Shocking Consumer Credit Numbers: Everyone Is Maxing Out Their Credit Card Ahead Of The Recession

- The Great Reset -
Just accept the new digital dollar, take this chip in your hand and ALL YOUR DEBT WILL BE FORGIVEN

Yea, I know that I go out on a limb with these out of the box predictions but what I have been saying to my wife is starting to come to fruition. Yes I am concerned and I know I talk about it alot but I hate reliving the early 80's again. It was not a fun time for me fiscally but I have learned much from experiences and parents.

1. Back in December/January, I told my family to beware of the Ides of March as the economy will start to tank just like in the late 70's-80's. Why did I say that specific date? That is the date in which these youngsters (Millennials and some mid Genx X's) will realize they need to have listened to the wisdom of late baby boomers like me about how to be fiscally conservative. I see too many of my neighbors and friends spending money on crap they will never use and living paycheck to paycheck, getting 2-3 deliveries a day from Amazon, UPS, Fed Ex, ordering delivery on everything and partying like there was no pandemic all while getting money from the govt that was supposed to be for their basic life necessities only to be spent for trips to Disney. or some other expensive vacation living well beyond their means. Why March 15? That is when these youngsters first learned that the easy tax refund monies are now dried up as they owe thousands of dollars on crypto currency trades in 2021, capital gains and so on and the fact that they received an advancement of their child earned income tax credit when they filed for their taxes. This situation started happening after getting their W-2 statements and 1099 statements by middle Feb.

2. The second financial wave hit yesterday when the Nasdaq and Dow stock market has IMHO had a severe correction the last 30 days with the worst coming today. The day traders have lost their ass and the easy spending money in tech stocks like Crypto and Amazon stocks have pretty much dried up. Add to the record inflation the last six months, the rising interest mortgage rates, the astronomical gas prices and finally credit card companies starting to freeze up credit limits are leading to the early 1980's all over again. These youngsters will finally get a very rude awakening on how important fiscal conservatism is to their daily life's activities. I am predicting there will be a new "urban term'' or acronym for this new fiscal conservatism attitude being put forth on the internet. Its should be called the "great awakening" but I am sure some social influencer will come up with another term.

3. Lastly, the third financial wave I predict will hit right after school reopens in the fall. Unemployment will skyrocket by November as people continue to stop spending after realizing they blew all of their extra cash on summer vacations. Christmas retail shopping will be down big time. As the unemployment increases many will not be eligible for unemployment as they were employed as private contracting/working from home jobs which have skyrocketed as the result of the pandemic/tech jobs. Suddenly, the unfillable job openings today like working at restaurants /retail stores will be quickly filled with laid off people and there will be no more job openings. Then people will realize what has happened and Pres Biden and Congress will be in the hot seat. This could be even earlier too. In the meantime mortgage interest rates will be up to 7.5% to 9% as the Feds keep control of inflation by raising the basis points over the next six months to control inflation. Unfortunately, the interest rates on saving accounts and CD's are not keeping up with these increased basis points rates and people will continue to lose the power of their available spending funds. Banks will make trillions as the markets and crypto finally start to stabilize by the November elections. People will complain bigtime. New housing starts will be significantly down and youngsters will lose their ability to buy a new home as housing prices will not come down much as the older generations do not want to lose their valuable equity in the house to buy another expensive home and refuse to move or have actually lost their jobs. Bidding wars on homes now will eventually end but prices will not come down that much as the existing homeowners realize that they cannot get much with their home equity for a new home or they are relying on this home equity to keep up with inflation. I expect a huge upturn in second mortgages/home equity loans soon as the youngsters who do own homes realize they need money to keep up the Jones or live in the current lifestyle that they have been living the last five years. What a shame when they take out whatever equity they have in their home just to try to live the high life. The interest rates for these loans will be approaching 10% by the end of the year. They (youngsters) were never taught by their Madonna materialistic parents of the late 80's and into 90's on how to save for a rainy day and believe me, it will be a downpour for them.

4. You may think I am nuts but keep this post and just see how close I am to this prediction. What can change to make this a better situation? Give more money to the consumer for basic necessities only- like food stamps EBT limits being raised to not include luxury items such as filets, lobsters etc. , cost sharing utility bills and reducing property /school taxes. I know my family is prepared but there are millions who are not. Its going to get rough.

MAX those cards ppl

House of cards is going to crumble and you won't have to pay it back.


YOLO bitch

I will be clapping while their credit score goes below 500 and they never get another loan again. Yeah do not pay it back but have fun getting another car loan at 24%

I don’t think it’s so much that people are maxing it out .. maybe people are just broke.

Problem(s) solved: Thread: Great News. I've Found Out How to Eliminate the Pain of Default on All my Credit Cards & Loans

One way to stockpile ammo and pew toys. The government does it. So can the public.

Already seeing homes that were purchased just last fall going back up for sale. People want out just as quickly as they wanted in.

Better off not filing bankruptcy for most. And it costs over $1,000 to file LOL. What a racket!!!!!!!

I did it and had credit back in 8 months, they need us. Didn't pay off 50k

Fuck the banks, stop paying, homes, cars yes but the rest fuck them. Kill the system.

If it gets really bad I don't think there will be any guarantees. No bank or credit union will be safe. 401K's go first.

Funny, I'm paying mine off.

Won't matter when most everyone goes under. Better to work on your social credit score LOL !!!!

Is that just a Canada thing? I'm not aware of such a thing in the USA.

15The merchants of these things, which were made rich by her, shall stand afar off for the fear of her torment, weeping and wailing, 16And saying, Alas, alas, that great city, that was clothed in fine linen, and purple, and scarlet, and decked with gold, and precious stones, and pearls! 17For in one hour so great riches is come to nought. And every shipmaster, and all the company in ships, and sailors, and as many as trade by sea, stood afar off, 18And cried when they saw the smoke of her burning, saying, What city is like unto this great city! 19And they cast dust on their heads, and cried, weeping and wailing, saying, Alas, alas, that great city, wherein were made rich all that had ships in the sea by reason of her costliness! for in one hour is she made desolate. Revelation 18:15-19

Even so, COME, Lord Jesus!


Amen!

Not this one. I have all credit paid off except mortgage. And I am paying double each month to pay it off early.

Last Edited by TheGasMan II on 05/06/2022 09:57 PM

People can't be that hard up. Homes are still flying off the market with all cash offers. Most are actual people buying them, or at least in this area. 50% higher than they were just a couple of years ago. Somebody's gotta have some cash.

Jubilee

:therethere:

And yet you can't afford a paid membership.

:bullshit:

My cards are all maxed and don’t have the cash to make payments for the next 2-3 months due to car breaking down and having to spend 3 grand fixing it. No savings so my perfect credit fixing to get destroyed with late charges.

It sensible to get real goods now, like getting car serviced, or new tyres, while they are still cheap and available.

All depends what people are buying.

lmao

Democrats and courts. Get a Brian.

I bet these banks issuing the cards know when the perfect storm is going to hit.

President Biden might pay off all Credit Cards Loans, I wood go out and live it up just in case.

if the buyer loses his job, how is he going to pay that cheap
payment. i watched many families lose their houses in the
early 80's. the layoffs are coming. we are not in that
stage yet. the meltdown will occur pretty soon.