Title: More Banks Closing Credit Lines - Economy in Chaos Source:
[None] URL Source:https://www.youtube.com/watch?v=K2kc5j1rcL0 Published:Jul 22, 2021 Author:Mike Rivero Post Date:2021-07-22 15:55:22 by Horse Keywords:None Views:40 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.
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.