ARandomTraveler Posted July 17, 2022 #176 Share Posted July 17, 2022 7 hours ago, firefly333 said: I'm with you and see little sign people are actually cutting back. See lots of politicians claiming oh woe is me people cant afford this. Friday dow ran up like 650 pts because consumer spending was up. People took it as the consumer wasnt being much affected by higher prices. Might have been up because stuff costs more, but it was up. People dont like paying more but they are and not staying home, especially flying. Big demand to fly right now. I see airlines cherry picking. They used to fly some less profitable routes but now slash anything they dont like but yet american is adding a bunch of more profitable routes this fall and winter. To vail and another ski resort and some more. Miami direct flight to ski and another austin TX to ski were 2 of the new ones added. That's another thing - after the pandemic, Vail Resorts lowered the cost of their ski passes, then realized demand was greater than ever, and raised them back up; no loss in demand. It costs $239 for a one-day lift ticket at Vail (for people who don't buy a pass ahead of time), where it used to cost $189, and yet, the mountain is fully packed every day of the week. You used to be able to ski on a Friday and avoid crowds, not anymore. Even going on a Wednesday doesn't seem to bring any relief. The prices haven't deterred anyone, nor has the additional hour-long drive up the mountain from the rest of the ski corridor. And hotels? Forget trying to find anything in Vail for less than $800/night during peak ski season unless you drive to a nearby town and drive in (and even then you're still paying at least $400). Higher gas prices, higher lift ticket prices, higher hotel prices...higher demand. I keep looking at cruise prices and consistently see star class suites selling for $13,000/person (or more during holidays), and they're selling! Remember when people thought the cruise industry was going to die over the pandemic, or had hopes that cruise prices would be really low for years to come while the cruise lines tried to convince people to come back to the ships? Ha! That lasted all of 6 months, and we're right back to the usual prices. And it doesn't appear anyone has stopped cruising, despite it costing 2 to 3 times as much to fly to the ports. 2 Link to comment Share on other sites More sharing options...
Another_Critic Posted July 17, 2022 #177 Share Posted July 17, 2022 7 hours ago, firefly333 said: I'm with you and see little sign people are actually cutting back. See lots of politicians claiming oh woe is me people cant afford this. I'd like to see stats for increase in spending vs increase in debt. Link to comment Share on other sites More sharing options...
Rare rudeney Posted July 17, 2022 #178 Share Posted July 17, 2022 1 hour ago, Another_Critic said: I'd like to see stats for increase in spending vs increase in debt. An interesting read: https://lipperalpha.refinitiv.com/2022/07/q2-2022-u-s-retail-scorecard-update-july-5-2022/ 1 Link to comment Share on other sites More sharing options...
ARandomTraveler Posted July 17, 2022 #179 Share Posted July 17, 2022 29 minutes ago, rudeney said: An interesting read: https://lipperalpha.refinitiv.com/2022/07/q2-2022-u-s-retail-scorecard-update-july-5-2022/ Interesting statistics. No surprise that "Hotels Restaurants and Leisure" show some of the highest revenues. Obviously the inflated prices are affecting the lower income people, who are always feeling the financial burdens of any change in pricing or employment, but people who have discretionary income are still spending it the same as always, if not more so. The article mentions comparisons to last year, which makes sense that the % increases are so high, because people had less opportunities to travel and go to restaurants last year. But this year they now have twice the money to spend because they didn't spend it last year. Another_Critic has made a good point though in that there's likely a lot of people living on credit. Middle income people who have good enough credit to get them credit limits a little higher than they should be spending may end up feeling the consequences later. But maybe they won't, salaries have been going up too, as have home prices, and therefore home equity. I guess we'll see. Link to comment Share on other sites More sharing options...
shandryl Posted July 18, 2022 #180 Share Posted July 18, 2022 Booked my flights almost a year out because of airfare. Really glad i did, If I had waited prices would have doubled. Sometimes its okay to stay up way late and look at flights. Prices can change in just a a few hours. IMHO Link to comment Share on other sites More sharing options...
BND Posted July 18, 2022 #181 Share Posted July 18, 2022 (edited) We drive or take Amtrak so airfares don't impact us for cruising. Also, my DH is a million miler with United so if we want to fly, we have points, even though taxes have increased for using them. Edited July 18, 2022 by BND Link to comment Share on other sites More sharing options...
firefly333 Posted July 18, 2022 #182 Share Posted July 18, 2022 9 hours ago, Another_Critic said: I'd like to see stats for increase in spending vs increase in debt. I dont have the stats, though analysts on cnbc and I see their opinions elsewhere are saying credit card debt is up. House foreclosures some but nothing drastic. The drastic are auto repossessions. Auto loans are more a month than rent in some cases. All this push to electric autos and people are signing these huge auto loans, like $850 a month or even more. Lots of these 80k cars are being sold ...and repos are up. Credit card defaults not so much yet, so far auto loans are the most troubling. ... I'm just talking from a economy view and a stock holder. This may not be the bottom yet and inflation will probably be stickier than most experts admit. ..some are saying it out loud now. I'm already hearing that well maybe Powell instead of shooting for 2% will shoot for 4% Link to comment Share on other sites More sharing options...
