The Federal Reserve's consumer credit report for December 2011 shows a 9.3% monthly increase in consumer credit. Revolving credit increased 4.1%, and nonrevolving credit increased 11.8%. The Credit Kraken is clearly on a rampage, for the second month is a row.
The Federal Reserve's consumer credit report for November 2011 shows a 9.9% monthly increase in consumer credit. Revolving credit increased 8.5%, and nonrevolving credit increased 10.7%. Seems the financial sector said release the Credit Kraken!
The Federal Reserve's consumer credit report for October 2011 shows a 3.7% increase in consumer credit. Revolving credit increased 0.6%, and nonrevolving credit increased 5.3%.
The Federal Reserve's consumer credit report for August 2011 shows a dramatic annualized decrease in consumer credit, -4.6%. Revolving credit decreased at an annual rate of -3.5%, and nonrevolving credit decreased at an annual rate of -5.25%.
The American Banker's Association released their Q2 2011 consumer loan delinquency statistics. A delinquency is a loan payment that is 30 days or longer late. No surprise, people late on payments or defaulting increased for Q2 2011.
With all of the talk of increased lending, it's useful to look at the latest Federal Reserve's consumer credit report.
Consumer credit increased at an annual rate of 1-3/4 percent in October 2010. Revolving credit decreased at an annual rate of 8-1/2 percent, and nonrevolving credit increased at an annual rate of 6-3/4 percent.
Are the banks going to investigate if you chewed gum and if so, deny you a loan for it next?
Recently, Mr. Berg arranged a refinancing for a borrower with a very high credit score and lots of home equity and debt payments totaling just 19% of pretax income. But Mr. Berg said the lender was worried about a credit report showing a $14 missed payment to a credit-card company in 2001. The lender insisted on proof the money had been paid, which Mr. Berg said was impossible to get.
"Who cares?" he said. "It's nine years ago, and it's $14." He appeased the lender by having the borrower write a $14 check, though no one knew where to send it.
Pete Ogilvie, a mortgage broker in Santa Cruz, Calif., hasn't found a bank that will refinance a $250,000 loan on a $1 million property for a borrower with more than $200,000 a year in income and a high credit score. Banks balked because the borrower, a technology executive, was out of work for nearly a year starting in 2008.
The Federal Reserve has released consumer credit for February 2010. This metric does not include consumer debt securitized with residential property (does not include your mortgage).
One wonders how an economy that is 70% based on consumer spending can grow when consumers are paying down debt rather than spending.
(AP) -- Americans borrowed less for a 10th consecutive month in November with total credit and borrowing on credit cards falling by the largest amounts on records going back nearly seven decades.
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November's $17.5 billion drop in total credit was the biggest amount in dollars terms since records began in 1943. That represents an 8.5 percent fall from the October borrowing level. That was the biggest percentage drop since total credit declined 9 percent in May 1980.
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