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Aug 13 - Past-due student loans, credit card debt could weigh on U.S. growth


 
 
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 1 week ago '11        #1
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Sin 2213 heat pts2213
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Aug 13 - Past-due student loans, credit card debt could weigh on U.S. growth
 

 
NEW YORK (Reuters) - More people in the United States appear to be struggling to keep up with their credit card and student loan debt, which could put pressure on one of the strongest drivers of economic growth.

U.S. credit card balances grew to $868 billion in the second quarter, from $848 billion in the previous three months, and the proportion of those balances seriously past due is on the rise, according to Federal Reserve Bank of New York data released on Tuesday.

U.S. consumer debt has continued to hit new peaks, rising $192 billion, or 1.4%, to $13.86 trillion in the second quarter. The figure is higher than the previous peak of $12.68 trillion before the 2008 global financial crisis, according to the New York Fed’s U.S. household debt and credit report.

While total student loan balances decreased slightly, from $1.49 trillion to $1.48 trillion in the quarter, the share of those loans being left unpaid for several months increased.

Payments on some 9.9% of student loan balances started being at least 90 days late during the three months that ended in June, compared with 9.4% in the January-March period.

A comparable measure shows credit card users, too, are falling behind. Payments on about 5.2% of those balances were 90 days overdue in the latest quarter, up from 5.0% in the first quarter. The figure has been on the rise since 2017. Similar delinquency rates declined for auto loans, home equity lines of credit, mortgages and other debt categories.

Consumer spending accounts for two-thirds of activity in the world’s largest economy, and a growing job market and higher wages have helped the longest U.S. economic expansion on record continue this year.

But fears the U.S.-China trade war and other issues could cloud that economic picture led the Federal Reserve to cut interest rates for the first time since 2008 late last month. That could ease pressures for some borrowers and cause consumers to load up on more debt to make purchases, a short-term stimulus for the economy.

“We may see more consumers making a large purchase they had been putting off because it seems relatively more affordable,” said Dieter Scherer, a financial planner at Adaptive Wealth Solutions LLC.

“We’ll likely see credit card rates decline by a small amount in response to the cut in the target federal funds rate. However, charge-off rates have been increasing over the past few years, which has also contributed to increased credit card rates among less credit-worthy consumers. So, I’d expect the effect to be more muted among those with low credit scores.”

visit this link https://www.reuters.com/a .. KCN1V31HA?il=0
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 1 week ago '04        #2
Exs 541 heat pts541
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Let that bi*ch build.

800 Billion worth of credit card debt divided amongst every citizen in the US is a measly 2700.00.

meanwhile the country itself is in a 23 Trillion dollar hole with even less accountability than the citiziens' have for their personal debts

This is a trickle down effect.

Collapse is a good remedy.
+17   

 1 week ago '19        #3
Bucks414 38 heat pts38
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had credit card debt when i was 21 but managed to pay it off within 2 years now i understand how to leverage credit cards to my benefit, cant believe I how many people dont understand the benefits to using credit cards and paying the balance off monthly.

as far as college loans i only racked up 4k while i received 18k in grants

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 1 week ago '04        #4
skillahmang 3 heat pts
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 Exs said
Let that bi*ch build.

800 Billion worth of credit card debt divided amongst every citizen in the US is a measly 2700.00.

meanwhile the country itself is in a 23 Trillion dollar hole with even less accountability than the citiziens' have for their personal debts

This is a trickle down effect.

Collapse is a good remedy.
Real sh*t.
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 1 week ago '04        #5
skillahmang 3 heat pts
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 Bucks414 said
had credit card debt when i was 21 but managed to pay it off within 2 years now i understand how to leverage credit cards to my benefit, cant believe I how many people dont understand the benefits to using credit cards and paying the balance off monthly.

as far as college loans i only racked up 4k while i received 18k in grants

Cool story bro.
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 1 week ago '16        #6
OWPE 109 heat pts109
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Why don't those democrat universities lower their tuition fees? That way students wouldn't need to get loans. The rich universities should take a pay cut.

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 1 week ago '04        #7
Hakim Cobain 4 heat pts
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 OWPE said
Why don't those democrat universities lower their tuition fees? That way students wouldn't need to get loans. The rich universities should take a pay cut.

I actually agree with you, trump university should definitely reduce their tuition rates because......wait there is no more trump university

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 1 week ago '15        #8
TheCompanyMan 61 heat pts61
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 OWPE said
Why don't those democrat universities lower their tuition fees? That way students wouldn't need to get loans. The rich universities should take a pay cut.

