topic Credit Card Delinquencies in Credit in the News

Credit Card Delinquencies

ejbarraza — Mon, 18 Nov 2024 12:30:23 GMT

Re: Credit Card Delinquencies

MrDuck — Mon, 18 Nov 2024 16:15:03 GMT

Unfortunately depending on how much people plan on spending this Christmas I expect this to become worse in the 1st quarter of 2025.

What does this mean who knows because the auto and home payments are still on par even if auto is slightly higher than normal.

I've heard some people in their 20s say they are going to run up the cards then file for bankruptcy. Or they hope the government will force the credit card companies to "help" them out by writing off the debt.

Re: Credit Card Delinquencies

IsambardPrince — Tue, 19 Nov 2024 00:19:05 GMT

Well, for quite some time now the US economy has been built on bubbles and frauds and debts and lies, and "animal spirits" on Wall Street.

But like George Carlin once said, "You're about to have one of those elections you like so much and congratulations, I'm sure your country will improve immediately."

We get a reversal of the north and south magnetic poles every 450,000 years or so, but it takes much less time to get a reversal on who thinks the economy is doing well. Just a week after this election, Republicans think that this economy is doing fine, and Democrats are responding that we're screwed, when absolutely nothing has changed, except things are already getting worse and we aren't even to Inauguration Day yet. The interest on a $500,000 mortgage for thirty years is already $50,000 more than it was the day before Election Day, and the funnin's just begunnin'. Hold onto your hat.

It interests me greatly that we have the facts and figures showing that this economy is flying apart, we know that the deficit will surely get worse under the new regime than the CBO baseline, which was already horrible, and Republicans are "feeling great" about it.

They sort of have to say that now, I guess. When people are throwing the keys in the mailbox and the big pile of delinquent credit card debt becomes officially charged off, I wonder what they'll say.

Instead of focusing on how to rebuild the middle class, companies like Walmart use generative "AI" to figure out how to sell you more crap you don't need, which goes right on a credit card. My spouse works there and we get a thing every year. I just got one. That says we get 25% off one shopping trip. I usually don't use it.

Someone on these very forums was telling me the other day I'm a "failure" for not "buying" a house. Very few people "own" a house, most people just have a pile of debt, interest, and tax following them around for years and preventing them from moving to take a better job or because the local area is now intolerable. If you don't remain employed for 30 years, the bank kicks you out and sues you. It's like an eviction....on steroids, and the bank doesn't fix anything that goes wrong with the house.

Re: Credit Card Delinquencies

IsambardPrince — Tue, 19 Nov 2024 22:12:13 GMT

@MrDuck wrote:
Unfortunately depending on how much people plan on spending this Christmas I expect this to become worse in the 1st quarter of 2025.

What does this mean who knows because the auto and home payments are still on par even if auto is slightly higher than normal.

I've heard some people in their 20s say they are going to run up the cards then file for bankruptcy. Or they hope the government will force the credit card companies to "help" them out by writing off the debt.

The benefit of not having Christmas means you don't spend money on Christmas, I suppose. You can choose your enemies, and you can choose your friends, but you can't choose your family. I don't have any family members that I could sit next to at the Holidays who wouldn't try to start a war at the dinner table somehow. Your options are to shout at them and become "unreasonable" and give in to the trolling, or sit there and take it and leave dinner with impressions of the silverware embedded in your hands.

All those stores using algorithms, like everyone does these days, in a society that's become utterly twisted and evil, to get people to spend more money than they meant to. Guilt spending. Retail therapy. Credit card debt.

They don't really care what you spend the credit card money on. Their entire goal is to get you to load up to the point you'll never pay them back, just make interest payments in return for not being sued for another month. That's all they want from people, and most go along so willingly.

My spouse took a vacation day on "Black Friday" but it goes on all month now. People loading up credit cards on TVs when they already have a TV, coffee makers, cheap laptops that barely run, and most of this stuff will be broken and in a landfill in a matter of months. Wash, rinse, repeat. But the debt stays.

I finally realized what was going on with Walmart some time ago. You could buy one good thing, but it costs a lot, so you go to Walmart, and then you buy one cheap thing that breaks every few months.

Walmart collects a lot of economic data though. The real reason they got out of the Capital One deal was because they agreed to share the credit default risk, and Walmart knew their customer and knew which way the wind was blowing.

Certainly it will get worse, after Christmas. People like my mother, loading up credit cards and having 72 cents in the bank. Treating it like imaginary money that doesn't need to be paid back. Her whole side of the family got that from my grandmother.

