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Surging Household Debt Is Forcing More New Yorkers To Rely On Food Pantries

As US stock benchmarks smash through one record high after the next – a central-bank driven phenomenon that disproportionately benefits the wealthy at the expense of the middle-class and working poor – booming credit-card debt is forcing more New Yorkers to seek assistance at the city’s food pantries this holiday season, according to a report […]


One Chart Proves Auto SAAR Numbers Are Nothing More Than A Rigged, Debt-Fueled Farce

Earlier this morning the New York Federal Reserve released their quarterly consumer credit report which detailed, among other things, delinquencies rates on every type of consumer debt from mortgages to student loans.   Now, given the 4.3% unemployment rate in the U.S. (forget the ~95 million people out of the labor force for a moment) and […]


The Fed Issues A Subprime Warning As Household Debt Hits A New All Time High

After we first reported last week that US credit card debt once again rose above $1 trillion, despite a recent sharp downward revision to the data, while both student and auto loans rose to a fresh record high… … it would probably not come as a surprise that according to the just released latest quarterly […]


U.K. Litigation Cases On Defaulted Consumer Debts Soar Beyond 2008 Levels

Last month, S&P warned that UK lenders could incur £30 billion of losses on their consumer lending portfolios consisting of credit cards, personal and auto loans if interest rates and unemployment rose sharply.  Much like in the U.S., S&P warned that "loose monetary policy, cheap central bank term funding schemes and benign economic conditions" had […]


Massachusetts Kicks Off State Lawsuits Against Equifax Over Massive Data Breach

Content originally published at iBankCoin.com Consumer credit reporting agency Equifax has already been hit with over 30 lawsuits over what may be the largest breach of sensitive information in U.S. history – at least 23 of which are class-action filings, and all of them representing individuals. On Tuesday, Massachusetts AG Maura Healey – a Democrat who in […]


“Humbled” Equifax CEO Explains Why Company Hesitated To Disclose Massive Data Breach

Two days after the company revealed that hackers had stolen the sensitive information of more than 143 million customers, prompting a deluge of lawsuits from outraged consumers alleging everything from negligence to outright fraud, the credit-security company’s CEO Richard Smith has chosen the op-ed pages of USA Today – America’s largest circulation newspaper – as […]


$102 Billion In Credit Card Debt, Student And Auto Loans Was Just “Wiped Away”

While there were few surprises on the surface of today’s latest monthly Federal Reserve consumer credit report, which showed that in July total consumer credit increased by $18.5 billion, more than the $15.0 billion expected, on the back of a $2.6 billion increase in revolving credit coupled with $15.9 billion in non-revolving credit… … there […]


With Scumbags Like This, It’s Easy To Understand Why Bitcoin Is At $4400…

Authored by Simon Black via SovereignMan.com, File this one away under ‘utterly repulsive’. As you probably heard, yesterday the US-based credit reporting agency Equifax announced a massive cyberattack that affects as many as 143 million consumers. Names. Birth dates. Addresses. Social Security Numbers. Even some credit card numbers were stolen. Literally over one third of […]


Visualizing 5,000 Years Of Consumer Credit Growth

Consumer credit may seem like a fairly new invention – but, as Visual Capitalist's Jeff Desjardins details below, it’s actually been around for more than 5,000 years! In fact, many millennia before the credit score became ubiquitous, there is historical evidence that cultures around the world were borrowing for various reasons. From the writings in […]


Ford To Abandon “Traditional Credit Scores” For Underwriting Decisions As Sales Stall

So, what do you do when your sales are stalling because you’ve already financed new cars for every man, woman and child with a credit score north of 500?  Well, you simply abandon credit scores in the underwriting process and instead explicitly mandate that your loan officers approve every potential car buyer that walks through […]


The Fed Issues A Warning As Household Debt Hits New All Time High

After we first reported last week that US credit card debt hit a new all time high with both student and auto loans rising to fresh records with every new report… … it won’t come as a surprise that according to the just released latest quarterly household debt and credit report by the NY Fed, […]