Americans tapping holiday credit early this year as holiday spending drove U.S. credit card debt up by nearly $8 billion in October, now growing by approximately 9% over the prior year. The October surprise is consistent with the erratic pattern of consumer spending and borrowing in 2019. Over the past ten months the monthly YOY…
U.S. card late payers continue to creep upward to levels not seen since 2013 and running about 40 bps (basis points) above ratios reported five years ago. Delinquency among the Top 100 U.S. issuing banks in the third-quarter edged up 1 bps sequentially, and up 8 bps YOY (year-on-year). Nonetheless, the seasonally adjusted (SA) delinquency…
U.S. credit card debt continued to decline in September for the second consecutive month following a July surge and an April/May spending binge. In August as Americans knocked-off $1 billion in new revolving consumer debt, mostly credit card debt, after adding $15 billion in new credit card debt this year, mostly between April and July.…
U.S. credit card debt began to unravel in August as Americans knocked-off $2 billion in new revolving consumer debt, mostly credit card debt. After adding $15 billion in new credit card debt this year, mostly between April and July. The decline dovetails with the recent sharp declines in U.S. consumer confidence. U.S. revolving credit, (97%…
Trade tariff tensions are among the mounting evidence the American economy is spiraling downward as consumers begin to lose the faith that all is good. With consumer spending making up two-thirds of the economy, when it goes down, the overall economy declines as well. On a national level, consumer confidence started declining in July and…
Main Street recession talk is disrupting small business plans and bubbling Downtown to Wall Street. Another short-term interest rate today cut (second time this year), a massive overnight funding market shortage for two-consecutive days (first time in more than a decade), inverted yield curve for first time in 13 years, trade tariff/consumer taxes set to…
U.S. revolving consumer credit exploded in July as Americans racked up $10 billion in new revolving debt, mostly credit card debt. After adding a mere $4 billion in new credit card debt in the first three months of this year, U.S. consumers went nuts in April and May, adding more than $14 billion in the…
U.K. card debt continues to descend as Brits worry about the economic chaos over the uncertain impact of Brexit. Overall the annual growth rate of total U.K. consumer credit in July slowed to its lowest growth since April 2014. Meanwhile, overall consumer credit is now expanding by half the annual rate of just two years…
Trade tariffs trash talk is terrorizing America consumer confidence bigly as consumers no longer need tea leaves to see what lies ahead for their pocketbooks this coming holiday season, and beyond. Two major consumer confidence surveys confirm the decline in consumer confidence in August and two more surveys due out by next week will likely…
Late card payments headed down a skosh in July as car loan payments and mortgage payments nudged up a tad. The numbers for credit card payments are a bit skewed as cardholders piled on debt bigly in April and May. Nonetheless, there are still concerns among the nation’s top credit card issuers the overall trend…
