OGIM , u hit nail on the head... I like u, looking for the proactive way to take advantage of the situation as it's an opportunity, not somethin to keep complaining about, especially when it is what it is and talk is cheap and blowin in the wind...
Who can manage debt, can manage wealth and vice versa. And if not, they (those with personal debt) hire a bankruptcy lawyer. See ? This keeps the economy afloat. Someone is always working for those bucks.
Debt during the great (dep-)recession ... Well ? Consumer credit? It dove. Pay offs? Write offs? They report the numbers not explain them.
Consumer credit is back up there past pre-crisis levels overall. They break it into 2 components. The non-revolving credit quickly soared to over pre-crisis levels while revolving credit is still under pre-crisis levels.
I'm guessing those that could refi or cash out did and paid it down elsewhere.
I can't help but wonder if any of those who did this are now upside down. I've always wanted to get news people to ask those upside down homeowners if they cashed out to pay down credit cards.
Ahhhh the debt cycle(?) from plastic to wood and back to plastic.
If home prices fall again a lot of people are going to be screwed with only the remaining room on the plastic to get them credit.
Check out the Feds consumer credit numbers... You'll see what I'm talking about.
Comments
<< <i>The problem is assuming there will be large defaults on those loans. >>
<< <i>derryb is making a very strong argument. If we were playing chess I think he would be saying checkmate. >>
Automobile repos up 70%
Checkmate.
Natural forces of supply and demand are the best regulators on earth.
Eyes wide shut for opportunities...
<< <i>Oh, and if one is not in debt, why worry or complain about anyone or any situation where one is???
Eyes wide shut for opportunities... >>
Because those smart enough to see the debt problem in 08 used the knowledge to position themselves for profit.
Eyes wide open for opportunities...
Fortunately, not everyone can see the story behind the news.
Natural forces of supply and demand are the best regulators on earth.
<< <i>
<< <i>Oh, and if one is not in debt, why worry or complain about anyone or any situation where one is???
Eyes wide shut for opportunities... >>
Because those smart enough to see the debt problem in 08 used the knowledge to position themselves for profit.
Eyes wide open for opportunities...
Fortunately, not everyone can see the story behind the news.
Most of them weren't smart they were just connected.
The Fed publishes consumer credit
Debt during the great (dep-)recession ... Well ? Consumer credit? It dove. Pay offs? Write offs? They report the numbers not explain them.
Consumer credit is back up there past pre-crisis levels overall. They break it into 2 components. The non-revolving credit quickly soared to over pre-crisis levels while revolving credit is still under pre-crisis levels.
I'm guessing those that could refi or cash out did and paid it down elsewhere.
I can't help but wonder if any of those who did this are now upside down. I've always wanted to get news people to ask those upside down homeowners if they cashed out to pay down credit cards.
Ahhhh the debt cycle(?) from plastic to wood and back to plastic.
If home prices fall again a lot of people are going to be screwed with only the remaining room on the plastic to get them credit.
Check out the Feds consumer credit numbers... You'll see what I'm talking about.
Over $3 Tril in consumer credit ...