1.4M missed credit card payments last quarter. For years, homeowners could mask their debt by burying it in rising home equity.

[DisobeyTyranny]

View: https://x.com/ShaziGoalie/status/1962241994123554916

 

[Nink]

I recall a client calling in when I worked in insurance who was returning a call from one of my colleagues about a mortgagee being added to the home policy. The addition of a mortgagee slightly bumped up the premium as she lost out on a mortgage free discount. The client didn't quite understand the loan she had taken out. She had taken a HELOC on her near $1M home at the time and when I spoke to her about the addition of the mortgagee it seemed apparent that she didn't understand why she got such a large sum of money from the bank. I told her, based on what she was telling me, that it sounded like she just put her house up as collateral against the loan and this is why the mortgagee was added to the policy.

Long story short there are far too many folks out there who are financially illiterate and don't understand the dynamics of a loan agreement. She was also retired so if the market moves against her she has nothing to pay back the loan with outside of giving up her house.

 

[mozzer]

We have customers in 1M dollar homes that need to pay their $1000 deductible in installments over 6 months.

 

[Nink]

That's absurd. I bet they have lots of toys on the policy also. Too many folks living at the end of their means to make it look like they can keep up with the Joneses.

 

[ex_libris]

Buddy of mine who works at the Blue Bank tells me the same thing: lots of boomer homeowner clients who are "millionaires" on paper, but can barely manage utility and grocery bills.

 

[Hirudinea]

@ex_libris

The thing is they're millionaires on paper but it's $999,999 for the house and $1 for everything else. Sometimes paper isn't reality.

 

[MuchoRelax0]

I’d think layoffs are more of a contributing factor than HELOCs

 

[border_humper]

View: https://x.com/cryptoeights/status/1962423898022219869?


View: https://x.com/igetredpilled/status/1960885568784752917?

 

[ovarieasy]

I need to go out and get some marshmallows.

 

[brutana_dilewski]

Precious metals.

 

[BeerAndOil]

Brass and lead to protect the silver and gold.

 

[Nink]

And deception. I recall a tale of a shop owner who had painted a blocky bullion of silver black and used it as a door stop to his shop since it was heavy enough. One day he was robbed, everything was taken but he door stopper which he sold to start over.

 

[ovarieasy]

@Nink

Aqua regia if you have gold.

"Oi, what's that?"
"Uh, my piss jars."
"Ugh, get your kidneys checked."

 

[border_humper]

@ovarieasy you’re keeping you gold in jars of piss?

 

[ButteryBastard]

This is nothing compared to the impending Millenial+ retirement collapse. Boomers, by and large are set for retirement. They were the last ones to get corporate pensions. They experienced significant wealth increases in real estate.

Millenials and younger generations are absolutely screwed for retirement. No assets to grow, not saving for retirement. CPP will be gutted by the boomers who weren’t lucky and the senior citizen immigrants who can somehow claim it. 2050 and up is going to be wild with poverty. CPP isn’t going to be nearly enough to cover debts, the lifestyle, etc. There will be crazy missed bill payments, tons of people forcing their children to pay for their old age living.

The biggest flex for Millenial+ wealth will not be boats and vacation houses like it was for boomers. It will be what age you can retire and not live like a peasant.

 

[brutana_dilewski]

Currency is devaluing at a greater rate, we will be going full Weimar. It might even happen by 2030.

Most millennials and younger won't get to retire, even if they get a boomer inheritance.

 

[Chobes]

This retirement crisis is absolutely real. Most of the millennials I know have forgone any retirement savings and are "just going to work forever." The problem is I work with older dudes in construction that never took care of themselves and they're crippled up by their late 50s. What job are all these millennials hoping to work at into their 70's?

 

[ovarieasy]

Sounds like they're actually rather optimistic compared to what the future actually holds.

 

[brutana_dilewski]

The women still can make a few bucks on OnlyFans. The men will probably get conscripted to fight in a war or something. (yes even in their 70s)

 

[border_humper]

@brutana_dilewski It will be like Moscow in the 90’s.

 

[brutana_dilewski]

@border_humper

Funny you say that.

I know of a couple brezhnevkas being built not too far away. Lots of room if you are the size of a small dog.

 

[Pissedoffcanadia]

Wait until AI fully kicks in. A lot of jobs are going to be replaced. Code monkeys and data analysist are royaly fucked. Even in trades the times coming that a lot of these jobs will become automated and redundant.

Thats if the machines even let us live.

 

[Hirudinea]

@border_humper

Only with fewer Grandmothers selling samovars on the street.

 

[Hirudinea]

@Pissedoffcanadia

Machines still can't snake a toilet or put up drywall.

 

[brutana_dilewski]

@Pissedoffcanadia Maybe but AI can be really stupid. It's wrong quite often even on simple coding tasks.

 

[d01tg0d0wn]

The current system is a debt based system. Even when Christmas rolls around the success of that season is determined by credit card debt and use.

The system is working perfectly as designed

 

[BeerAndOil]

I do wonder how many Jeets are giving up and going home, and as one final fuck you they're drawing on all the credit they possibly can.

 

[brutana_dilewski]

I dunno man there's open air sewers back in their country.

 

[Hirudinea]

But when they can't afford heat in the winter they may long for the smell of open air sewers in the mid 30s.