Quote:
Originally Posted by Bladewire
I remember rebilling falling off because credit cards were maxed out.
All the analysts I've seen on CNBC , Fox, etc say the recession is coming, likely this year.
When they say the recession is coming they point to the red flags that I've been making threads about.
When you combine the red flags I've listed with facts about the consumer economic situation ( like 58% of Americans have less than $1,000 in savings, 37% have no savings and live paycheck to paycheck, the average credit card balance for those who don't pay their credit card balance off every month is $5,700 ) then it's clear that the economists are right we're teatering on the edge.
Remember, retail sales in December were the lowest since the financial crisis 9 years ago.
If people with disposable income weren't feeling the pinch they would be spending it at Christmas and the market would be meeting forecast not plunging below expectations.
Retail sales sink 1.2% in December in the worst plunge in nine years |
Credit cards were not maxed out.
Credit cards were canceled by the millions by the banks because reducing leverage was a requirement of the bailout. Banks hired temp staff to deal with the massive number of freaked out consumers phoning to find out why their Xmas present was losing their never late credit card, at the same time the banks received billions of taxpayer dollars.
Didn't you hear from your members about this or experience it or know people who experiencedit, even if you didn't follow the financial news?