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Mr. Schlein was an investor in a fund that received 19 loans, totaling $260.9 million, to purchase securities backed by credit card, auto and student loans.
The number of borrowers who were at least four months behind on a credit card, auto, house or installment loan doubled after the 2001 recession, to nearly seven million, according to credit bureau data analyzed by a Federal Reserve economist.
Also, consumers are beginning to regard payments on home equity, credit card, auto and other loans as discretionary outlays.
One of these areas is nonmortgage consumer borrowing such as credit card, auto, home equity and student loans.
The combined $4.6 trillion in those four loan categories (second mortgage, credit card, auto and other) makes the $700 billion in subprime debt look like chicken feed (see chart).
So the downward march in the personal savings rate is closely linked to the upward march in total consumer debt (mortgage, credit card, auto, etc). in relation to disposable income (see chart below).
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Then there is the matter of paying a handful of individual fees, which isn't so hard with credit card auto-billing, but is confusing when trying to keep that bank balance hovering above zero like so many young people do.
Ciright One is also building a smart credit card (auto-video playing warning) very similar to the Stratos Card.
Borrowing through credit cards, auto loans and other means rose $16.6 billion in October, the Federal Reserve reported.
There were many bubbles, and they extended beyond housing in many countries to commercial real estate mortgages and loans, to credit cards, auto loans, and student loans.
The new rule, which will go into effect on July 21 as part of the broader financial regulatory overhaul, will apply to credit cards, auto loans and student loans.
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