To quote Dean Martin, “Ain’t That A Kick In The Head.” Let ’em have it!“
Net % of Domestic Respondents Tightening Standards on Consumer Credit Card Loans just rose to a level higher than that of the financial crisis.
Odd since US home prices are rising through the stratosphere and mortgage rates are at an all-time low. Essentially, homeowners will equity in their homes may have to turn to cash-out refis in lieu of using credit cards.
Yes, cash-out refis (white line) have grown as consumer credit tightens (yellow line).
Like the sailor said, quote, ain’t that a hole in the boat?