as the economy softens, according to executives at the biggest U.S. banks, although they said delinquency levels were still modest.
Indeed, profits at Bank of America, JPMorgan Chase, Wells Fargo and Citigroup beat analyst forecasts as lending giants earned a windfall from rising interest rates. But industry chiefs warn that the strength will tail off this year as a recession looms and customer delinquencies climb.Worsening economic conditions could lead to"credit deterioration throughout 2023 and 2024 with losses eventually surpassing pre-pandemic levels given an oncoming recession," predicted UBS analysts led by.
If you are carrying a credit card balance, it’s a good time to revisit your borrowing options. My favorite sites to do credit card research – and find the best options for balance transfers – including
LaurenYoung 🇨🇳🇷🇺🎙️
LaurenYoung Inflation? Economy sucks? Seems legit…?
LaurenYoung Cut up your credit cards. Use debit cards only.
LaurenYoung Loans should be banned
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China’s Consumers Give Economy a Post-Covid BoostThe latest data shows consumer spending playing a stronger-than-expected role in driving China’s recovery. China 🇨🇳 and Russia 🇷🇺, will be completely economically, and commercially isolated from west! 🇺🇸 Why would a true American company invest and build in China? Reason :money over patriotism and the future of the success of the country that gave them the opportunity to become successful. It is reported nearly 20% young people can’t find jobs. How many people are willing to spend when job security is a major concern ? I wonder how long the consumption demand can support the economic growth.
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More US consumers are falling behind on paymentsConsumers are starting to fall behind on their credit card and loan payments as the economy softens, according to executives at the biggest U.S. banks, although they said delinquency levels were still modest. More loans carry unrealistic interest rates. OFC, resources are a zero sum game - When the rich continue to grow wealth, those at the bottom starve to death - like they do everyday. We have no debts infact all cars driven by Zimbabweans are bought for cash including bicycles and other properties you may think of.
Source: Reuters - 🏆 2. / 97 Read more »
More US consumers are falling behind on paymentsNEW YORK (Reuters) -Consumers are starting to fall behind on their credit card and loan payments as the economy softens, according to executives at the biggest U.S. banks, although they said delinquency levels were still modest. Profits at Bank of America Corp, JPMorgan Chase & Co, Wells Fargo & Co and Citigroup Inc beat analyst forecasts as lending giants earned a windfall from rising interest rates. 'We've seen some consumer financial health trends gradually weakening from a year ago,' Wells Fargo Chief Financial Officer Mike Santomassimo said on a conference call Friday to discuss its first quarter results.
Source: YahooNews - 🏆 380. / 59 Read more »