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Major banks in the U.S. are anticipating a flood of loan defaults as households and business customers take a big financial hit from the coronavirus pandemic

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The major banks in the U.S. are anticipating a flood of loan defaults as households and business customers take a big financial hit from the coronavirus pandemic.

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Nearly a third of Americans have a credit score lower than 601 — the distinction between bad and fair credit — according to credit bureau Experian. These figures come from a breakdown of Experian's 2015 VantageScore 3.0 data.

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9 minutes ago, kking said:

Not to mention the IMF just announced debt cancellations. 

https://www.ctvnews.ca/health/coronavirus/imf-cancels-debt-payments-for-six-months-for-25-impoverished-nations-1.4894632

 

Hyperinflation incoming, bros.

So I always wondered something. 

 

Help me out with this. 

 

If you have a fixed rate mortgage payment and we have hyperinflation where a dollar is only worth lets say a penny. So you are getting paid in thousand dollar bills....does that mean your home actually becomes dirt cheap?

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Just now, kfools said:

So I always wondered something. 

 

Help me out with this. 

 

If you have a fixed rate mortgage payment and we have hyperinflation where a dollar is only worth lets say a penny. So you are getting paid in thousand dollar bills....does that mean your home actually becomes dirt cheap?

Yes, fixed rate mortgages - and mortgages in general, when you sign - are for a dollar amount. The value in your house drops and, more or less proportionally, so does the spending power of each dollar you pay towards the principle and interest. 

 

Your payments towards the house, in general, remain proportional. The way you lose value is in the equity. If you're paying interest on a $250k property that is now only worth $200k you're on the losing end, regardless of the spending power. Instead of paying 800 loaves of bread per month towards your mortgage, you're paying 500 loaves of bread.

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29 minutes ago, axxtion said:

Nearly a third of Americans have a credit score lower than 601 — the distinction between bad and fair credit — according to credit bureau Experian. These figures come from a breakdown of Experian's 2015 VantageScore 3.0 data.

That is because you don't get paid enough to borrow on credit and pay your bills. A Democrat house member asked the bank execs how a women can survive on her salary and started naming off all the thing she had to buy for what she was getting paid. 

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1 minute ago, kking said:

Yes, fixed rate mortgages - and mortgages in general, when you sign - are for a dollar amount. The value in your house drops and, more or less proportionally, so does the spending power of each dollar you pay towards the principle and interest. 

 

Your payments towards the house, in general, remain proportional. The way you lose value is in the equity. If you're paying interest on a $250k property that is now only worth $200k you're on the losing end, regardless of the spending power. Instead of paying 800 loaves of bread per month towards your mortgage, you're paying 500 loaves of bread.

Spot on. 

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Just now, dontlooknow said:

That is because you don't get paid enough to borrow on credit and pay your bills. A Democrat house member asked the bank execs how a women can survive on her salary and started naming off all the thing she had to buy for what she was getting paid. 

Since when do we expect people to live on minimum wage to support a family?

It seems like the very types of people who are all in favour of destroying or dismantling the family unit, and the values which facilitate strong families, are also simultaneously disturbed by the inability of a single minimum wage income to support three or four people. 

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3 minutes ago, kking said:

Since when do we expect people to live on minimum wage to support a family?

It seems like the very types of people who are all in favour of destroying or dismantling the family unit, and the values which facilitate strong families, are also simultaneously disturbed by the inability of a single minimum wage income to support three or four people. 

When most your jobs are part time pistions that happens. Most jobs are in low paying service jobs. 

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I'll give you an example. Machinists used to have to know math and all the uses of a milling machine lathe and other machine tools. Now you have the programmer program the machine then you just run the program. 

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1 minute ago, dontlooknow said:

When most your jobs are part time pistions that happens. Most jobs are in low paying service jobs. 

Because we flooded the market with labour when we insisted that fathers AND MOTHERS should work. Doubled the labor force, halved the wages. And here we are when families with two parents outside the home and hardly raising their own children inevitably dissolve. 

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All you gotta do is set zero and your off. It can run 24 hours a day. Non stop. They don't pay the button pusher like they used to pay machinists. 

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Just now, kking said:

Because we flooded the market with labour when we insisted that fathers AND MOTHERS should work. Doubled the labor force, halved the wages. And here we are when families with two parents outside the home and hardly raising their own children inevitably dissolve. 

Yeah wish we could go back to the sixties when a man could make a living and his wife could stay home and raise the kids. I really do. 

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Just now, dontlooknow said:

Yeah wish we could go back to the sixties when a man could make a living and his wife could stay home and raise the kids. I really do. 

But we can't. Yet we expect a low-skill, entry-level job to support a single mother and her three kids. Okay.

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Just now, kking said:

But we can't. Yet we expect a low-skill, entry-level job to support a single mother and her three kids. Okay.

I feel yeah. 

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But most of the jobs today are not in manufacturing like the old days. They push a button and a machine runs all day and night without a person touching it. Find zero and go. 

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