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Title: More Banks Closing Credit Lines - Economy in Chaos
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Published: Jul 22, 2021
Author: Mike Rivero
Post Date: 2021-07-22 15:55:22 by Horse
Keywords: None
Views: 12
Comments: 1

Poster Comment:

Wells Fargo, AMEX, BofA, others. Slow pay will become a problem. Credit line is cheaper and better than Accounts-Receivables when slow pay starts. Pay off credit cards before they lower the hammer.

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#1. To: Horse, 4um (#0) (Edited)

Slow pay will become a problem.

I think they're worried about making loans and having inflation burn up any potential profits. If they loan somebody $50,000 for a car over seven years, by the end of the loan term the same car might be $50,000,000.

21% on credit card balances might not even keep up with inflation. When Carter was in office, I bought TIGRs (treasury investment growth receipts) that were paying 16% I think. A wee bit better than Chase is paying at 0.01% now.

The light that burns twice as bright, burns half as long. - Dr. Eldon Tyrell

Godfrey Smith: Mike, I wouldn't worry. Prosperity is just around the corner.
Mike Flaherty: Yeah, it's been there a long time. I wish I knew which corner.
My Man Godfrey (1936)

Esso  posted on  2021-07-22   16:17:19 ET  Reply   Trace   Private Reply  

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