Even with the recent winding down of debt levels, consumer credit (excludes mortgage payments) as a percent of personal income has grown from 15.5% in 1975 to 20.6% in 2009 according to data by the U.S. Bureau of Economic Analysis and the Federal Reserve.
U.S. economic data due for release Wednesday includes the weekly MBA mortgage applications survey, consumer credit and the weekly DOE energy stocks report.
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U.S. economic data due for release Wednesday includes the weekly MBA mortgage applications survey, consumer installment credit, and the weekly DOE liquid energy stocks report.
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Still, the consumer banking, credit cards and mortgage business remains week and banks with heavy exposure to U.S. consumers may find it difficult to generate significant upside to current stock values.
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Can you guess how laws like Dodd-Frank with its powerful consumer finance agency will affect your mortgage and your credit cards?
The Fed's No. 2 showed he was still fretting that mortgage problems could bleed into consumer loans and credit cards, which have been rising recently.
The news isn't all bad: Recent legislation has resulted in more consumer-friendly disclosure rules on everything from credit cards to mortgage documents.
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Inquiries or complaints on credit or mortgage products should be directed to the Consumer Financial Protection Bureau.
Consumer debt can affect your ability to secure a mortgage, pass a credit check for a rental application, or get a job.
Citi faces a fourth quarter filled with uncertainty about the value of its remaining mortgage-derivative holdings, related short-term debt conduits and the possibility of further deterioration in consumer credit quality.
The sliding consumer activity is an outgrowth of the U.S. subprime mortgage crisis, which has limited the availability of credit and slowed economic growth around the world.
The subprime mortgage crisis led to the financial crisis which led to the credit crisis which led to the crisis of consumer confidence which led to a when-the-heck-is-anyone-going-to-start-hiring-again crisis.
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