Record 7 million are 3 months behind on their car payments

tiddlywinks said:
You do know National debt and Consumer debt are not the same thing, right?
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Debt is still debt no matter which way you look at it.....debt debt debt.....all I'm looking at it the word debt....the US is $22 trillion in debt.. Which means debt to gdp right now is over 100%!!!!

Nothing to see here... Move along...
 
wrbtrader said:
With low unemployment and record people behind on their car payments (on the verge of reposession)...

Its just a sign that people still living "beyond" their pay check and record number of people living from pay chech to pay check.

wrbtrader
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And that will never ever change....with all those self help books written about how to take control of your money and retire early...forget those...consumers consume...we are taught to consume... the US gdp is over 2/3 of consumer spending. Without the consumer going over and beyond tbeir limitations the economy crumbles.
 
S2007S said:
all I'm looking at it the word debt
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Maybe that's why you've "predicted" 4 of the last one recessions!

S2007S said:
the US is $22 trillion in debt.. Which means debt to gdp right now is over 100%!!!!
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Yea, and Russia is 15% and Japan is over 200%. How's that working?

Meanwhile, the USD is the worlds reserve currency, and sovereigns and others are very willing to accept the current market-driven interest rate(s) for lending. At some point, that will change... people and lenders will lose confidence in the US government, but that ain't today. Personally, I'll revisit when Effective Fed Funds Rate is nearer to 3%. That ain't today either.
 
Don't worry it's nothing a little money printing and quantitative easing can't fix and look unemployment is at records lows. Nothing to see here business as usual o_O
 
tiddlywinks said:
Just to point out...

  • a 20k to 50k+ car loan (or lease) is not a "basic" cost of living.

  • Article states..."Most of the Americans who have recently fallen behind on their car payments have low credit scores or are younger than 30 years old."

This is a problem with the lenders, not the economy overall. Lenders have forgotten lessons of the past. The borrowers cited are high credit risks. Why is anyone surprised?
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It's 3% of the >21 population. 3% OF ALL ADULTS are >90 days late on their car payments.
 
destriero said:
It's 3% of the >21 population. 3% OF ALL ADULTS are >90 days late on their car payments.
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Seems hinky since driving age in many states is 16. And 18 is considered an adult in many states. Adults >= 18 get auto loans, students get auto loans, and co-signers don't matter until it's too late.

But really, I don't care... With a total population of 328 million, with about 75%, or 246 million => 21, the 3% is just over 7 million. Unbelievably, and what's most important anyway, is that the article is in agreement with Dest!!!

https://www.census.gov/popclock/
 
S2007S said:
Debt is still debt no matter which way you look at it.....debt debt debt.....all I'm looking at it the word debt....the US is $22 trillion in debt.. Which means debt to gdp right now is over 100%!!!!

Nothing to see here... Move along...
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People seem to not understand... "All debt gets accounted for (eventually)... by somebody". IOW....America has $22T in debt that is eventually going to be "settled" one way or another. Can we afford to "pay it off"? No. So, then what?
 
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