A New York Fed survey published earlier this week indicated that, in the fourth quarter of 2023, auto loan delinquencies reached levels not seen since right after the Great Recession more than a decade ago.
As a refresher, the data from Tuesday by the Federal Reserve Bank of New York showed (read: ZH report here ) the rate at which car owners are behind on their payments hit an annualized rate of 7.7%, the highest level since 2010. “Delinquency transition rates have pushed past pre-pandemic levels, and the worsening appears to be broad-based,” researchers at the NY Fed wrote in a blog post.
Given that we already covered this in a report titled Credit-Card & Auto Delinquencies Soar, Especially Age Group 18-39 , as well as other eye-opener credit reports in recent weeks: Banks Report Tighter Standards, Weaker Loan Demand But Some Improvement As Financial Conditions Ease
Stunning Collapse In […]
Read the Whole Article From the Source: www.zerohedge.com
It’s becoming increasingly clear that fiat currencies across the globe, including the U.S. Dollar, are under attack. Paper money is losing its value, translating into insane inflation and less value in our life’s savings.
Genesis Gold Group believes physical precious metals are an amazing option for those seeking to move their wealth or retirement to higher ground. Whether Central Bank Digital Currencies replace current fiat currencies or not, precious metals are poised to retain or even increase in value. This is why central banks and mega-asset managers like BlackRock are moving much of their holdings to precious metals.
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