Top 10 Jungle Issues Peak Lending Season Report That Gives a Wake Up Call to Lenders
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Dallas, Texas, October 17, 2017 (Newswire.com) - Online review powerhouse, Top 10 Jungle, issued its "Peak Lending Report" outlining some important milestones that have been reached.
- Total consumer debt reached a record $12.8 trillion. The prior "peak lending" number was $12.7 trillion in 2008.
- Since the financial crisis that followed the last "peak lending season", auto loans and student loans have risen to new "lending peaks". Auto loans are now at $1.2 trillion, up 70% since the depths of the recession in 2010. Student loans have reached an incredible $1.3 trillion.
- Total credit card debt has reached $784 billion, the highest level since the "peak lending" fourth quarter of 2009. Credit card delinquencies have also started increasing from historic lows.
- Mortgage debt is growing again, having reached $8.7 trillion. However, it remains below the 2008 "lending peak" of $9.3 trillion.
- The demand for consumer credit is so strong that even independent lending companies such as Tremont Lending, Broadstar Financial, Peak Lending, and Pebblestone Financial are flooding the internet with ads to propel their growth.
"History seems to repeat itself over and over again. Consider this a wake up call." said Benny Alvarez, Top 10 Jungle Spokesman, "Former Fed Chairman Alan Greenspan once used the phrase 'irrational exuberance' to warn the markets about the dot com bubble of the 1990s. I hate to be an alarmist but if the economy has a hiccup, we are going to see some rapid declining loan portfolios."
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Source: Top 10 Jungle