We knew it was coming...

JimK-NY wrote:

PButler96 wrote:

JimK-NY wrote:

PButler96 wrote:

Plenty of folks have started tapping into savings to maintain their standard of living, and even more have started to access credit to do the same, both are unsustainable and will run out, and the credit option is a double whammy with rising interest rates.

Maybe your predictions will come true eventually, but for now credit card debt is considerably behind where it was before the start of Covid.

Eventually seems to be now. Imagine that.

Household credit card debt surges in second quarter, highest jump in over 20 years

Sure that sort of click bait catches attention, but the facts are less exciting. Revolving consumer debt is up because consumers are spending at high rates. Defaulting is still low. Non-revolving debt has only increased about 5% in the past year. No surprises because debt costs such as mortgages and car loans have increased substantially.

When it comes to RV sales some decrease in sales can be expected and manufacturers are watching this closely and will adjust production and costs accordingly. RV sales were crazy high during Covid and are predicted to continue at levels higher than pre-Covid. Again a decrease can be expected because people are able to return to air travel, vacations, cruises and other opportunities that were restricted or not available during Covid.

Ok, the Federal Reserve's quarterly report is clickbait.

PButler96 wrote:

JimK-NY wrote:

PButler96 wrote:

Plenty of folks have started tapping into savings to maintain their standard of living, and even more have started to access credit to do the same, both are unsustainable and will run out, and the credit option is a double whammy with rising interest rates.

Maybe your predictions will come true eventually, but for now credit card debt is considerably behind where it was before the start of Covid.

Eventually seems to be now. Imagine that.

Household credit card debt surges in second quarter, highest jump in over 20 years

Sure that sort of click bait catches attention, but the facts are less exciting. Revolving consumer debt is up because consumers are spending at high rates. Defaulting is still low. Non-revolving debt has only increased about 5% in the past year. No surprises because debt costs such as mortgages and car loans have increased substantially.

When it comes to RV sales some decrease in sales can be expected and manufacturers are watching this closely and will adjust production and costs accordingly. RV sales were crazy high during Covid and are predicted to continue at levels higher than pre-Covid. Again a decrease can be expected because people are able to return to air travel, vacations, cruises and other opportunities that were restricted or not available during Covid.

JimK-NY wrote:

PButler96 wrote:

Plenty of folks have started tapping into savings to maintain their standard of living, and even more have started to access credit to do the same, both are unsustainable and will run out, and the credit option is a double whammy with rising interest rates.

Maybe your predictions will come true eventually, but for now credit card debt is considerably behind where it was before the start of Covid.

Eventually seems to be now. Imagine that.

Household credit card debt surges in second quarter, highest jump in over 20 years

Personal savings rates shot up during Covid due to the massive stimulus packages

We didn't get any of that stimulus going around but our saving shot up because we couldn't spend any $ because everything was closed down and shelves were bare

IMHO Rving like boats are a luxury not a need. Tent camping is fun for most. Lucky $ to have the same unit for decades love to rv and maintain it as a hobby.

JimK-NY wrote:

PButler96 wrote:

Plenty of folks have started tapping into savings to maintain their standard of living, and even more have started to access credit to do the same, both are unsustainable and will run out, and the credit option is a double whammy with rising interest rates.

Maybe your predictions will come true eventually, but for now credit card debt is considerably behind where it was before the start of Covid. Personal savings rates shot up during Covid due to the massive stimulus packages but are still at about the average for the 20 years prior to Covid.

https://www.lendingtree.com/credit-cards/credit-card-debt-statistics/

https://fred.stlouisfed.org/series/PSAVERT

You're misinterpreting the data provided in your own links and one of them is from the Fed. The Fed is controlled by those who will lead you to believe inflation is 9% when prices have rose 20-30% across the board for almost everything. The same folks who call energy prices dropping 3% after they rose @ 50% a win.

PButler96 wrote:

Plenty of folks have started tapping into savings to maintain their standard of living, and even more have started to access credit to do the same, both are unsustainable and will run out, and the credit option is a double whammy with rising interest rates.

Maybe your predictions will come true eventually, but for now credit card debt is considerably behind where it was before the start of Covid. Personal savings rates shot up during Covid due to the massive stimulus packages but are still at about the average for the 20 years prior to Covid.

https://www.lendingtree.com/credit-cards/credit-card-debt-statistics/

https://fred.stlouisfed.org/series/PSAVERT

JimK-NY wrote:
Don't be fooled by a plant closing. Sales are still about a third higher than before Covid.

In my area inflation and high gas prices have barely made any difference. Traffic is as bad as ever. Home prices are also a third higher than before Covid and have not dropped at all even with much higher mortgage rates.

Give it some time. The effects of inflation eat away at people's ability and desire to purchase things progressively, almost exponentially over time. Plenty of folks have started tapping into savings to maintain their standard of living, and even more have started to access credit to do the same, both are unsustainable and will run out, and the credit option is a double whammy with rising interest rates. A lot of people have never seen interest rates in their financial adult life that are going to where they're going to end up.

It’s what usually happens when you saturate a market in a short period of time . The RV market went up 17% and now it’s predicted to go down by 8% , that’s a pretty healthy gain yet they are crying ??

All leisure industries go through cycles. I’m not concerned overall but sorry about those that won’t have jobs at least for a while.