credit

Swiss National Bank in its 2023 Financial Stability Report on Credit Suisse: “these observations also raise questions regarding the ability of the Too Big To Fail “TBTF” framework to oblige a systemically important bank to take sufficient corrective action in a timely manner”

by Dismal-Jellyfish https://www.snb.ch/n/mmr/reference/stabrep_2023/source/stabrep_2023.n.pdf These measures need to strengthen banks’ resilience in order to prevent a loss of confidence wherever possible, and ensure a broad range of effective options to stabilise, recover or wind down a systemically important bank in the event of a crisis. Third, the scale and pace of deposit outflows that resulted from …

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Credit Card Bombshell: You Won’t Believe What Credit Card Companies Are About to Do

00:00 – Introduction and show’s overview discussed. 00:27 – Record average credit card interest rates outlined. 01:26 – Central Bank’s reaction to rising credit card rates explained. 02:23 – Further increase in credit card interest rates reported. 03:20 – Shift in consumer behavior towards increased credit card repayments. 04:19 – Potential repercussions of rate increase …

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Average monthly rent, credit card, car payments exceed $3,225 per person.

BREAKING: Median asking rent for a US home rises 1.4% in May to $1,995/month. Meanwhile, the average new car payment is now $800/month. On top of this, the average American is paying $430/month in credit card debt. This means the average person is now paying $3,225/month for… — The Kobeissi Letter (@KobeissiLetter) June 12, 2023 …

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Swiss National Bank, in guessing, provides liquidity “for purpose” for Credit Suisse’s toxic positions…from my vantage/assessment, “infinite liquidity” would be a closer approximation.

by quad-beep-05 via WSJ: The Swiss National Bank has offered UBS UBS -0.93%decrease; red down pointing triangle Group AG around $100 billion in liquidity to help it take on the operations of Credit Suisse Group AG, according to the people familiar with the matter. Details of the liquidity offer couldn’t be learned but are part of the talks to engineer …

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Retail sales are flat. Credit growth has continued to decelerate. Bankruptcies raising rapidly

🇺🇸 US advance real retail and food services sales -2.4% YoY. Retail sales are flat ahead of #recession. pic.twitter.com/H0lh2sE15j — Alex Joosten (@joosteninvestor) June 15, 2023 🇺🇸 US larger corporate bankruptcy filings 286 YTD. Highest since 2010! (Publicly traded companies with at least $2 million in assets or liabilities and private companies with publicly traded …

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Yellen the Felon calls consumers binging on credit evidence of a “strong economy.” What happens when tapped-out Murican debt donkeys start defaulting on their soaring credit card bills?

🤣🤣🤣🤣🤣🤣🤣 https://t.co/oxH5lDpA4H — Darth Powell (@VladTheInflator) June 8, 2023 US credit card delinquency rates are currently at "normal" 2019 levels but there are some ominous signs for the consumer credit market. Are we going to see a "newly prime" lending crisis this time? pic.twitter.com/i2xDXpNY3Y — Boaz (@sobradob) June 1, 2023 Credit Card Debt Keep Surging …

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Gary Gensler: “In the Dodd-Frank Act of 2010, Congress directed federal agencies, including the SEC, “to remove any reference to or requirement of reliance on credit ratings” from our rules and to substitute an appropriate standard for credit-worthiness This final rule fulfills Congress’s wishes”

by Dismal-Jellyfish Source: https://www.sec.gov/news/statement/gensler-statement-credit-ratings-060723 Today, the Commission is considering adopting a set of final rules to remove references to credit ratings from Rules 101 and 102 of Regulation M (Reg M). I am pleased to support these rules because they will fulfill an important mandate issued by Congress in the wake of the 2008 financial …

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In April, consumer credit (AKA consumer DEBT) increased at a seasonally adjusted annual rate of 5.7%. Revolving credit (credit cards) increased at an annual rate of 13.1% , while nonrevolving credit (student loans, personal loans, mortgages) increased at an annual rate of 3.2%.

by Dismal-Jellyfish Source: https://www.federalreserve.gov/releases/g19/current/g19.pdf Remember, From 1st quarter 2022 to 1st quarter 2023, total household debt has increased $1,205 billion to $17.05 trillion (+7.57%)–Mortgage balances ($864 billion), HELOC ($22 billion), Student loans ($14 billion), Auto loans ($93 billion), Credit Card debt ($145 billion), Other ($67 billion): Total household debt has risen by $148 billion, or 0.9 percent, …

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Credit Card Debt on the Rise

Authored by Martin Armstrong of armstrongeconomics Credit card debt in the US spiked to its highest quarterly level in Q4 2022 after increasing by $85.8 billion. The average American household has about $10,000 in credit card debt, marking an 8.9% YoY increase. Now, Americans are facing $1 trillion in credit card debt due to rising APR and inflation. …

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Despite Getting Whacked by Bank Turmoil, Layoff News, Credit Crunch, High Interest Rates, and Inflation, our Drunken Sailors Spent Even More, Even Adjusted for Inflation

Guest Post from Wolf Richter at WolfStreet.com: Where does the money come from? They now out-earn inflation, they earn interest income, and they dipped into their assets whose prices ballooned over the years. Consumer spending, adjusted for inflation and for seasonal factors jumped by 0.5% in April from March, after two months of declines and …

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U.S. credit card debt has increased by $250 billion in two years. U.S. consumer debt piles up to $17 Trillion!

Everyone's talking about how the U.S just hit $1 trillion in total credit card debt But what's more concerning: That number has increased by +$250 billion in just 2 years This doesn't end well pic.twitter.com/LK7oUrne2D — Genevieve Roch-Decter, CFA (@GRDecter) May 31, 2023 U.S. Consumer Debt Piles up to $17 Trillion More, more, more. According …

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Jay Powell’s Fed hasn’t yet realized the full gravity of what’s coming… There are clear risks of devastating market crashes, domino bank failures, a highly destabilizing Credit contraction

RELAX everything’s going to be fine, if there was ANY chance of collapse all the “experts” on the main collapse subreddit would be all over this. /s via realclearmarkets: “In purely technical terms, all these together are betting heavily on lower interest rates all over the world in the not-too-distant future. As they’ve come to …

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