Signs of financial stress still are present. The persistent interest rate increases by the Federal Reserve and record high gas prices in the third quarter provided a one-two punch that continued to inflict pain on personal budgets.
More Quotes from James Chessen:
What we're recommending is that people take out as much cash as they would need for a long weekend. And if you're relying on credit cards, request copies of your credit report before and after the century change so you can spot and correct any Y2K errors immediately.James Chessen
Gas prices don't look like they are coming down any time soon. Today, it costs 500 more than it did last year to operate a car. That's a whole lot of money.
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It may be many months before its impact is reflected in the delinquency picture.
James Chessen
The rise in auto and other consumer loan delinquencies reflects the avalanche of layoffs over the past year and a half. Until job growth gains upward momentum, relatively high levels of delinquencies will remain.
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My concern is many people are having financial difficulties. Personal savings rates are down. There is less of a buffer to fall back on.
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