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Consumer credit crunch

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CreditobsessedinFL
Established Contributor

Consumer credit crunch

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-w... 

6 REPLIES 6
Flexfanatic
Valued Member

Re: Consumer credit crunch

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.

Message 2 of 7
AllZero
Mega Contributor

Re: Consumer credit crunch

Thank you for sharing.

Unfortunately, I'm not able to see the full story.
Message 3 of 7
CreditobsessedinFL
Established Contributor

Re: Consumer credit crunch

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? 

Message 4 of 7
AllZero
Mega Contributor

Re: Consumer credit crunch


@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.

Message 5 of 7
SouthJamaica
Mega Contributor

Re: Consumer credit crunch


@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-w... 


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.


Total revolving limits 741200 (620700 reporting) FICO 8: EQ 701 TU 704 EX 685

Message 6 of 7
M_Smart007
Legendary Contributor

Re: Consumer credit crunch


@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-w... 


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!

 

 

Message 7 of 7
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