As for me, $0 debt $0 interest.

I am genuinely concerned about this nation's sick addiction to debt and how long this can keep getting worse and worse. The bankruptcy courts have apparently, to now, been mostly quiet, although corporate bankruptcies have gone off the charts. I expect things to continue to deteriorate until something breaks.

The next administration isn't going to help people with their credit card debt. The last time this party did anything with bankruptcy, they made it much harder to file for Chapter 7 or get a discharge. The "Bankruptcy reform" was written by credit card companies and handed to them by lobbyists. That's how business gets done today. These people will be lucky if there's not a round 2 that just gets rid of personal bankruptcies entirely. We're in for the duration and next Thanksgiving or the one after next, we can all gather around the dinner table and discuss the state of the economy.

Delinquent debt is still a problem all these years later and it's mostly because of lax lending standards like not making sure people have a job or money and just giving out credit cards with high limits like Pez.

When you completely remove the concept of "make a dollar" from spending a dollar, you end up with people who spend more than they make and end up in a horrible mess.

Capital One offers "free" "financial literacy" courses from the Khan Academy, but this is useless. It's like, third grade math. Like "You need $500 to buy an air conditioner in 11 months, so how much do you need to save each month to buy an air conditioner?"

As I expected from a vicious sub-prime bank, there were no lessons on living within your means, finding additional sources of income, or how a little austerity is good for your household budget, just basic math problems like how much you needed to save to buy an air conditioner.

This country is in bad trouble if you have people out there who don't know that there's a place to go when you're broke, honey, and it's called work.

What makes credit cards the devil is this. 90% of people think credit cards are not real money that does need to be paid back. They think that credit cards are free money that the bank gives you because it thinks you are cool, and there's this guy on YouTube telling you how to get more and more and more "available credit".

97% of millionaires use credit cards. They pay them back at the end of the month. If you can't pay them back at the end of the month, you're not winning, you're robbing yourself, and you're scooping up all these problems like bills you can't pay and puffing yourself up to look rich when you're actually not, and turning them into a giant problem later, like The Blob eating victim after victim and growing to encompass the entire planet.

And you can starve The Blob by earning more money than you spend. Which means finding more money, or cutting your spending, or both. It's time to put on your big boy pants and go "Look at all these people who are delinquent. What kind of a way is that to live?"

Re: Credit Card Delinquencies

ejbarraza — Wed, 20 Nov 2024 12:49:50 GMT

Re: Credit Card Delinquencies

IsambardPrince — Wed, 20 Nov 2024 21:23:26 GMT

"Good feelings all around!"

And in this corner, most of America is rent burdened and can't pay their credit card bill!

Remember when it was a little over 4% of credit card accounts 90+ days late? I think we called that, ummm, April 2024.

Regardless, I don't even have to follow all the people who are obviously in trouble with credit card debt on Reddit or even Dave Ramsey, but there's plenty of examples on this forum where people have bought a house, couldn't afford the house, started paying for everything with credit card debt, and now their minimum payments are $6,000 and it's all interest.

There are three things I'd like to say.

The first is a line from an old Dionne Warwick song, which goes “A fool will lose tomorrow reaching back for yesterday”. This is very applicable because it describes how credit cards work. You can't pay your bills today because you're stuck paying for yesterday, with interest.

The second is Dave Ramsey. He said something like, "People who buy a house when they have $40,000 in student loan debt have every negative thing in their life activated and amplified. They've moved Sallie Mae into the guest bedroom, and now the heat and air conditioning don't work, the roof is leaking, the hot water heater goes out, and you have no money."

Investor and consumer "confidence" is not equal to "actual" valuations. You might have heard of a guy called Warren Buffett. He sort of does this thing for a living, and he's spent the last several months offloading Capital One and Apple, and others. He's not tuning in to see "what Jim Cramer thinks about Bear Stesrns".

Simply put, we're in an awful recession, and it's getting worse by the day. For a while, they managed to hide it behind colorful euphemisms like 'soft landing,' 'cooling jobs market,' and 'slowing growth,' but those narratives are becoming harder to sell.

Rather than confronting the reality, the powers that be doubled down on the spin, and now they're puzzled as to why things are unraveling so spectacularly.

Next year, we’re looking at a public sector stacked with characters straight out of the World Wrestling Federation, a groomer who’s been the subject of FBI and House investigations for years (and conveniently resigned before anyone could see what’s in the box), a doctor who confessed to Congress that most of his TV advice—like coffee colonics—was utter quackery, and someone who thinks vaccines are harmful (despite the evidence that they lead to more kids surviving into adulthood).

