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…
Third-quarter card debt is expected to take a big hit as the waning impact of one-time consumer stimuli payments, and reductions in unemployment supplemental benefits slam consumer spending. The failure to prop up the American economy may be catastrophic for holiday spending in the final quarter of 2020. While the second-quarter 28% decline in consumer…
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…
Savings secrets do not exist in Europe and Asia, but in the good ole U.S.A trying to put together a savings jar of $400 or $500 is elusive. With most families today, it is matter of falling back on credit cards for emergency expenses, which easily leads many into the great credit card trap. Senior…
Small business challenges for 2020 will not be easy as more than eight of ten owners indicate attracting new customers is their biggest problem, and nearly six out of ten report hiring or trying to hire qualified applicants has become frustrating. Overall, small business optimism during 2019 was a roller coaster ride for many, as…
Best credit card is an oxymoron. There has never been the “ten best credit cards,” or even the “one best credit card” you gotta have. Four decades ago there were two choices: “classic” and “gold.” To get a “gold” card with a minimum $5,000 credit line, you had top be making at least $25,000 per…
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…
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…
Free tax filings were not widely known among low-to-medium income taxpayers as some commercial tax preparation services did their level best to hide them until the IRS got pissed. Trump’s trade war has made every American a loser to some degree, small to big, but nonetheless, losers. Despite demand for housing and low rate mortgages,…
