topic Re: Consumer credit crunch in Credit in the News

Consumer credit crunch

CreditobsessedinFL — Thu, 19 Mar 2020 12:37:03 GMT

This is an interesting article about Consumer Credit and how the Coronavirus pandemic might affect Americans:

https://www.wsj.com/articles/consumers-face-a-massive-credit-crunch-lenders-are-still-figuring-out-what-to-do-11584610200?reflink=share_mobilewebshare

Re: Consumer credit crunch

Flexfanatic — Thu, 19 Mar 2020 17:28:57 GMT

One question that I have not seen answererd yet. There are some creditors that are telling their customers if they call and make arrangement they can defer some credit card payments without any interest but what does that do to consumers credit report. Will deferring payment show up as 30, 60, 90 days late?

I think consumers need to be very careful when working with lenders as I can see them screwing up and reporting bad information.

Re: Consumer credit crunch

AllZero — Thu, 19 Mar 2020 18:11:36 GMT

Thank you for sharing.

Unfortunately, I'm not able to see the full story.

Re: Consumer credit crunch

CreditobsessedinFL — Fri, 20 Mar 2020 01:56:59 GMT

Sorry @AllZero, no idea why you can't see the whole article, it was my first time linking an article, did I do it incorrectly? It is a WSJ article, is there another way to link it?

Re: Consumer credit crunch

AllZero — Fri, 20 Mar 2020 02:12:05 GMT

@CreditobsessedinFL wrote:
Sorry @AllZero, no idea why you can't see the whole article, it was my first time linking an article, did I do it incorrectly? It is a WSJ article, is there another way to link it?

No worries. You did it right. IIRC, WSJ limits number of free views. If you exceed threshold, no more views. They want you to subscribe.

Re: Consumer credit crunch

SouthJamaica — Fri, 20 Mar 2020 17:03:37 GMT

@CreditobsessedinFL wrote:
This is an interesting article about Consumer Credit and how the Coronavirus pandemic might affect Americans:
https://www.wsj.com/articles/consumers-face-a-massive-credit-crunch-lenders-are-still-figuring-out-what-to-do-11584610200?reflink=share_mobilewebshare

Lenders will do what they always do when things are tough: cut people off at the knees, and make matters even worse than they already are.

So much for the $3 trillion of taxpayer money with which we've just gifted them.

Re: Consumer credit crunch

M_Smart007 — Sat, 21 Mar 2020 02:14:33 GMT

@SouthJamaica wrote:
@CreditobsessedinFL wrote:
This is an interesting article about Consumer Credit and how the Coronavirus pandemic might affect Americans:
https://www.wsj.com/articles/consumers-face-a-massive-credit-crunch-lenders-are-still-figuring-out-what-to-do-11584610200?reflink=share_mobilewebshare
Lenders will do what they always do when things are tough: cut people off at the knees, and make matters even worse than they already are.

So much for the $3 trillion of taxpayer money with which we've just gifted them.

This^^^^^^ Is sad, but true!