And yet, somehow, these are the people tasked with saving America.

Their leader claimed to have a brilliant plan to tackle credit card debt. Apparently, it involves tariffs.

Now, don't get me wrong, the market eats up everything this guy says, so there will be money pouring in from "that crowd" for a while to come and there may be one last hurrah in the stock market while the real economy continues to fall apart, but the coyote was only able to run off the cliff until he looked down.

I think that another Dave Ramsey quote is pertinent because we're going to get another four years in the dog house. "When you want crops to grow you plant seeds, and pray for the right amount of rain and sunshine. When you want nothing but a field of mud, you stand around, plant nothing, and wait for the government."

Money doesn't just "disappear" from your retirement fund when there's a stock market crash. People who I would label in my opinion as "professional scammers" know how to make off with all of it while shouting "Don't time the market!"

One thing that's consistently held up the stock market, by raw numbers, is inflation. When you price something in dollars, you reprice it in dollars as there is inflation. That is to say the money loses 40% of the value. Well, if the real value of a stock remains unchanged, it still has to be repriced in inflation-adjusted terms. If you look at things purely from this angle alone then an S&P 500 with a valuation of 6,000, for example, becomes a valuation of about 3600 in January of 2021.

One of the neat tricks they have at the store is stealing product from consumers while continuing to raise prices. In the last month, an 11.6 ounce can of Great Value coffee at Walmart became 9.3 ounces. They also changed the can from metal to cardboard, and increased the cost 50 cents. Well, gee, no inflation here, right? Just a 13% price hike for 20% less coffee. "Cool inflation!"

Re: Credit Card Delinquencies

963 — Thu, 21 Nov 2024 21:34:18 GMT

Economy is gradually slowing down and the cracks are getting more visible.

Re: Credit Card Delinquencies

IsambardPrince — Fri, 22 Nov 2024 03:07:57 GMT

@963 wrote:
Economy is gradually slowing down and the cracks are getting more visible.

Target is in deep trouble and their stock tanked over 22% recently because they said expect bad holiday sales.

Walmart's stock is being pumped, for now, because they're a little cheaper than Target, but honestly not by much, and people are willing to compromise on quality to get that extra little bit out of their dollar, which usually means bad food and another coffee maker every six months.

I noticed just how aggressive Walmart is getting about this non-stop black friday all month long thing, where it's all pretty much junk but they put a counter next to it like there's never going to be another Shark vacuum cleaner. They probably figure if they get really nasty about this with people just there to buy groceries, two months of wall to wall ads, then maybe they can tell their investors the quarter was okay.

That's all modern business is anyway. The quarterlies.

Re: Credit Card Delinquencies

MrDuck — Fri, 22 Nov 2024 15:45:17 GMT

@IsambardPrince wrote:
@963 wrote:
Economy is gradually slowing down and the cracks are getting more visible.
Target is in deep trouble and their stock tanked over 22% recently because they said expect bad holiday sales.

Walmart's stock is being pumped, for now, because they're a little cheaper than Target, but honestly not by much, and people are willing to compromise on quality to get that extra little bit out of their dollar, which usually means bad food and another coffee maker every six months.

I noticed just how aggressive Walmart is getting about this non-stop black friday all month long thing, where it's all pretty much junk but they put a counter next to it like there's never going to be another Shark vacuum cleaner. They probably figure if they get really nasty about this with people just there to buy groceries, two months of wall to wall ads, then maybe they can tell their investors the quarter was okay.

That's all modern business is anyway. The quarterlies.

https://kesq.com/money/cnn-business-consumer/2024/11/19/walmart-keeps-growing-with-shoppers-making-more-than-100000-a-year/

When your a 6 figure person/family that now have to shop at Walmart, yeah things are definitely not adding up for a "good economy".

I'm not saying the R word but 2025 will definitely be something to see. Will the labor strikes and the possibilities of big tariffs cause inflation like we saw in 2021 maybe only time will tell.

I do wonder what the FED will do with the new administration. Knowing the extremely low rates 2017-2020 weren't low enough for the 1st Trump administration. What will a possible rate increase do for these next 4 years.

Saving rates are going lower but I do expect a jump if inflation, tariffs and increases in certain jobs all happen next year.

