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Re: Stupid is as stupid does,,,,,,,Revolving Consumer Credit Has Biggest Jump Since 2007, As Depository Institutions Turn On The Spigot

By: ribit in POPE | Recommend this post (0)
Tue, 10 Jul 12 6:49 PM | 53 view(s)
Boardmark this board | (The) Pope's for real stock market report 		Msg. 63845 of 65535
(This msg. is a reply to 63822 by capt_nemo)
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capt
...credit cards are usually a bad idea, but I have had one that I used from time to time and paid off in total every month to avoid interest payments. The banks and businesses have thought of a new glitch for us.

View From The Wing - Will U.S. Merchants Soon Be Able to Add Surcharges to Credit Card Payments?

http://travel.usatoday.com/alliance/flights/boardingarea/post/2012/07/View-From-The-Wing---Will-US-Merchants-Soon-Be-Able-to-Add-Surcharges-to-Credit-Card-Payments/800153/1

...seems that in the future when you buy something with a credit card that the business is gonna stick the consumer with the fee that the banks charge them for credit card use. Since the banks charge the business, I don't have a problem with the business charging the consumer as long as the consumer is aware of it. No word on how long it will be before they find a way to charge ya for debit card use.




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The above is a reply to the following message:
Stupid is as stupid does,,,,,,,Revolving Consumer Credit Has Biggest Jump Since 2007, As Depository Institutions Turn On The Spigot
By: capt_nemo in POPE
Tue, 10 Jul 12 8:53 AM 		Msg. 63822 of 65535

Submitted by Tyler Durden on 07/09/2012 - 15:31 Consumer Credit

Two items of note in this month's consumer credit statement. First: after dipping the most in April ($3.5 billion) since April of last year, revolving consumer credit soared by $8 billion in May, the most since November 2007, and just shy of half of the $17.1 billion in total consumer credit increase, solidly beating expectations of an $8.5 billion increase. Whether this one time spike will hold is unknown. What is known is that the US government continued to fund student and car loans to the tune of $6.2 billion, or roughly in line with historical Federal Government funding. Which, however, brings us to the second note. In May something quite curious happened: as the second chart shows, while the Federal government continues to be the primary source of lending, the biggest source of loans in May was actually Depository Institutions, which added $17.5 billion in May, a number only matched by the surge in December lending amounting to $21.3 billion. Back then, however, all of this lending was to fund holiday purchases which would soon be returned (we all remember the epic surge in December retail sales, only for everything to be unwound and then some in January and February). Which then begs the question: just what did consumers splurge on in May? Because it better have been more than just gas.

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http://www.zerohedge.com/news/revolving-consumer-credit-has-biggest-jump-2007-depository-institutions-turn-spigot

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