PButler96
Midwest
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JimK-NY wrote:PButler96 wrote:
Plenty of folks have started tapping into savings to maintain their standard of living, and even more have started to access credit to do the same, both are unsustainable and will run out, and the credit option is a double whammy with rising interest rates.
Maybe your predictions will come true eventually, but for now credit card debt is considerably behind where it was before the start of Covid. Personal savings rates shot up during Covid due to the massive stimulus packages but are still at about the average for the 20 years prior to Covid.
https://www.lendingtree.com/credit-cards/credit-card-debt-statistics/
https://fred.stlouisfed.org/series/PSAVERT
You're misinterpreting the data provided in your own links and one of them is from the Fed. The Fed is controlled by those who will lead you to believe inflation is 9% when prices have rose 20-30% across the board for almost everything. The same folks who call energy prices dropping 3% after they rose @ 50% a win.
I have a burn barrel in my yard.
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WinMinnie02
NJ
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IMHO Rving like boats are a luxury not a need. Tent camping is fun for most. Lucky $ to have the same unit for decades love to rv and maintain it as a hobby.
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2112
Texas
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Quote: Personal savings rates shot up during Covid due to the massive stimulus packages We didn't get any of that stimulus going around but our saving shot up because we couldn't spend any $ because everything was closed down and shelves were bare
2011 Ford F-150 EcoBoost SuperCab Max Tow, 2084# Payload, 11,300# Tow,
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PButler96
Midwest
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JimK-NY wrote:PButler96 wrote:
Plenty of folks have started tapping into savings to maintain their standard of living, and even more have started to access credit to do the same, both are unsustainable and will run out, and the credit option is a double whammy with rising interest rates.
Maybe your predictions will come true eventually, but for now credit card debt is considerably behind where it was before the start of Covid.
Eventually seems to be now. Imagine that.
Household credit card debt surges in sec........d quarter, highest jump in over 20 years
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JimK-NY
NY
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PButler96 wrote:JimK-NY wrote:PButler96 wrote:
Plenty of folks have started tapping into savings to maintain their standard of living, and even more have started to access credit to do the same, both are unsustainable and will run out, and the credit option is a double whammy with rising interest rates.
Maybe your predictions will come true eventually, but for now credit card debt is considerably behind where it was before the start of Covid.
Eventually seems to be now. Imagine that.
Household credit card debt surges in sec........d quarter, highest jump in over 20 years
Sure that sort of click bait catches attention, but the facts are less exciting. Revolving consumer debt is up because consumers are spending at high rates. Defaulting is still low. Non-revolving debt has only increased about 5% in the past year. No surprises because debt costs such as mortgages and car loans have increased substantially.
When it comes to RV sales some decrease in sales can be expected and manufacturers are watching this closely and will adjust production and costs accordingly. RV sales were crazy high during Covid and are predicted to continue at levels higher than pre-Covid. Again a decrease can be expected because people are able to return to air travel, vacations, cruises and other opportunities that were restricted or not available during Covid.
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PButler96
Midwest
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JimK-NY wrote:PButler96 wrote:JimK-NY wrote:PButler96 wrote:
Plenty of folks have started tapping into savings to maintain their standard of living, and even more have started to access credit to do the same, both are unsustainable and will run out, and the credit option is a double whammy with rising interest rates.
Maybe your predictions will come true eventually, but for now credit card debt is considerably behind where it was before the start of Covid.
Eventually seems to be now. Imagine that.
Household credit card debt surges in sec........d quarter, highest jump in over 20 years
Sure that sort of click bait catches attention, but the facts are less exciting. Revolving consumer debt is up because consumers are spending at high rates. Defaulting is still low. Non-revolving debt has only increased about 5% in the past year. No surprises because debt costs such as mortgages and car loans have increased substantially.
When it comes to RV sales some decrease in sales can be expected and manufacturers are watching this closely and will adjust production and costs accordingly. RV sales were crazy high during Covid and are predicted to continue at levels higher than pre-Covid. Again a decrease can be expected because people are able to return to air travel, vacations, cruises and other opportunities that were restricted or not available during Covid.
Ok, the Federal Reserve's quarterly report is clickbait.
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2112
Texas
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Quote:Ok, the Federal Reserve's quarterly report is clickbait This is all Fox Business context. Nowhere did I find a link to the actual Federal Reserve's quarterly report. They are all Fox's alternate reality links
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valhalla360
No paticular place.
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ticki2 wrote:It’s what usually happens when you saturate a market in a short period of time . The RV market went up 17% and now it’s predicted to go down by 8% , that’s a pretty healthy gain yet they are crying ??
If it's down 8% and the market hasn't completely collapsed yet...don't be shocked when it's down 20-30%, maybe more before things settle out.
A used market with tons of 1-3yr old units is likely to apply a lot of downward pressure on new unit sales.
Tammy & Mike
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Reality Check
North Bend
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2112 wrote:Quote:Ok, the Federal Reserve's quarterly report is clickbait This is all Fox Business context. Nowhere did I find a link to the actual Federal Reserve's quarterly report. They are all Fox's alternate reality links
Credit card debt held by American households surged by 13% on an annualized basis in the second quarter, representing the sharpest climb since 1999 as consumers increasing rely on credit amid sky-high inflation.
The Federal Reserve Bank of New York's Quarterly Report on Household Debt and Credit released Tuesday shows total household debt reached $16.15 trillion at the end of June, an increase of $312 billion from the same quarter a year ago with mortgage, car loan and credit card balances all rising.
LOL, so, what am I missing? ding bat comment
'16 F550 CC, 4x4 with Link Ultraride air suspension, '18 AF 1150. Just so we can play with our snowmobiles, dirt bikes and fishing boat. And new 20' tag along...kayaks, bikes, mc's and extra water and food!!
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2112
Texas
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LOL, so, what am I missing? ding bat comment
How can this be a ding bat comment?
PButler provided a link. JimK called it click bait. PButler questions if the Federal Reserve's quarterly report is clickbait. He never provided a link to the Federal Reserve's quarterly report. He provided a link to a news group that extracted a single quote out of context from 1 of the 12 federal reserve banks, just as you did.
For some context, we buy practically EVERYTHING on our discover card and pay one bill a month. As an example, every other Friday we buy $50 of can goods and take it to our local pantry. A few months ago we had to up it to $60 to buy a similar amount. That's A 20% increase. Depending on which column this falls in the spreadsheet it can be identified as a 20% increase in debt.
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