Is the end nigh?

Further:


When people buy a car from Carvana, a loan originates from the retailer, but it then sells those loans to other companies. Its primary buyer for those auto loans was Ally Financial, but the bank has since pulled back on its partnership. This may be in part because Carvana’s underwriting practices on those loans have been historically suspect. Hindenburg notes that Wells Fargo—a company that has mastered the art of scammy financial dealings—called off a partnership with Carvana in 2019 because “Their underwriting practices were not something that we were particularly comfortable with.”

When Wells Fargo calls you suspect...lol
 
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Also, retail store closures are up 69% this past year. 10,000 plus stores closed. 100,000s of thousands lost jobs. Many of those job loses were offset by holiday season hires at other companies, but those jobs will now start ending.

It's probably going to be a rough first quarter on Trump's watch. The funny part is he'll be blamed for it when in fact he had absolutely nothing to do with it.
 
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The percentage of credit card accounts that were at least 90 days past due hit a 12-year high in the fourth quarter of 2024.

It also revealed that 11.12% of cardholders were making just the minimum payment, up from 10.65% in 2023 and 9.91% in 2022.

Americans are often behind on their bills in January and February, according to Bloomberg, after breaking the bank during the holiday season. There’s usually a rebound in March and April, though, as consumers use their tax refunds to pay down debts.

But these highs, coupled with collective credit card debt hitting a record $1.21 trillion, “indicate greater consumer stress,” according to the report.
 
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In a survey conducted April 2-3 of 2,000 U.S. consumers ages 18 to 79, around half reported having used buy now, pay later services. Of those consumers, 25% of respondents said they were using BNPL loans to buy groceries, up from 14% in 2024 and 21% in 2023, the firm said.

Meanwhile, 41% of respondents said they made a late payment on a BNPL loan in the past year, up from 34% in the year prior, the survey found.

We're financing food and making late payments on it.

Tick tock, tick tock, tick tock...
 
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So my wife has been looking for an inventory manager for weeks. She finally finds a good candidate: Excellent resume, well spoken, etc.

So that's the guy she's going to hire. She does the background and credit check and...
  • All of his jobs are lies. The time spent at them, name of company, salary, job titles, all of it.
  • He's not made a payment on a credit card since 2018. He simply maxes one out, doesn't pay a dime on it, gets another one, rinse - repeat.
  • He's got a $375,000 house and two $45,000 dollar cars he just purchased two years ago.
That is the typical American these days.

Tick-tock, tick-tock, tick-tock.
 
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