I don't pretend at all to know about the investing side of most individual stocks, but Rivian is having major production issues. I'd be a bit nervous because of that, but their product itself is great if they can get the volume up. [Reply]
San Francisco (CNN Business)Americans are racking up debt at record rates.
Consumer debt levels for March 2022 climbed by $52.4 billion, an annual increase of 14%, seasonally adjusted, according to Federal Reserve data released Friday.
Revolving credit, which includes credit cards, surged by 21.4%.
Despite robust wage growth -- over the past 12 months, average hourly earnings have gone up by 5.5% -- consumers are seeing those gains eroded by the highest inflation in 40 years. The cost of food is up nearly 9% over the last year, and a gallon of gas now averages $4.279 at the pump.
Paying off credit card debt is about to get even more difficult for those who don't make the minimum monthly payment: The Federal Reserve on Wednesday announced a half-point rate hike as part of a series of actions intended to address rampant inflation. That means interest rates will rise on everything from credit cards to car loans, pressuring household budgets even further.
"All of this newfound debt that Americans have is only going to get more and more expensive in the coming months," said Matt Schulz, chief credit analyst for Lending Tree.
The rise in debt levels is likely driven by two factors, Schulz said. First, there is some pent-up spending after lockdown. Then there are other cash-strapped individuals who are turning to credit cards to pay for basic needs that have grown more expensive, he said.
"An increase in credit card debt can be a sign of confidence, or it can be a sign of concern," Schulz said. "I think we're seeing both of those simultaneously right now in this country, and it's just another example of how different people have been impacted in the wake of the pandemic." [Reply]
San Francisco (CNN Business)Americans are racking up debt at record rates.
Consumer debt levels for March 2022 climbed by $52.4 billion, an annual increase of 14%, seasonally adjusted, according to Federal Reserve data released Friday.
Revolving credit, which includes credit cards, surged by 21.4%.
Despite robust wage growth -- over the past 12 months, average hourly earnings have gone up by 5.5% -- consumers are seeing those gains eroded by the highest inflation in 40 years. The cost of food is up nearly 9% over the last year, and a gallon of gas now averages $4.279 at the pump.
Paying off credit card debt is about to get even more difficult for those who don't make the minimum monthly payment: The Federal Reserve on Wednesday announced a half-point rate hike as part of a series of actions intended to address rampant inflation. That means interest rates will rise on everything from credit cards to car loans, pressuring household budgets even further.
"All of this newfound debt that Americans have is only going to get more and more expensive in the coming months," said Matt Schulz, chief credit analyst for Lending Tree.
The rise in debt levels is likely driven by two factors, Schulz said. First, there is some pent-up spending after lockdown. Then there are other cash-strapped individuals who are turning to credit cards to pay for basic needs that have grown more expensive, he said.
"An increase in credit card debt can be a sign of confidence, or it can be a sign of concern," Schulz said. "I think we're seeing both of those simultaneously right now in this country, and it's just another example of how different people have been impacted in the wake of the pandemic."
Holy balls. I was going to pop on and say it's probably guys locking in debt before the rate hike, but SON OF A BITCH 21% increase in credit? What the hell? I hope to all hell it's not the bottom end of the labor market that is getting crushed by inflation. That would bode poorly for the times to come. [Reply]
Originally Posted by scho63:
WTF HAPPENED TO PALANTIR???
I thought this would be a great stock on what they were doing.
$7.65 ????
Jeez, this market is merciless
This makes no sense. This company is constantly being awarded new contracts, they can literally help just about any business. Ive heard from people that use it that they are years ahead of anyone else.
I still believe in it but this is a huge test of nerve. [Reply]
Originally Posted by chiefforlife:
This makes no sense. This company is constantly being awarded new contracts, they can literally help just about any business. Ive heard from people that use it that they are years ahead of anyone else.
I still believe in it but this is a huge test of nerve.
I'm going to look at their financials and cash position -this could be a homerun in 3-4 years.
No one has really been talking about them much but I guess now they will be since earnings were not up to par. [Reply]
San Francisco (CNN Business)Americans are racking up debt at record rates.
Consumer debt levels for March 2022 climbed by $52.4 billion, an annual increase of 14%, seasonally adjusted, according to Federal Reserve data released Friday.
Revolving credit, which includes credit cards, surged by 21.4%.
Despite robust wage growth -- over the past 12 months, average hourly earnings have gone up by 5.5% -- consumers are seeing those gains eroded by the highest inflation in 40 years. The cost of food is up nearly 9% over the last year, and a gallon of gas now averages $4.279 at the pump.
Paying off credit card debt is about to get even more difficult for those who don't make the minimum monthly payment: The Federal Reserve on Wednesday announced a half-point rate hike as part of a series of actions intended to address rampant inflation. That means interest rates will rise on everything from credit cards to car loans, pressuring household budgets even further.
"All of this newfound debt that Americans have is only going to get more and more expensive in the coming months," said Matt Schulz, chief credit analyst for Lending Tree.
The rise in debt levels is likely driven by two factors, Schulz said. First, there is some pent-up spending after lockdown. Then there are other cash-strapped individuals who are turning to credit cards to pay for basic needs that have grown more expensive, he said.
"An increase in credit card debt can be a sign of confidence, or it can be a sign of concern," Schulz said. "I think we're seeing both of those simultaneously right now in this country, and it's just another example of how different people have been impacted in the wake of the pandemic."
Real estate is another domino that will fall I imagine. Doesn't matter what the supply is like when your average pool of buyers can barely afford milk and eggs let alone deal with the rising rates on mortgages.
I have a stuped question for the smart people here. My long term portfolio is bleeding just like everyone elses. The stocks I have are mixed , mutual funds , ETF's , tech stocks etc...
Would it be smart , right now, to go ahead and harvest for taxes and move to index funds. We know it ALWAYS goes back up. But the implication of tax harvesting is a real thing that can put money back in your pocket.
Even if you're say bag holding NFLX and just move that money over too AAPL wouldn't it benefit a person best to do that???? You're claimin the loss and getting in AAPL at a great entry. [Reply]
