Putting it on plastic again – Record number of credit cards issued in 2015 surging 90 percent from 2009. 60 million credit cards issued last year alone.
We love credit cards as much as we hate paying bills. As a nation we have an addiction to instant gratification. In the not so distant past, Americans actually had to save money before making a purchase. Seeing that many Americans have nothing in their pockets except lint and cell phones with hefty monthly payments, […]
New banking normal where lending $2 increases GDP by $1: US bank credit up 44 percent since 2008 while GDP up 21 percent.
Remember a time when people used to be cautious when it came to taking on debt? Probably vaguely since the entire U.S. economic system is built on “gold†and “platinum†credit cards being shelled out to people that can’t afford an ounce of either. In the mail I’m receiving overwhelming offers for credit cards and […]
The economy chugs along with consumers going into deep credit card debt: Credit card debt surges in top 25 US metro areas according to Equifax data.
Credit card debt is like crack for the American consumer. A cheap alternative to pure spending cocaine but enough to keep you on the hamster wheel of consumption. I recently discussed how credit card debt while remaining subdued since the Great Recession suddenly made a 180 degree turn. Americans are spending money they don’t have […]
You Cannot Afford a $250,000 Home with a $50,000 Household Income!
People are still surprised why new home sales remain anemic and new home building is simply not materializing. The latest Census data shows that the typical new home sold for $281,000. At the same time we also realize that your typical U.S. household is making about $50,000 per year. The reason home sales remain weak […]