Household debt ratios for the third-quarter plummeted to levels not seen in more than 40 years. The Financial Obligations Ration (FOR) dropped 100 basis points (bps) over the past year, while the Debt Service Ratio (DSR) has declined 72 bps since the third-quarter of 2019, based on figures released by the Federal Reserve. The sharp…
Consumer confidence calamity rebounded a tad in early December with the prospects of a long-delayed stimulus package being passed before the holiday break, the beginning of COVID-19 immunizations and the U.S. Supreme Court and Electoral College finally squelching voter fraud claims propagated by extremists. However, the brief consumer confidence December bump is likely to be…
Coronavirus disruptions to everyday life are spreading rapidly as fear and anxiety grip consumers, business-owners and investors. The amplification of misinformation via social media and governments has become a plague unto itself. For Americans the only “silver lining” is mortgage rates dropping to the lowest level since October 2016. The 30-year fixed-rate mortgage is now…
The University of Michigan Survey of Consumers found spending confidence by American consumers increased slightly in February. The coronavirus was mentioned by 8% of all consumers in February when describing the reasons for their economic expectations. However, on the last days of the February survey, 20% mentioned the coronavirus due to the steep drop in…
December credit card debt went off the rails driven by a very late Black Friday and a pull-back on consumer tariff taxes. As a result. the year-over-year expansion in credit card debt skyrocketed in December by a record 14%, compared to a 3% decrease in November, and a strong 8% gain in October. The $10…
Stable U.S. economy is the word of the day. Barring unforeseen events like a global coronavirus plague, a Mid-East war, a successful impeachment or another shortage of Popeye’s chicken sandwiches, it appears the economy will continue to chug along at a heathy pace through the 2020 elections. Stable, or slightly increased, consumer confidence is the…
Professor Cardworthy, the “Money Explainer” of all things financial, was resurrected by Senior Payments Analyst Robert McKinley, reprising his role first developed in 2007 as the actor in a series of 50 “Cardworthy” YouTube consumer instructional videos. The 2007 project was shelved while Mr. McKinley was in a cancer battle and later placed on hold…
Home sharing is becoming more expensive than a hotel stay as greedy homeowners slip in exorbitant cleaning fees and service fees. At the same hotels are migrating to the gig economy for cleaning services an apps for room service from local restaurants, according to Bankcenter and CardBuzz. Senior Analyst Robert McKinley for CardTrak says as…
The October credit card surprise wherein Americans tacked on $8 billion in revolving credit petered-out in November, dropping more than $2 billion, ostensibly due to the very late Thanksgiving Day holiday break. As a result, the year-over-year expansion in credit card debt declined in November by nearly 3%, compared to a near 9% increase in…
Consumer confidence may be beginning to show some cracks as recent surveys and monthly data confirm. Affecting about two-thirds of economy, the fog will clear following the release of fourth-quarter payments-related reports this month. The overall consumer confidence trend for 2019 has been downward, except for high income households ostensibly benefiting from a record setting…
