Remember when America was a tired, rustbelt laden, country of Walmart eating fat pigs, bloated with 39% credit card debt?
Well, those days are seemingly behind us.
Credit card utilization has fallen to its lowest point on record, at just 22.3%, further emboldening the idea that the American consumer is a miserly, miserable sort, always Scrooging about the thoroughfare in search of discounts.
Total available credit spiked to a record high of $2.5 trillion, none of which will be spent at the mall.
On one hand, this all bodes very well for the balance sheets of Americans. On the other, it speaks to a profound change in the American culture. We’ve become a lot of organic chicken eating cheapskates, too busy partaking in evening jogs and yoga classes than to spend all of our fuck you money at the mall.
Basically, we’ve become Japan.
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Jack up those indexes to a good crash level, guys. Come on, jack em up.
Remember, Germany owns the Nyse now fellas, Remember that one? ?
This is all centrally controlled, Any rational observer knows crash conditions
are only being
exascerbated
Jack Em Up
I hear a lot of chatter about becoming Venezuela
Have the goalposts moved? How much credit has been extended? I know mine has, unwarranted and unecessarily so.
Check cards have replaced credit cards for a lot of electronic purchases. Many Americans relaized they have no financial discipline, so they just spend until the bank account reaches -0-, then start again with the next paycheck. Well, it is better than credit card debt and high interest rates,
True, ‘dat.
that plus probably some other things. People I know are fearful of economic collapse and don’t trust Wall Street or a Trump presidency. We spend a little, but mostly we all talk about sticking paper money in Mason jars and burying it around the yard. (We’re not cool enough to trust the Fed and we don’t want to buy high-caliber weapons to defend physical gold). Out here in the holler we run what I call “the goat economy.”
Schiff has a good article out by Samuel Bryan on Subprime cards and credit card balances on track to hit $1T this year.
Except we are pushing all time highs and Japan topped out circa 1989
“Americans are burning up the plastic. Credit card balances are on track to hit $1 trillion this year. That is getting close to the all-time peak of $1.2 trillion hit in July 2008, just as the financial crisis was intensifying.”
I guess that makes sense. Interest rates are low, so banks are raising credit card limits faster than people can use them. Not to mention the fact that most of the credit limt increases probably goes to those that don’t need them.
I ordered some Deer-B-Gone from AMZN today, so don’t blame me.
Didn’t know you can order a shot gun on Amazon?