Re: Credit Card Delinquencies

IsambardPrince — Sat, 23 Nov 2024 10:03:24 GMT

@MrDuck wrote:
https://kesq.com/money/cnn-business-consumer/2024/11/19/walmart-keeps-growing-with-shoppers-making-more-than-100000-a-year/

When your a 6 figure person/family that now have to shop at Walmart, yeah things are definitely not adding up for a "good economy".

I'm not saying the R word but 2025 will definitely be something to see. Will the labor strikes and the possibilities of big tariffs cause inflation like we saw in 2021 maybe only time will tell.

I do wonder what the FED will do with the new administration. Knowing the extremely low rates 2017-2020 weren't low enough for the 1st Trump administration. What will a possible rate increase do for these next 4 years.

Saving rates are going lower but I do expect a jump if inflation, tariffs and increases in certain jobs all happen next year.

It seems discordant to me to enact tax cuts while you drop Fed rates to zero and enact 20% tariffs on everything.

It sounds like what the plan is, is to encourage zombie companies to proliferate and waste economic potential while also repealing income tax on the wealthy and enacting a 20% flat tax. It's going to be a bad time for anyone not in the seven figure a year club.

I made a meatloaf and some mashed potatoes today. Granted it wasn't the most basic recipe but it was hardly an outright extravagance. Most of the ingredients were store brand. I already had most of them in my fridge and pantry, and I still needed to spend over $40.

Call me old fashioned, but meatloaf and mashed shouldn't be a rare delicacy.

https://fortune.com/2024/11/22/walmart-wins-gen-z-affluent-over-target-amazon/

"Meanwhile, Walmart, the world’s largest retailer, had a strong quarter. Sales came in just under $170 billion, in-store sales increased 5.3%, foot traffic jumped 3%—but the big difference was in e-commerce sales, which leapt 22%."

I buy cat litter and motor oil there....not much else.

The quality of their grocery products is horrible and they even got rid of the Walmart credit card which was basically the only justification for getting some of your food there at all.

My mom came over and used my toaster and my coffee maker, and she said "Wow, those work great. Where'd you get them?" The coffee maker is from the Netherlands and set me back almost $300.

The toaster was from Target about 10 years ago and was over $60 then.

Walmart sells coffee makers that get colder and colder and either the element dies or they start leaking all over the place months in.

Toasters where you have two settings. Warm bread, or charcoal.

Underwear so threadbare that they come apart the first time you wash them.

When I worked at Walmart in 2004-2006 I joked about the product quality by saying "The Fall Apart SuperCenter", but what they're pitching to people now makes that junk look like durable goods. You can still find Mr. Coffees that they sold at Walmart in the 90s that work, on eBay, for more than they originally sold for, and they'll still last you longer than one Walmart sells now. They've engineered "sabotaged products", especially in the post-COVID era. I made the mistake of buying underwear there. It lasted about 2-3 months. Finally all my underwear from the early to mid 2000s had so many holes I gave up on them and ordered...$400 worth of Tommy John underwear with some AmEx and Wells Fargo rebates and coupon codes.

They did something to Walmart's Special Kitty Cat Litter. It used to hold up for about a month even with two cats, now it stinks the third day after you put it out. They were even nice enough to increase the price by 25%. But the stuff still flies off the shelves. I guess we're all enduring the Stinky Kitty Cat Litter because the good stuff (Tidy Cats) is now now over twice as expensive by weight, even in the pail.

It's cheap.
So this is "middle class" now.

There was an episode of Star Trek: Enterprise where a ship of aliens was being bled out by medical equipment from another group that attacked them. This is the kind of relationship most of us now have with the landlord, hence Walmart. Then an increasing number of people can't even go into more credit card debt (the main topic of this thread) because Walmart and the landlord have ganged up on them.

So 11.1% and rising have now thrown the cards over their shoulder because they won't spend, and now they can't even make their minimum payments without being evicted and having nowhere to live. So to cling to what little they have, they just default on the cards, which provides short term relief, until they destroy your credit and sue you.

Seriously, I doubt anyone "loves Walmart".

And for Walmart's part, they're freaking out because of the tariffs. They spent over 30 years demanding that those suppliers leave the United States. They made China rich. I think those "valuations" are going to be short lived when nobody can buy anything.

Re: Credit Card Delinquencies

MarkintheHV — Sat, 23 Nov 2024 11:24:59 GMT

@MrDuck wrote:
I've heard some people in their 20s say they are going to run up the cards then file for bankruptcy. Or they hope the government will force the credit card companies to "help" them out by writing off the debt.

