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Payment Delinquencies Spanning All Industries



December 29, 2007 – Comments (3)

Mish had a link to the titled report which I think is worth having a look at.

I keep coming up with my bearish attitude because I think about what I see in the economy around what I see as the back bone of all economies, the people.

This survey is show that 43% are saying that it became harder to meet financial obligations in the past year compared to only 15% saying it became easier. 

I suppose I should really count my blessings that I would report myself to be in the 15% finding it easier to meet financial obligations, but look what I did to achieve that.  I moved to the North West Territories where it has gotten as cold as -48 with the wind chill.  I hear in the summer it get to about 30 (that's about 90 F) and you can hardly go out because of the mosquitoes.  I am blessed that I get to leave for the summer...

However, if I'd stayed in Vancouver this year would have been yet another with a pay cut due to over hiring so I would have been in the 43% finding it harder.

I am so very tired of Vancouver's tough economy.  It has shown me too much of what people do not plan for.

The people are the foundation of an economy and there are simply way too many that are struggling and are maxed out and that just further hurts the whole economy.  When an economy is tough, it dumps on people and I think that will be coming big time.

3 Comments – Post Your Own

#1) On December 29, 2007 at 5:24 PM, TDRH (97.21) wrote:

That was a very thorough report.   I looked at the stock of the company that generated it, but it has already had a nice run recently.  

I read an article from AP yesterday  that  reported that credit card balances more than 30 days late rose 26% year over year & defaults rose 18%.   Consumers can no longer use their houses like ATM machines to pay off balances.   Defaults & foreclosures are going to continue to rise.   Without the alternative financing vehicles housing prices will have to deflate in order to match real incomes.    

Imagine one of the main growth areas in the economy in the next few years will be in the area of collections.   It will be interesting to see if companies outsource the collectors to India and the Philipines to try and reduce their costs?    

Sorry to hear you have to live in such an inhospitable place, and to think I have been complaining about how it gets dark so early here in Missouri.   

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#2) On December 29, 2007 at 9:30 PM, abitare (30.05) wrote:

I heard about the mosquitos in Alaska (Amercica's Canada?) in the summer are tough. But there are no snakes, at least. Tough weather can be tough on a person, but at you have time to read, write and review stocks, at least? I expect the economy to get tougher.

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#3) On December 29, 2007 at 10:42 PM, dwot (29.16) wrote:

TDRH, I saw that in the report about collections and that consumers respond best to being able to do something about it via the internet.  So, where to invest, companies helping other set up internet sources of debt collection.  If I knew which companies were doing this, I'd probably put an outperform thumb...

Abitarecatania, I am well suited for Northern living in that I am content with internet and I don't miss the comforts of city living to the same extent that others would.  But then I moved there at the beginning of October and I am already on my second trip to Vancouver, so I haven't been that isolated yet.  Part of that is because I am in the process of selling my Vancouver home.  I have sold now and I give up the keys in about a week.

Actually, I am appreciating some of the simplicity of Northern living.  I am liking being away from the degree of consumerism messages that exist in the city, the not having restaurant options.  I'd say eating out is the biggest place I waste money and I'm not doing that with northern living.  I also don't miss the traffic.  Indeed, I don't even need a car in town where I am as the whole hamlet (smaller than a village) is only about two miles wide and I am in the middle.

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