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Credit card delinquencies at record high

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posted on Feb, 4 2009 @ 10:11 PM
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Credit card delinquencies at record high


www.ft.com

US credit card delinquencies hit a record high in January, and further deterioration is likely as the economy slows down and unemployment rises, Fitch Ratings says.

Payments at least 60 days late rose almost half a percentage point last month to a record 3.75 per cent, said Fitch. Credit card lenders also wrote off loans to delinquent borrowers at close to record levels, and such “charge-offs” were expected to breach records in the coming months.
(visit the link for the full news article)




posted on Feb, 4 2009 @ 10:11 PM
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I really wonder if this is where that TARP money is being held by the bank in expectation of the second shoe to drop in the coming months.

Michael Dean, managing director at Fitch, said: “US consumers continue to struggle in the face of mounting pressures on multiple fronts from employment to housing to net worth.”

Late payments and defaults on credit cards have been closely linked with levels of unemployment, which have risen dramatically. Non-farm employment fell 524,000 in December, contributing to the biggest decline in payrolls on a three-month moving average since 1945.

People are using their savings and now credit and in the near future the well will run dry!



www.ft.com
(visit the link for the full news article)



posted on Feb, 4 2009 @ 10:18 PM
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Of course...credit cards are probably getting hit hard right now and it will continue to get worse as things won't be getting better anytime soon.

When you are forced to buy your food with credit cards....that's when you know that you're in deep trouble.

Think of how many people are putting their mortgage payments on their credit cards right now.

This could be another bubble that could make one heck of an explosion, but then again, there are so many possible bubbles will it even matter?



posted on Feb, 4 2009 @ 10:28 PM
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Have you notice that the banks are hoarding the money, reducing credit limits, and increasing interest rates. Yet Congress has yet to say anything about the higher interest rates?

One would think that the least they could do for the average Americans is to pass a law drastically reducing the amount of interest that can be charged on these cards.


Guess they enjoy watching these businesses screw us over any way they can.



posted on Feb, 4 2009 @ 10:50 PM
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Originally posted by jam321
Have you notice that the banks are hoarding the money, reducing credit limits, and increasing interest rates. Yet Congress has yet to say anything about the higher interest rates?

One would think that the least they could do for the average Americans is to pass a law drastically reducing the amount of interest that can be charged on these cards.


Guess they enjoy watching these businesses screw us over any way they can.


They ripped me a new hole with interest rates. I stopped paying and told them to ef off. Changed my number and they can eat the unjustified interest. What's the difference between what they're doing and the mob? Nothing.It's downright criminal and they know it.



posted on Feb, 4 2009 @ 10:55 PM
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I have excellent credit and they are still raising the rates on my Chase account. They need to drop interest rates on credit cards or expect a big increase in bankruptcies. The economy is tight. No one is buying anything, just paying off hoping to preserve their credit and keep their homes.



posted on Feb, 4 2009 @ 11:16 PM
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Actually, most people are beginning to realize how much of a scam credit really is, at least Credit Cards. Most people that I've come in contact with are defaulting and just saying ef it. When it comes down to paying your CC Bill vs Buying Food/Paying Rent, the CC get's tanked.

This and the Derivatives, don't forget those are still in the air that need to drop.



posted on Feb, 5 2009 @ 07:13 AM
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reply to post by Riviera
 



Especially when they say if the bailout isn't passed in days were gonna collapse. They didn't collapse but we did. We still lose our jobs at record highs.

I was watching some knucklhead on fox (I like to watch them lie) and he was sayin the stimulus has to pass because it will create millins of jobs and the host asked him if it really would. He then stated well it won't create jobs but will save millions.

The contradicing lies thrown at us on live television and we still sit here doing nothing. WHY?

Everyone needs to stop paying there taxes and credit cards in an organised protest and let it do what is innevitably comeing. It's gonna fold regardless of how long people hang on to hope.

They are just mlking it for everything and most society is hoping their weak and dependent lives will be sustained.I say let it collapse. I would rather die fighting to survive to feed my family than be treated like this. At least striving to fight for the essentials would have any value and true meaning. To live.



posted on Feb, 5 2009 @ 07:29 AM
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Sure what the CC folks do is pretty low but those who use the credit arent exactly saints. It's not like a big surprise when the bills come. Unless everyone signing on is a complete moron.

They're legal loan sharks. If you borrowed a couple G's from some mob shark and he sends somebody to break your legs I would be hard pressed to emote some sympathy. Same goes for the CC companies.

If you dont know what the hell you're signing DONT SIGN IT.

It's not rocket science.

Funny that college kids mess this one up so often. I thought college kids were supposed to be bright.


Bought a house you cant afford you deserve to lose it.
Blew up your credit cards you deserve the penalties.

Consider it a "stupid" tax.

You signed away your financial stability to some company whose entire business model is founded on exploiting people willing to sign away their financial stability.

Sure, it sucks for the guys whose statement consists of fuel oil, groceries and medical bills but far more of these delinquent holders have loaded their cards with electronics, toys and vacations. A good friend of mine took an all CC paid trip to Hawaii not lot ago and now he's eating rice and sitting in the dark trying to pay the bill. The worst part is he knew it was a bad idea as he was planning the trip. He just "needed a vacation."


This whole thing is like smoking crack and then getting all pissed off because you ended up sick or addicted.

Nobody has ever been forced to get a credit card and certainly nobody has ever been forced to use one.



posted on Feb, 5 2009 @ 12:16 PM
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reply to post by thisguyrighthere
 



There's supposede to be a big moral difference between the gov't and mob. They're supposed to protect and work for the benefit of the people who elected them. This shouldn't be allowed to happen plain and simple. Same point I always try to make by comparing them to the mafia. The only difference is the government makes the mafia look like choir boys.

I honestly don't understand how you can demonize the citizens. I know some are shady and manipulate it, but it's Supposed to be designed to help us. Unfortunately for us the way they designed society, people are forced into this whole economic monster the4y created. Whoever created it is the problem plain and simple. The others are just addicts who can't kick the habit.

Also not everyone knows what their reading and it's designed to shaft the signer. I alwasys paid mine on time and when I paid via computer on friday, they wouldm't put it through till monday which sometimes resulted in a late fee then over the limit fees and the apr would instantly sky rocket. Last time I checked, computers don't take off on weekends and the transaction will unstantly go through even on sunday. It's a manipulation like every other law and guidline they put in place to rape us.

You can say and believe what you want, but I personally see nothing wrong and don't blame a single person who ever shafts the people who have raped us of our money, rights and dignity. You may call it a crime but I follow by example. They don't follow laws and make their own special rules. So do I. I ef the effer.

No on to blame except the ones who made it impossible for people to live. You can try to justify it any way you want but you're still wrong if you think it's the peoples fault.


[edit on 5/2/2009 by Revealation]



posted on Feb, 5 2009 @ 12:23 PM
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Yep.... Too many people are also trying to pay off credit cards and not paying mortgages... at the end of the day, if you already have a house... screw the credit cards....



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