That's not going to happen with the new people in charge of the government.

Re: Credit Card Delinquencies

NoMoreDebt — Sat, 23 Nov 2024 20:23:55 GMT

@MarkintheHV wrote:
@MrDuck wrote:
I've heard some people in their 20s say they are going to run up the cards then file for bankruptcy. Or they hope the government will force the credit card companies to "help" them out by writing off the debt.
That's not going to happen with the new people in charge of the government.

Agreed, its a bold strategy that is not going to work out as well as it shouldn't.

Re: Credit Card Delinquencies

IsambardPrince — Sat, 23 Nov 2024 22:06:18 GMT

@MarkintheHV wrote:
@MrDuck wrote:
I've heard some people in their 20s say they are going to run up the cards then file for bankruptcy. Or they hope the government will force the credit card companies to "help" them out by writing off the debt.
That's not going to happen with the new people in charge of the government.

Well, the existing bankruptcy law would allow most of them to get a discharge through bankruptcy, but as for the government unilaterally waiving credit card debt? Lol

More likely is they find a reason to give the banks another few trillion dollars of our money with no conditions while the credit card debt stays.

If they do try to slip something worse past us as far as legislation, they usually like to do it in a lame duck session sometime around Christmas.

The credit card lobbyists already handed them the 2005 bankruptcy law, but with the way the Overton Window works, I wouldn't be shocked if that isn't where it stopped.

The entire reason for bankruptcy law in the first place is complicated, but sensible. Debts that can't be paid, won't be paid. It's also cruel to allow creditors to dangle all this debt everywhere and then come after someone for hundreds of thousands of dollars they can't pay without a legal process to wind it down. And the economy can't really get going again after an economic failure like 2008, or 2021-present without a wave of bankruptcies.

I'd say if not bankruptcy, then prepared for this economy to totally spin out and get stuck in the mud, possibly forever.

Now, going back to what you said about charging up the cards without the expectation there will be money to pay? Well, that's wrong, and it's not allowed. However, without telepathy it's hard to tell what was going on in a person's mind. If they're paying the heat and the groceries and telling themselves "This will all let up eventually and then I can pay the cards." that's a tougher nut to crack than "Gee, you know I think I'll take this pile of credit cards and stay in a Disney resort and buy a Rolex."

So I don't think the majority of those people are the Disney resort and a Rolex crowd, they're the "God, this heat bill is expensive! $40 for a meat loaf and mashed potatoes?" crowd, which is sadly getting to be most of the people out there.

Living on credit has never been an answer. It's a band-aid. You know, because most people don't get paid enough to keep up with anything, so they resort to borrowing just to live. It's, well, sickening. Honestly.

I would actually regard gas prices to be the tell as well right now. All this inflation has essentially cut the value of the dollar in half, and yet gasoline is only $2.90 in the Chicago suburbs today? You go over into Wisconsin and it's $2.49. That's barely higher than when I learned to drive in 2002. It would get up over $2 sometimes back then.

Given the bout of inflation we're seeing, this is even worse than when the gas dropped to $1.86 a gallon during 2008. Gas drops this low when people can't afford to drive their car anywhere they don't strictly have to.

Re: Credit Card Delinquencies

yankees992014 — Tue, 03 Dec 2024 01:38:13 GMT

@IsambardPrince wrote:
@963 wrote:
Economy is gradually slowing down and the cracks are getting more visible.
Target is in deep trouble and their stock tanked over 22% recently because they said expect bad holiday sales.

Walmart's stock is being pumped, for now, because they're a little cheaper than Target, but honestly not by much, and people are willing to compromise on quality to get that extra little bit out of their dollar, which usually means bad food and another coffee maker every six months.

I noticed just how aggressive Walmart is getting about this non-stop black friday all month long thing, where it's all pretty much junk but they put a counter next to it like there's never going to be another Shark vacuum cleaner. They probably figure if they get really nasty about this with people just there to buy groceries, two months of wall to wall ads, then maybe they can tell their investors the quarter was okay.

That's all modern business is anyway. The quarterlies.

True, the new administration will put Walmart out of business with tariffs. Since we all know that Walmart has contract with China. Nearly majority of Walmart products including food are from China. That was the price for allowing Walmart stores in China.

The new administration expected to impose 100 percent tariffs on Chinese products that's imported into United States.

The next few months we will see the effects of tariffs.

