Do you really believe that?
I have a feeling it is because some of the checks are slow in arriving. People are not going to stop spending. At this point, consumerism is in their DNA.
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I think the people on the lower end of the spectrum are learning to not spend as much. The money was needed 6 months ago so I think they are already half a year behind. So those struggling will probably make the most of it. The people who didn't struggle will probably spend it without thinking.
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Perhaps many of them are starting to realize the mortgage and rent forebearance isnt going to last forever.
At some point they will have to make up the payments (not happening) or move (more likely).
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Lol. I think our society will be messed up by the amount of people filing for bankruptcy and I wonder how our credit system will look after all these people default.
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Yeah well the credit system I think went out the window years ago. I dont think anyone gets turned down. Instead, they just get approved by at a higher rate. That is where all this subprime crap comes in.
Look at auto loans, go into a car dealership and everyone gets approved.
I guess they can charge a high enough rate of interest to overcome the bad loans they have to write off...or more likely they sell the loans so they dont care what happens to them.
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