Because all those private institutions are taking public tax dollars.
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 1 week ago '19        #9
Bucks414 38 heat pts38
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 TheCompanyMan said
Because all those private institutions are taking public tax dollars.
A state college is a private institution?
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 1 week ago '15        #10
TheCompanyMan 61 heat pts61
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 Bucks414 said
A state college is a private institution?
Nah. It’s in response to the comment of “democrat universities” which I took to mean public schools. Private schools like ivy leagues or private Methodist colleges or Liberty university or whatever lobbied the government in the 70s to get tax subsidies to fund their conservative ideologies, forcing public universities, which are legally required to be open to a broader base of the population, to raise tuition.

 1 week ago '19        #11
Bucks414 38 heat pts38
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 TheCompanyMan said
Nah. It’s in response to the comment of “democrat universities” which I took to mean public schools. Private schools like ivy leagues or private Methodist colleges or Liberty university or whatever lobbied the government in the 70s to get tax subsidies to fund their conservative ideologies, forcing public universities, which are legally required to be open to a broader base of the population, to raise tuition.
I think public universities are raising tuition not based on that but because college loans are so easy to get and colleges can get away with it
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 1 week ago '15        #12
TheCompanyMan 61 heat pts61
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Capitalisms dirty little secret: eventually you run out of customers.

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 1 week ago '14        #13
King Maximus 5 heat pts
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 Exs said
Let that bi*ch build.

800 Billion worth of credit card debt divided amongst every citizen in the US is a measly 2700.00.

meanwhile the country itself is in a 23 Trillion dollar hole with even less accountability than the citiziens' have for their personal debts

This is a trickle down effect.

Collapse is a good remedy.
If collapse is “allowed” to happen

It really broke in 08 but what Followed..
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 1 week ago '04        #14
Exs 541 heat pts541
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 King Maximus said
If collapse is “allowed” to happen

It really broke in 08 but what Followed..
08 was a specific section of greed and irresponsibility. it got bailed out because the entire house of cards could come tumbling even if one tiny segment of it failed.

the whole thing is failing now. top to bottom.

tax money funds pedophilia and s*x trafficking for the elite.

social security pays for a generation of takers that never gave a thing back to their children other than stories of war and a mission to the moon

this is the end of the smoke and mirrors.


Last edited by Exs; 08-13-2019 at 02:24 PM..
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 1 week ago '15        #15
Prad Bitt 
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 Exs said
08 was a specific section of greed and irresponsibility. it got bailed out because the entire house of cards could come tumbling even if one tiny segment of it failed.

the whole thing is failing now. top to bottom.

tax money funds pedophilia and s*x trafficking for the elite.

social security pays for a generation of takers that never gave a thing back to their children other than stories of war and a mission to the moon

this is the end of the smoke and mirrors.
I love this kind of talk cause it’s pure truth, but it will be dark days ahead, suggest to get fit and work on being offensive and defensive in urban situations.
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 1 week ago '04        #16
Exs 541 heat pts541
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 Prad Bitt said
I love this kind of talk cause it’s pure truth, but it will be dark days ahead, suggest to get fit and work on being offensive and defensive in urban situations.
never better prepared is the motto
i'm way passed presence
workin for tomorrow


off top!

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 1 week ago '18        #17
Gmac 
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We all know what needs to happen here. Government bailout to erase all consumer and student debt.

For the people!!

 1 week ago '06        #18
kip99 
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 Exs said
Let that bi*ch build.

800 Billion worth of credit card debt divided amongst every citizen in the US is a measly 2700.00.

meanwhile the country itself is in a 23 Trillion dollar hole with even less accountability than the citiziens' have for their personal debts

This is a trickle down effect.

Collapse is a good remedy.
This guy gets it!

 1 week ago '16        #19
foshoVoodoo 291 heat pts291
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the rich gotta pay for something

fu*king freeloaders
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 1 week ago '15        #20
TheCompanyMan 61 heat pts61
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 Bucks414 said
I think public universities are raising tuition not based on that but because college loans are so easy to get and colleges can get away with it
Can’t argue with a belief.


 1 week ago '13        #21
North!!! 455 heat pts455
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College debt the only debt that can’t be erased by bankruptcy

Stay woke

 1 week ago '12        #22
Di Warlord 9 heat pts
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no sh*t

more and more people put themselves into debt, the less purchasing power the average citizen has yeah I may make 50k, but if I'm making min payments on my mortgage, min payments on my CC and min payments on my student loans... how am I supposed to be out buying sh*t with money that I actually have?

interest rates for CCs and student loans (along with personal loans) make it so that you're hustling backwards if you take your time to pay em off. It's like trying to swim your way out of quick sand
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 7 days ago '12        #23
OldBusiness 183 heat pts183
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 Hakim Cobain said
I actually agree with you, trump university should definitely reduce their tuition rates because......wait there is no more trump university

Hot damn
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