Re: Credit Card Delinquencies

Thomas_Thumb — Tue, 03 Dec 2024 20:30:27 GMT

Walmart won't go out of business. You will pay more across the board. Walmart, Target and other big box retailers will pass costs on to YOU.

Any USA designated suppliers that avoid tariffs will just charge more to increase margins and pass profits onto executive management and shareholders. By the way, how will public infrastructure projects be financed if corporate tax rates are further reduced? Think about it.

Re: Credit Card Delinquencies

TrapLine — Tue, 03 Dec 2024 22:27:38 GMT

@Thomas_Thumb wrote:
Walmart won't go out of business. You will pay more across the board. Walmart, Target and other big box retailers will pass costs on to YOU.

Any USA designated suppliers that avoid tariffs will just charge more to increase margins and pass profits onto executive management and shareholders. By the way, how will public infrastructure projects be financed if corporate tax rates are further reduced? Think about it.

Infrastructure projects are not all dependent on the feds. Most rely on local tax assessments along with property tax assessments, county taxes, gas taxes, state funding as well as public works funding on a state level. In Minnesota, MnDot, counties, cities and townships fund most of their own projects. A sales tax has been used by some counties for a specified number of years and it drops on pay off. Even some cities have used local sales tax for some infrastructures. Oh, not to be overlooked is local utilities covering some infrastructures as it may pertain to steam, gas, electric, water, sewer and storm. In truth other than airports, the federal government is not the biggest funder in Minnesota. Another tool is Bonded Debt repaid out of the local tax base to front the money and repay over time.

Re: Credit Card Delinquencies

IsambardPrince — Tue, 03 Dec 2024 23:55:35 GMT

@Thomas_Thumb wrote:
Walmart won't go out of business. You will pay more across the board. Walmart, Target and other big box retailers will pass costs on to YOU.

Any USA designated suppliers that avoid tariffs will just charge more to increase margins and pass profits onto executive management and shareholders. By the way, how will public infrastructure projects be financed if corporate tax rates are further reduced? Think about it.

They ought to shift their production back to the States. I remember the 80s and 90s, we had Walmart back then and they bought TVs from the company my dad worked at in Marion, Indiana. RCA. He was the senior equipment designer for the TVs in the Engineering dept. And they sold them at Walmart.

If they could do it back then and the deal was you shopped at Walmart and bought quality and employed your neighbor, we can go back to that now. This rot needs to stop now.

I agree with the tariffs, but I don't think they should be a "day 1" thing. They should phase in over time so the longer that companies like Walmart don't bring the jobs back, the more painful it gets until it's just not viable to buy things from overseas.

Frankly, if India and China go into economic decline over this, that's not our problem. We've had people running our country for too long now that were not the least bit worried about people like me. And people less well off than me who have already lost their homes. I'm seeing a lot of people living in tents out behind a gas station or something.

Our government has written them off. The mayor of San Francisco, for example, now requires city agencies to first try to put homeless people on a bus to somewhere else before offering them shelter space. The people living in these cities are rich enough to live there, they ought to pay the tax for the homeless shelter.

Re: Credit Card Delinquencies

Realist — Sun, 29 Dec 2024 12:46:10 GMT

There were some replies to this topic that feel their political ties, or Covid ties, were actually an influence on certain results.

I ask the question. Is it possible in anyway, shape or form, that you could conceive to yourself, that you might not be correct? If that is a solid no, then that's suspect. Two wings to the same bird, two sides to the same coin, good cop, bad cop, have you ever considered anything that you think you might know, might not be correct?

Credit card delinquencies are nothing more than a fraction of a result of things to come. CC defaults, home price delines , and then eventual default. Automobile delinquencies, it's all happening.

In 2001 we had a recession.

In 2008 we had a great recession.

In 20XX, we likely will have a depression should the pattern continue.

Its simply the next stage of progression with a bubble that is MUCH larger than the previous. My question to you is, what are you doing to brace for impact? The better question is, have you even considered it yet? Most people have no idea what's coming.

Those that can see the train coming, move off the tracks and let everyone else take the brunt of the chaos. Warn who you may. Or you can be the oblivious, and simply stand on the tracks. Most people within society are the ladder.

I have no horse in anyones race. This is fair, and honest. You will receive the results of your overall lifes accumulated knowledge up until that point. You will also experience the reward, and devistation from it as well.

There is no greater fool, than one that says:

1. This time is different.

2. It can't happen.

3. Who could have seen it coming.

They always provide a road map, and the intention is to steam roll as many unsuspecting people as possible. That's how wealth, flows upward.