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The State of the American Debt Slaves, Q3 2018
The State of the American Debt Slaves, Q3 2018 Consumers are being lackadaisical again with their plastic. Consumer debt – or euphemistically, consumer “credit” – jumped 4.9% in the third quarter compared to the third quarter last year, or by $182 billion, to almost, but no cigar, $4 trillion, or more precisely $3.93 trillion (not […]
US Household Debt Hits Record $13.3 Trillion
US Household Debt Hits Record $13.3 Trillion Total household debt hit a new record high, rising by $82 billion to $13.29 trillion in Q2 of 2018, 3.5% higher than a year earlier according to the NY Fed’s latest household debt report. It was the 16th consecutive quarter with an increase in household debt, and the […]
Where the Debt Slaves Are the Most Vulnerable
Where the Debt Slaves Are the Most Vulnerable I’m shedding a different light on consumer debt. This type of chart is trotted out constantly these days to show that American households are in fabulous shape when it comes to their ability to service their blistering record debts. The red line in the chart shows household […]
BoC: 8% Of Canadian Households Owe More Than 20% Of The $2.1 Trillion In Debt
BoC: 8% Of Canadian Households Owe More Than 20% Of The $2.1 Trillion In Debt Canadian real estate debt hit a new high, and the news gets worse as they explain it further. The Bank of Canada (BoC) updated household debt numbers for March. In a speech this week, BoC’s Governor Stephen Poloz also gave […]
China’s mortgage debt bubble raises spectre of 2007 US crisis
China’s mortgage debt bubble raises spectre of 2007 US crisis Many young homeowners in booming cities owe more than they earn, and some even falsify salary details to get bigger mortgages Behind the dream of property ownership they share with many like-minded friends lies an uninterrupted housing price rally in major Chinese cities that dates […]
Time to Panic in Australia
Time to Panic in Australia Australians’ private debt has soared to 187 per cent of their income. Debt is up from about 70 per cent in the early 1990s. The jobless rate rose for the second straight month in December to 5.8 per cent, and underemployment, the number of workers wanting more hours, is near an […]
Living a Lie
Living a Lie “Above all, don’t lie to yourself. The man who lies to himself and listens to his own lie comes to a point that he cannot distinguish the truth within him, or around him, and so loses all respect for himself and for others. And having no respect he ceases to love.” – Fyodor […]
This Is Another “Subprime” Waiting to Blow
This Is Another “Subprime” Waiting to Blow Dow down 239 points yesterday – or 1.5% – after Japan posted its biggest one-day gain in seven years. This is getting interesting again. If it is just “volatility,” as Wall Street’s shills in the press maintain, it will probably pass soon. Everything will be okay. Back to […]
TBTF Mega Banks Lowering Downpayments and Credit Standards to Keep High End Housing Market Going
TBTF Mega Banks Lowering Downpayments and Credit Standards to Keep High End Housing Market Going What do you do when even wealthy people begin to face an increasingly hard time purchasing a home in a vertical market completely disconnected from income trends? You reduce downpayments and lower credit standards, of course. Where have we seen this […]
Canadian Families’ Debt Jumped By 64 Per Cent In Just Over A Decade
Canadian Families’ Debt Jumped By 64 Per Cent In Just Over A Decade The amount owed by indebted Canadians grew by 64 per cent to $60,100 in just over a decade, according to a new Statistics Canada study. The StatsCan report released Wednesdayfound that between 1999 and 2012, the median debt held by indebted families increased […]
