Items Tagged with 'Credit card debt'

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  • Americans are way more in debt now than they were after the financial crisis

    Auto loans push household debt 21% above post-crisis levels
    American household debt continues to climb to record levels, reaching $13.54 trillion in the fourth quarter of 2018. According to the latest report from the Federal Reserve Bank of New York, household debt is now $869 billion higher than 2008’s $12.68 trillion peak – and 21.4% above the debt levels seen in the wake of the financial crisis.
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  • Paying down our way into even more debt

    The Federal Housing Administration this week began its latest save-the-economy campaign with the new Short Refinancing program. What is interesting to note is that this campaign lived to breathe after multitudinous voices in the mortgage finance industry detailed what a bad idea it is. For the weeks running up to the program, just about every single financial firm with a research department sent out some note or another claiming how borrowers won't qualify (Amherst), the GSEs don't have the authority (KBW) and/or there is no way to prioritize what loans qualify (JPM).
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  • Personal Bankruptcies Soar; Cramdown Bill Nears Deal

    Personal bankruptcies jumped by nearly one-third in 2008 as 1.06 million consumers filed for protection, said the American Bankruptcy Institute Thursday. The increase comes after a 40-percent upsurge in bankruptcy filings in 2007. "This underscores that the underlying economic problems of consumers who are facing high debts, flat incomes, and now declining home values are a very powerful force that pushes people over the edge," says Samuel Gerdano, executive director of the ABI.
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