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credit card changes are coming I'm your host Steve Van Meter and thanks for joining me today you want to act now before your bank makes these changes to your credit card the sort of Bloomberg where we picked today's story up with a headline the banks bet on subprime consumers since credit card balances to a record as cars issue to customers with credit blemishes are surging now something I want you to understand that this is very normal in a late cycle economy you know what banks will do is they will seek out their best customers first the ones they really want to loan to but when that well dries up they'll turn to the people they really would rather not lend to because they're desperate for business so when you hear that they're going after people with low credit scores that's very normal at this point in the game balance of soared a 19 or 866 billion with an average credit lines also climbing to an all-time high and this jump came after card originations here is keyword subrime consumers climbed to more than 12 percent in the previous three-month period as Banks load up on risky debt in this inflationary environment consumers are increasingly turning to Credit Now this is a case that we've made on the show repeatedly that when a consumer their wages are not keeping up with inflation they will turn to credit cards to keep up their lifestyle they will do this only as long as a credit card companies will extend their balances when they can no longer get credit that whole game starts to change and that's where you see the economy start to turn down transfusion went on to say that this is particularly true among the subprime segment of consumers the people who were hit the hardest by inflation and in this chart here from the St Louis Fred database we look at total consumer credit card loans in bloom and other revolving plans against the Consumer Price Index and what we want to see here is consumer prices rise in red what we see is usage of credit cards and revolving loans goes up and it makes sense during recessions when Banks cut off the ability to borrow well people end up paying them down and you'll note here a period where inflation is trending lower you see the credit card revolving loan balances start to flatten out but as soon as inflation starts to head higher demand for credit goes up you'll notice during the pandemic what did we see due to government transfers of fiscal stimulus credit card balances went down along with inflation and then as inflation took off with a lag you'll notice consumers are back to you tapping their debt and this is going to continue but not for a whole lot longer because the banks have some big changes coming and it's going to catch a lot of borrowers off...