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Thread: Credit Conditions

  1. #91

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    Quote Originally Posted by ynot2k View Post
    That is why credit card companies press some to open new accounts when they already have 2 or 3 with the same company?

    That is why credit card companies 'reward' people with higher credit limits?

    That is why the credit help sites like Credit Karma and Credit Sesame coach and encourage people to keep expanding your credit?


    Umm, ok.
    I have three cc accounts with US Bank. One just opened and not used yet, 2 months old. Just got another offer in the mail today from US Bank! I have a very high credit score.

    One of a Credit Card company's assets to be applied to borrowing money to cover their operation, are the potential debt of their costumers vs the debt their customers actually have. They have to keep raising peoples limits or have new accounts opened up to maintain a positive 'balance' sheet.. This is what Wells Fargo got caught doing a few years ago, opening phony accounts just to get the credit limits unused.

    Debt is an asset. It should be the charter of the FED that and, we skim to top for our cronies, so we pay for our own destruction.

    You want to go down rabbit holes and the FED. Look into the sinking of the Titanic, what financial leaders died and what were their plans?
    What's the Frequency, Kenneth?

    432Hz

  2. #92

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    It's all just an illusion, nothing is real. Your deposits into a bank are a liability to the bank. Meanwhile, you hope that the bank can pay your money back thinking your account is an asset. But banks can't pay you off unless you or someone else borrows more money. FDIC can't cover more than 2% of the deposits it insures. So when banks go bust, merge them with other banks that haven't gone bust yet. Got to keep the illusion going since new money is only created when people borrow more than is deposited. No deposits, no new capital to lend out. Banks lend out much more than you deposit and so they need you to not save but to spend. But still deposit the money in the mean time. Which sounds crazy. But not when they know they can now lock you out of your own funds when they need too. So the more everyone is in debt the more the economy can grow. It's one big merry go round of borrowing to spend so more stuff can be made to pay off the existing debt. So you can borrow even more to spend. If people stop borrowing or spending the whole system collapses. The problem with all this is when the yield curve on borrowed money inverts and banks have to pay higher interest rates on short term deposits than they can collect on long term loans. That's when banks tighten up loan requirements. Just when the system needs banks to do the opposite and lend out even more money so the merry go round will continue. Else, commercial loans go into default, followed by credit card defaults and perhaps home loans and things turn to poo. Or the government make up new money out of thin air and tries to sell new bonds to banks that can't afford to buy them and just says that they will buy their own bonds taking the new money out of their right pocket and paying it to their left pocket. Or sell to people that pull their money out of banks to buy higher interest bonds from the government. Which then forces banks to tighten up even more and borrow even more from the government. So the government spends the money that doesn't exist to fuel the motor that runs the merry go round via overnight loans to the banks hoping that nobody notices that the money isn't even there. Want a new credit card, no problem. Just don't not use it or the banks will get mad. Spend with no payments for 6 months or a year and we'll raise your credit limit so you can borrow even more. Put the payments on the old card onto a new credit card that has no payments for six months or a year. What the heck, why not. No sweat.
    American Legion Preamble: https://www.legion.org/preamble

  3. #93

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    I wonder if people are using CC to pay CC off again, not sure as I don't get any of that kind of stuff in the mail anymore for some reason. I'm kind of a deadbeat and hold no debt. I just get non-profits bothering me usually. Certainly HELOCS were utilized but all is a little quiet on the credit front as those helocs have to be paid off or rolled into a refinance that of which many probably do not want to do anymore. I see homes selling though, and that is one way to consolidate debt - cash in the asset.

    Car lots are full again, I saw a commercial, used cars for only twenty thousand, oh my. I like my reliable junkers.

    The daily HODL said 1.76 trillion in savings has been utilized since 2020. Elon just made a comment on CC debts.

    https://www.businessinsider.com/elon...debt-us-2023-7

    Although I'm a debt free kind of player on this planet, I'm in my 50's and should be, I'm on board the can you service the debt train if that's your style, and with wage inflation spiral, maybe people don't mind paying interest, and that it's easier to keep a reasonable CC balance going than before. I had my tangle with CC debt when I first got out of college and never played that game again, mortgage and one new car loan was enough for me.

    https://www.cnbc.com/2023/06/09/how-...ld-by-age.html

  4. #94

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    Wells Fargo fixing tech issue after customers report missing deposit transactions

    https://www.foxbusiness.com/lifestyl...?intcmp=tw_fbn


    BANKING Published August 4, 2023 4:44pm EDT
    Wells Fargo fixing tech issue after customers report missing deposit transactions
    Wells Fargo customers ran into a similar issue in March
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    By Daniella Genovese FOXBusiness

    Ed Cofrancesco on banking industry: 'There's probably going to be a lot more consolidation' this year
    International Assets Advisory CEO Ed Cofrancesco discusses the FOMC's stress test for big banks and his stock picks to short.

