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Household debt grew by $601 BILLION in 2019,most since 2007.

Discussion in 'Political Opinions & Beliefs' started by 61falcon, Feb 15, 2020.

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  1. 61falcon

    61falcon Well-Known Member

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    Kind of dispels the myth that all of a sudden Americans are in fat city under Dirty Donald.The biggest part of the increase was in refinanced mortgage debt which increased by $433 Billion, also the largest increase since 2007.People are not increasing their mortgage debt because they are rolling in dough.
     
    61falcon, Feb 15, 2020
    #1
  2. ButterBalls

    ButterBalls Well-Known Member

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    Glad you could find a little opinionated doom to help you thru these horrible prosperous economic times! GOOD for you man!
     
    ButterBalls, Feb 15, 2020
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    the breeze likes this.
  3. 61falcon

    61falcon Well-Known Member

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    The truth always hurts.
     
    61falcon, Feb 15, 2020
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  4. kriman

    kriman Well-Known Member Past Donor

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    People tend to feel like they can take on more debt for houses and vehicles when times are good. Also, people refinance when interest rates are low. This is an indication of nothing except good times.
     
    kriman, Feb 15, 2020
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  5. squidward

    squidward Well-Known Member

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    That's what happens when you give trillion$ to bankers in the form of QE, and ZIRP for years on end.
     
    squidward, Feb 15, 2020
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  6. 61falcon

    61falcon Well-Known Member

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    Refinancing for more debt is not like adding real estate to one's investment portfolio.
     
    61falcon, Feb 15, 2020
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  7. MolonLabe2009

    MolonLabe2009 Banned

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    This is like the umpteenth time you posted this crap.

    Household debt has been on the rise since 2013.
     
    MolonLabe2009, Feb 15, 2020
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  8. 61falcon

    61falcon Well-Known Member

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    Yes and it rose the most since 2007 in 2019!!!!!
     
    61falcon, Feb 15, 2020
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  9. One Mind

    One Mind Well-Known Member Past Donor

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    A disembowelled service sector economy forces the disembowelled to borrow in order to survive economically.

    The greatest cause of economic woes and insecurity lies with the scheme of poverty being exploited by those seeking to max out their income and wealth . Globalism with its ugly sister open borders that uses illegals to keep wages low as possible for more profit.
     
    One Mind, Feb 15, 2020
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  10. 61falcon

    61falcon Well-Known Member

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    The service sector is the largest part of our economy.
     
    61falcon, Feb 15, 2020
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  11. MolonLabe2009

    MolonLabe2009 Banned

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    False.

    [​IMG]
     
    MolonLabe2009, Feb 16, 2020
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  12. 61falcon

    61falcon Well-Known Member

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    As the manufacturing economy sank especially here in Pa. and in Wisconsin. Total household debt grew by $601Billion in 2019and $433 Billion of it was mortgage debt.Both of these were the highest totals since 2007.
     
    61falcon, Feb 17, 2020
    #12
  13. MolonLabe2009

    MolonLabe2009 Banned

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    Stupid people do stupid things.
     
    MolonLabe2009, Feb 17, 2020
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  14. 61falcon

    61falcon Well-Known Member

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    Necessity is the mother of borrowing.
     
    61falcon, Feb 17, 2020
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  15. MolonLabe2009

    MolonLabe2009 Banned

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    You don't need to buy a house. You can rent.
     
    MolonLabe2009, Feb 17, 2020
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    the breeze likes this.
  16. 61falcon

    61falcon Well-Known Member

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    Rents are atrociously high because of a shortage of rental units.
     
    61falcon, Feb 18, 2020
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  17. MolonLabe2009

    MolonLabe2009 Banned

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    So is a mortgage payment on a house.
     
    MolonLabe2009, Feb 18, 2020
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  18. 61falcon

    61falcon Well-Known Member

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    With a mortgage you gain equity with rent you have NADA when you exit??
     
    61falcon, Feb 18, 2020
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  19. ECA

    ECA Well-Known Member

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    Seems people love to live beyond their means...people are stupid.
     
    ECA, Feb 18, 2020
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  20. MolonLabe2009

    MolonLabe2009 Banned

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    Of course.

    But with a house, the owner is responsible for fixing EVERYTHING which cost a lot of money.
     
    MolonLabe2009, Feb 18, 2020
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  21. 61falcon

    61falcon Well-Known Member

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    If you did a thorough pre purchase inspection, as you should have then any necessary repairs should be minimal.
     
    61falcon, Feb 18, 2020
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  22. MolonLabe2009

    MolonLabe2009 Banned

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    MolonLabe2009, Feb 18, 2020
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    the breeze likes this.
  23. FAW

    FAW Well-Known Member Past Donor

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    In my experience, people refinance their mortgage to take out home equity loans when the value of their house has risen and they want to use some of that new equity to finance a large purchase like a boat, home improvement, vacation home etc.
     
    FAW, Feb 18, 2020
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  24. 61falcon

    61falcon Well-Known Member

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    I am currently in the sixth different home I have owned so I can assure you I have plenty of experience.
     
    61falcon, Feb 18, 2020
    #24
  25. Polydectes

    Polydectes Well-Known Member

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    Well I'm not sure that myth exists outside of the head of the leftists obsessed with Trump.

    The economy is getting better. Employment is going up. Do you think higher employment rates equate to worst economy?
     
    Polydectes, Feb 18, 2020
    #25
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