topic What do you think of our credit and financial situation? in Personal Finance

What do you think of our credit and financial situation?

Anonymous — Wed, 25 Mar 2020 03:21:29 GMT

Credit card debt - (Transfered from his card to mine) Discover 1099$/8000$ @ 0% apr

Chase Sapphire no af (His)-7539/21,200 @ 0% apr

Chase Unlimited (His) - 171/16,500 @ 0% apr

Sun Coast Platinum (His) - 1500/20,000 @ 9.9% apr

Amex Blue Cash (His) - 0/32,500 @ 19.99% apr

Amex Cash Magnet (Mine) - 0/3000 @ 19.99%

Amex Everyday (Mine) - 0/6000 @ 19.99%
Amex Hilton no af (Mine) 0/10,000 @ 23.99%
Amex Delta no af (Mine) 0/10,000@ 23.99%
Paypal 2% (Mine) 0/10,000 @ 19.99%
Uber card (Mine) 0/250 @ 24.99%
Paypal Credit (Mine) 0/10,000 @ 19.99%
Apple Card (Mine) 0/6000 @ 23.49%

Regions Cash Rewards (His) 0/15,000 @ 15.49%

Cap 1 Walmart Mastercard (Mine)- 0/7000 @ 19.99

Citi Double Cash (Mine) 0/18,500 @ 22.99%
Citi Simplicity (Mine) 225/ 2700 @ 0% apr

Target Red (Mine) 0/800 @ 25.99%

Cars - 2019 Hyundai Santa Fe sel plus(Co-Sign) 29,000/33,000 @ 0% apr 72 months 450$ a month .

2019 Lexus Rc F(His) - lease 1000$ a month for 48 months

Student Loans (His) - 60,000k 628$ a month all together.
Housing - 1950 a month in rent utilities included.
Misc Bills , Shopping Ect . - around 1700 a month .
Combined income a month is around 11,300.

Re: What do you think of our credit and financial situation?

Anonymous — Thu, 26 Mar 2020 21:37:57 GMT

From the forums it appears that some are getting CLD and others unsolicited CLI. Financially, unless the stock market continues to get back its losses, a lot of people will be in worse shape than in 2008. If bankruptcy rise, housing will crash. I am hoping I am wrong. Just an abridged version.

Re: What do you think of our credit and financial situation?

Anonymous — Fri, 27 Mar 2020 00:44:20 GMT

This is a medical issue, not a financial crisis from the core. It can become one if we don't get back to work. Driving through towns and seeing ghost towns keep me up at night. In an economic slowdown, revenue drops for businesses, and they find ways to cope. In a shutdown, revenue can be close to 0 or 0. That will be extremely damaging in a very short period of time. But I think it will work out fine, and very quickly, but the ripples will take years to calm.

Issuers hang on to their good customers, so CLIs can be easier to come by than usual for some, but much harder for others. Also getting loans are easier for strong profiles, not so much for weak profiles. Banks need revenue too, and will push loans, BT, new cards, etc to their best customers in order to increase revenue.