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July 18, 2024 | Loan Defaults Confirm Faltering Consumers

Danielle Park

Portfolio Manager and President of Venable Park Investment Counsel (www.venablepark.com) Ms Park is a financial analyst, attorney, finance author and regular guest on North American media. She is also the author of the best-selling myth-busting book "Juggling Dynamite: An insider's wisdom on money management, markets and wealth that lasts," and a popular daily financial blog: www.jugglingdynamite.com

In the second quarter of 2024, loan loss provisions at the six largest US banks increased the most since 2020 and car repossessions in June (drivers over 60 days late on payments) rose 23% year over year and were +14% compared to the pre-pandemic first half of 2019. See Car Repossessions Surge 23% as Americans Fall Behind on Payments.

Car repossessions rocketed higher in the first half of the year, a sign of rising consumer distress as the Fed weighs rate cuts. Here is a direct video link.

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July 18th, 2024

Posted In: Juggling Dynamite

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