Peter Rudegeair
speaker
756 appearances
12 recordings
1 series
first heard Nov 2017
last heard May 2021
Peter Rudegeair’s voice in public audio — every appearance, attributed to the second.
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Appearances
That's right.
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I think what you saw after the recession is a lot of risk aversion on behalf of banks and the types of customers they want to lend to.
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Right.
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So it was tougher to get a mortgage for a long time.
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It was tougher to get a credit card unless you had a pretty good credit score.
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And so as a result of that, a lot of the mortgages and credit card loans they have made since the decade since the crisis, they have turned out to perform really well.
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So what you saw in earnings announcements last week was, okay, we've already talked about the cost of borrowing going up.
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Households are still not paying that much to service those debts.
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So as you might expect an economic recovery that's long in the tooth, people might be starting to fall behind on some of their credit card debts as those pile up.
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Credit card debt is now over $1 trillion in the U.S.,
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The reverse is happening.
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Across the board, people are paying their loans on time, even more so than they were a year ago.
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So the U.S.
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consumer is still pretty healthy.
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That's the kind of the read we got from a lot of the bank executives talking on conference calls last week.
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You know, we have a lot of headlines in our paper in the past couple of weeks just on big U.S.
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companies struggling, Sears filing for bankruptcy.
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You know, executives were asked what they feel about the health of the U.S.
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business community, especially retailers.
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And they said they likewise feel pretty confident that the U.S.
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