WSJ reports that millions of Americans with subpar low credit scores are falling behind on paying their credit cards and automobile and personal loans. This is an ominous sign the ‘strong consumer’ narrative is cracking.
Data from credit-reporting firm Equifax Inc shows a rise in the share of 60-day delinquencies for subprime credit cards and personal loans. Those delinquencies hit an eight-month high in March, nearing levels not seen since before the virus pandemic.
Equifax’s data also showed subprime car loans and leases soared to a record-high in February. The data goes back to 2007. There’s new concern about the consumer’s health. A little over a week ago, the latest data from the Federal Reserve showed credit card debt in March had the largest increase on record at $52.4 billion. The historic credit-fueled purchases come as any “excess savings” consumers had during the pandemic have been entirely wiped out. Or viewed in another way: consumers are tapped out. The basic narrative is straightforward: The Federal Reserve has been hell-bent on taming inflation and is embarking on the most aggressive monetary policy in decades, if not ever. In a tightening cycle, as interest rates soar, the first causalities are usually consumers with the weakest balance sheets, such as ones in the subprime complex. Compound monetary tightening with the highest inflation in four decades, and it’s not hard to see why consumers have been on a debt borrowing binge as they struggle to survive this bearish macro environment.
Self, a fintech startup, recently told Yahoo Finance Live about 108 million consumers have a low or no credit score. When credit conditions tighten, it becomes challenging for millions of Americans to obtain lifelines as lenders pull back.
In 2021, Equifax data showed that subprime lending hit record highs in total dollar amounts for personal loans. The […]
Most “Conservative” News Outlets Are on the Big Tech Teat
Not long ago, conservative media was not beholden to anyone. Today, most sites are stuck on the Big Tech gravy train.
I’ll keep this short. The rise of Pandemic Panic Theater, massive voter fraud, and other “taboo” topics have neutered a majority of conservative news sites. You’ll notice they are very careful about what topics they tackle. Sure, they’ll attack Critical Race Theory, Antifa, and the Biden-Harris regime, but you won’t see them going after George Soros, Bill Gates, the World Economic Forum, or the Deep State, among others.
The reason is simple. They are beholden to Big Tech, and Big Tech doesn’t allow certain topics to be discussed or they’ll cut you off. Far too many conservative news outlets rely on Google, Facebook, and Twitter for the bulk of their traffic. They depend on big checks from Google ads to keep the sites running. I don’t necessarily hold it against them. We all do what we need to do to survive. I just wish more would do like we have, which is to cut out Big Tech altogether.
We don’t get Google checks. We don’t have Facebook or Twitter buttons on our stories. We don’t have a YouTube Channel (banned), an Instagram profile (never made one), or a TikTok (no thanks, CCP). We’re not perfect, but we’re doing everything we can to not owe anything to anyone… other than our readers. We owe YOU the truth. We owe YOU the facts that others won’t reveal about topics that others won’t tackle. And we owe America, this great land that allows us to take hold of these opportunities.
Like I said, I don’t hold other conservative sites under too much scrutiny over their choices. It’s easy for people to point fingers when we’re not the ones paying their bills or supporting their families. I just wish there were more who would make the bold move. Today, only a handful of other major conservative news outlets have broken free from the Big Tech teat. Of course, we need help.
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We know we could make a lot more money if we sold out like so many “conservative” publications out there. You won’t find Google ads on our site for a reason. Yes, they’re lucrative, but I don’t like getting paid by minions of Satan (I don’t like Google very much if you couldn’t tell).
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