    Wells Fargo is working to resolve a technical issue after several customers reported that their deposit transactions had disappeared from their accounts.

    Customers started to report the problem to the bank on Twitter, now branded as X, on Thursday.

    "My CASH deposit made inside a branch location is still not posting because of a technical issue?," one user wrote. "I’ve been patient all day, but now I’m irritated. Two phone calls and still being told to keep checking."

    "I need my money now!!!!" another customer wrote on their social media page.

    The company replied to some customers on the platform saying that its technical teams are aware of the issue and that it is working to resolve it "as soon as possible."
    What's the Frequency, Kenneth?

    432Hz

  5. #95

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    Credit conditions in US still relatively loose.


    Index Suggests Financial Conditions Continued to Loosen in Week Ending August 4
    The NFCI ticked down to –0.35 in the week ending August 4. Risk indicators contributed –0.14, credit indicators contributed –0.12, and leverage indicators contributed –0.08 to the index in the latest week.

    The ANFCI also ticked down in the latest week, to –0.32. Risk indicators contributed –0.19, credit indicators contributed –0.11, leverage indicators contributed –0.06, and the adjustments for prevailing macroeconomic conditions contributed 0.05 to the index in the latest week.

  6. #96

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    brutus2, I'm still with you in this thread but mostly have to read/lurk as much of it is over my (juvenile) head

  7. #97

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    Quote Originally Posted by ynot2k View Post
    brutus2, I'm still with you in this thread but mostly have to read/lurk as much of it is over my (juvenile) head
    It is a great indicator of when things are getting a little hot in the kitchen.
    The index can move very fast in as short as a week from loose to tight as in March 2020 or a few weeks as in July/August 2007.
    It has a remarkable consistency with the markets and economy. Credit is money in this world, after all.
    When it turns positive look out.
    Currently we have relatively loose credit, so we have relatively good markets and a perceived okay economy.
    As you can see from the graph in this link, that can change a lot in a week or two.

    You just need to tap the link and scroll and you can see the historical graph of both indexes. They are pretty much the same.


    https://www.chicagofed.org/research/...i/current-data

  8. #98

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    Quote Originally Posted by brutus2 View Post
    It is a great indicator of when things are getting a little hot in the kitchen.
    The index can move very fast in as short as a week from loose to tight as in March 2020 or a few weeks as in July/August 2007.
    It has a remarkable consistency with the markets and economy. Credit is money in this world, after all.
    When it turns positive look out.
    Currently we have relatively loose credit, so we have relatively good markets and a perceived okay economy.
    As you can see from the graph in this link, that can change a lot in a week or two.

    You just need to tap the link and scroll and you can see the historical graph of both indexes. They are pretty much the same.


    https://www.chicagofed.org/research/...i/current-data
    Thanks, I appreciate the help... I'll need to look at the info for some time and hopefully can 'get' it.

  9. #99

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    Credit expands until one day the balloon pops. Some black swan comes out of left field and things go to $hit. Then it is free fall where most everyone is left with nothing. Hopefully, you haven't lived on the edge and have a means to survive. Be prepared.
    American Legion Preamble: https://www.legion.org/preamble

  10. #100

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    Quote Originally Posted by LongDonSilver View Post
    Credit expands until one day the balloon pops. Some black swan comes out of left field and things go to $hit. Then it is free fall where most everyone is left with nothing. Hopefully, you haven't lived on the edge and have a means to survive. Be prepared.
    at this time i seem to be set with the ongoing residential rental income positive cash flow. who knows what the future holds but it did allow us to save in precious metals during the last 15 years. as long as my tenants are working i am getting my retirement paychecks. this rental idea has turned out to be the best cash flow idea i ever implimented throughout my entire lifetime. thank you Lord for the insight and giving me the wherewithall to tread water during the 16+%- 18+% mortgage interest years.

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