment on what was $15,000 worth of credit card debt. Took me 3 years to build and another 5 to pay off. Never again.
Congrads Edifice
I don't go into debt I just buy a few more boxes of ammo when I have a few xtra bucks.
re Black Friday weekend sales
saw where Bank of America reported that on credit cards it had issued saw a $$s drop compared to BF weekend 2013
Totally off topic: The Canadian goverment is warning about Chinese made container cranes that may fail due to - get this one - low quality bearings. A worked was injured when a bearing failed causing a follow on collpase which injured the crane operator in his cab. Not really all that shocking I guess.
https://ca.finance.yahoo.com/news/canadian-shipping-watchdog-warns-chine...
Where is DoChenRollingBearing (did I get that right?), to comment on this?
He's got a chicken wing business on the side, prolly hot right now.
Next they'll be spreading rumors that Chinese buildings are so poorly made that they just spontaneously fall over. Oh wait....
http://www.truthorfiction.com/rumors/c/china-apartment-falls.htm
That phrase 'since 2009' sure seems to be popping up a lot these days
per NBER (official recession caller)
last 2 recessions
march 2001 to november 2001
december 2007 to june 2009
6 years 1 month between
current "recovery" 5 years 6 months
tick tock tick tock tick tock ...
i hope you'll put your money where your mouth is and bet on your super intelegent insight :D
He'd do better betting on his "Intelligent" insight. Which is what he'll probably do. As would anyone with any sense, which I suppose excludes yourself.
In 5 months, we'll be very close (if not there) to the Fed raising rates. Not saying this is going to be anything other than a token .25% raise, but still, the timing is interesting to think about.
LOL...go for it, wise wizards of the Fed! Raise those rates! We are DEFINITELY calling your bluff...
So good to know we've been recovering for 5 years and 6 months.
Thanks for amazing everyone with that factoid.
why nothing about most job creations since 1998? :D Only negative news huh? putin's bitches :D
Only the most low-wage, part-time, service-sector job creations since 1998.
yeah, sure :))) while russia is going into reccesion with infaltion next year hitting over 10%, usa is creating jobs and growing. Only one country with stable growth.
fwiw, BLS issues 2 reports ... Establishment (where jobs number that is reported comes from) and Household (more extensive survey where the UE rate comes from)
Household survey reported only 4000 jobs added for month (seasonally adjusted) ... 270,000 jobs LOST (not seasonally adjusted)
i guess russia done this survey :D
Is your Russia fixation because your penis is inadequate to be fixated on ?
its not me whos fixated :) Its ZH :) every troll here waiting for the "BIG" collapse of usa and the west world... waiting and waiting.. every written piece here is about the dooms day scenarios and it seems tomorrow everything should collapse. day after day nothing happens. i guess you could sacrifice your mothers to see at least 20-30% drop in sp :))
and while youre writting your little BS articles, your motherland is in deep shit :))
My motherland is the U.S., so yeah, you're right...
It doesn't have a penis. It's a khodorkovsky's spamming software bot.
I hate to break it to you, but Vladimir Putin is a lot more of an impressive person than you are...
Student loans are the new credit cards, except they're probably even easier to get.
Hahahahaha.
This news has more impact on the "economy" than the jobs "report".
Which is why it was released at 3pm on a Friday.
Behold, the reason for the late, great 2014 Black Friday expectation whiff.
this site infested with russian trolls along with who is posting these so called "news" :D
I love the one where allegedly putin is genius for buying gold.
What’s more, the Russian CB can pay for the domestically-produced gold with rubles. It’s the only way it can really bolster reserves without selling rubles for dollars or euros.
Thus, rather than a blow against sanctions, it is yet another action forced on the Russians by them.
"But last July, Russia had a total foreign indebtedness of $730 billion. The state sector cannot refinance, and the private sector wants to pay back its foreign currency debts as fast as possible because of the falling ruble, whose exchange rate has slumped 30 percent versus the US dollar so far. The situation looks like a house of cards and Russians know such dangers all too well from 1998. Anybody in Russia with an understanding of international risks realizes the necessity of moving all free cash out of rubles and out of Russia as soon as possible, and many Russians are doing so. The CBR expects a capital flight of at least $120 billion this year."
Your motherland is fucked :D
Russia doesn't have unemployment. There are 30000 vacancies of in the Moscow region only. Russia needs teachers, engineers, IT specialists, designers etc. A doctor from Irkutsk told me they need people of every level of education, and professions.
Go and hand around the Russian embassy in New York. You will see at least a dozen Americans applying for work visa in Russia every day.
6 000 000 migrants from Ukraine are working now in Russia, not to mention migrant workers from other parts of Russian Empire, also China and North Korea. People go where jobs are.
I don't have a problem with the Russian people. In fact, I live in a community with a large Russian immigrant population, and they're perfectly nice, normal folks. They actually seem to have a lot more common sense than many of my fellow dipshit Americans, and I can almost guarantee you that by and large, they're not compulsive debt whores, either...
Can some guru help me out here.
I want a site/tool that shows all firms worth over a billion.
And
I want to see a live guage / chart of how many active shorts there are against those companies
Whats the easiest/cheapest way to see this info in realtime?
I don't trust the feeds from the brokers, they are rigged for most part to move trades against you . . . imo
Just how many mega big bottles of shampoo do you need to buy at the big box retailers?
What people don't realize when buying in bulk is that the stuff one buys just sits in your garage or basement collecting dust. I don't think it's called prepping but compulsive shopping. By the time you need all those batteries, they are all dead anyways. I believe most people buy stuff at those big box retailers such as Costco is so they can return it after using it for the season. Such as fans, air conditioners, heaters, even big screen TV's get returned after a big sporting event.
Who really needs 20 pounds of potatoes at one time?
What's wrong with buying lots of cheap, big bottles of shampoo if you're going to use them? Unlike batteries and potatoes, shampoo doesn't go bad, nor do many, many other consumer products. If you've got the space, and you're going to eventually use everything you've purchased, you'd be an idiot not to buy in bulk...
20 pounds of taters isn't very much.
With 10,000 Americans going over 65 years of age every day... there is going to be a slowdown of credit creation of all types... it will be a slow moving event.... but it will last for years..