Biden economy: Increasing number of subprime borrowers are missing loan payments as 2008-style collapse builds
05/22/2022 // JD Heyes // Views

It has become more than obvious that the reason why the deep state stole President Donald Trump's reelection is that he was literally making America great again and far too strong and prosperous to destroy.

We know that because in less than a year-and-a-half, installed President Joe Biden's handlers have not only reversed all of Trump's gains (and the gains made by Americans under his policies an those of the GOP-controlled Congress) but they have put our country back on a course to collapse, and collapse it will.

We're already starting to see signs of that:

-- Inflation is at record highs and heading for double digits for the first time in a century;

-- Our energy independence is gone; gasoline and diesel prices are also setting records and poised to go much higher -- perhaps even above $10 a gallon in some parts of the country;

-- With higher fuel prices come higher prices for everything since everything we need comes to market via some form of fossil-fuel-powered transport (truck, rail, ship);

-- Food prices are exploding and not only will they continue to rise as well, but there will be shortages thanks to Russia's invasion of Ukraine (both countries are large fertilizer producers, especially Russia);

-- The fact that Russia even invaded Ukraine is a direct result of the purposefully weak leadership in the White House;

-- China is hoarding grain, buying up cheap Russian oil to fill its strategic reserve, and building a second bridge in a contested region along its border with India, in anticipation of needing to move huge amounts of troops and armor to the region during a coming conflict;


-- Interest rates are climbing in an attempt to 'control' inflation but it won't work because the Democrat-controlled Congress and regime continue to print trillions of dollars and flood them into the economy, raising prices.

And now, subprime borrowers are starting to miss their loan payments, as reported by MarketWatch:

Consumers with low credit scores are falling behind on payments for car loans, personal loans and credit cards, a sign that the healthiest consumer lending environment on record in the U.S. is coming to an end.

The share of subprime credit cards and personal loans that are at least 60 days late is rising faster than normal, according to credit-reporting firm Equifax EFX, +1.80%.  In March, those delinquencies rose month over month for the eighth time in a row, nearing their prepandemic levels. Delinquencies on subprime car loans and leases hit an all-time high in February, based on Equifax’s tracking that goes back to 2007.

Many Americans, including those who have poor credit, paid off their debts and actually built up some savings during the pandemic which was surprising given that lenders first thought borrowers would wind up defaulting by the millions after COVID-19 hit and our 'leaders' shut down the economy. In response, Congress printed more money which temporarily allowed Americans to get ahead somewhat.

Roughly 11 percent of general-purpose credit cards currently held by U.S. consumers with credit scores below 620 were at least two months behind on their payments in March, compared to around 9.8 percent a year earlier, the latest data from Equifax notes. Meanwhile, around 11.3 percent were behind in payments on personal loans and lines of credit, which was up from 10.4 percent a year ago. Both of those categories hit COVID-era lows of 7.5 percent and 8.3 percent, respectively, in July.

Meanwhile, based on Equifax data, payments on vehicle loans and leases rose to a record high in February, with 8.8 percent of subprime accounts late more than 60 days. That fell to 8.5 in March but that was still the second-highest level of delinquencies on record, MarketWatch reported.

"Fewer people are in subprime credit-score brackets than when the pandemic began. Some 18.6% of U.S. adults with credit scores had a score lower than 600 in 2020, compared with 15.5% last year, according to Fair Isaac Corp. , creator of FICO scores," the report continued.

The fact is, our country is sliding deeper into a manufactured collapse thanks to the deep state globalists running Biden's regime -- because you can't replace the current system of government if everyone is doing well and is prosperous.

Sources include:

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