mpk Posted July 18, 2022 #183 Share Posted July 18, 2022 10 hours ago, ARandomTraveler said: The prices haven't deterred anyone, nor has the additional hour-long drive up the mountain from the rest of the ski corridor. Yep. High gasoline prices seem to have no effect either. The last time we had a gas shock, the highways were eerily empty. This time around, the roads looks the same, absolutely packed. 1 Link to comment Share on other sites More sharing options...
grandgeezer Posted July 18, 2022 #184 Share Posted July 18, 2022 13 minutes ago, mpk said: Yep. High gasoline prices seem to have no effect either. The last time we had a gas shock, the highways were eerily empty. This time around, the roads looks the same, absolutely packed. I don’t remember any empty highways were caused by high prices, but I do remember a gas shortage caused somewhat less cars on the road. Link to comment Share on other sites More sharing options...
time4u2go Posted July 18, 2022 #185 Share Posted July 18, 2022 51 minutes ago, BND said: We drive or take Amtrak so airfares don't impact us for cruising. Also, my DH is a million miler with United so if we want to fly, we have points, even though taxes have increased for using them. You pay tax for using frequent flyer points? I have never done that. Link to comment Share on other sites More sharing options...
ARandomTraveler Posted July 18, 2022 #186 Share Posted July 18, 2022 1 hour ago, time4u2go said: You pay tax for using frequent flyer points? I have never done that. I always have to pay a fee with mine. It's a "taxes, government and airport fees" charge lumped into one. It's not very expensive, like $11.20 for a round trip ticket on SW. 1 Link to comment Share on other sites More sharing options...
Rare rudeney Posted July 18, 2022 #187 Share Posted July 18, 2022 10 hours ago, ARandomTraveler said: Another_Critic has made a good point though in that there's likely a lot of people living on credit. Middle income people who have good enough credit to get them credit limits a little higher than they should be spending may end up feeling the consequences later. But maybe they won't, salaries have been going up too, as have home prices, and therefore home equity. I guess we'll see. I work in the collections industry (my company writes software for creditor's lawyers). Everyone is gearing up for a massive influx of new business - Citi, CapOne, BofA, Chase, Discover, etc. Almost all credit cards use variable rate interest based on the fed rate, which is going up. People who have been relying on credit cards to supplement additional expenses due to inflation are going to be pushed over the edge. 3 Link to comment Share on other sites More sharing options...
Markmom18 Posted July 18, 2022 #188 Share Posted July 18, 2022 3 hours ago, firefly333 said: I dont have the stats, though analysts on cnbc and I see their opinions elsewhere are saying credit card debt is up. House foreclosures some but nothing drastic. The drastic are auto repossessions. Auto loans are more a month than rent in some cases. All this push to electric autos and people are signing these huge auto loans, like $850 a month or even more. Lots of these 80k cars are being sold ...and repos are up. Credit card defaults not so much yet, so far auto loans are the most troubling. ... I'm just talking from a economy view and a stock holder. This may not be the bottom yet and inflation will probably be stickier than most experts admit. ..some are saying it out loud now. I'm already hearing that well maybe Powell instead of shooting for 2% will shoot for 4% Link to comment Share on other sites More sharing options...
Markmom18 Posted July 18, 2022 #189 Share Posted July 18, 2022 (edited) I was going to add on a tad about car loans. We always lease a car for me, I never even get close to 10,000 miles in a 4 year lease. But, I always liked getting new cars. Well , my lease was up in April. For the first time we extended and will probably pay off the car. My hubby always buys his trucks. He’s got 11 months left. After the last 2-1/2 years, and me turning 65 in October I just want to cruise and travel. 🙂🙂 🛳🛳 Bobbi Edited July 18, 2022 by Markmom18 1 Link to comment Share on other sites More sharing options...
Markmom18 Posted July 18, 2022 #190 Share Posted July 18, 2022 (edited) 22 minutes ago, rudeney said: I work in the collections industry (my company writes software for creditor's lawyers). Everyone is gearing up for a massive influx of new business - Citi, CapOne, BofA, Chase, Discover, etc. Almost all credit cards use variable rate interest based on the fed rate, which is going up. People who have been relying on credit cards to supplement additional expenses due to inflation are going to be pushed over the edge. It seems every single day both me & hubby get credit card offers in the mail!!! I just tear them in half…. No thank you. Edited July 18, 2022 by Markmom18 Link to comment Share on other sites More sharing options...
Rare rudeney Posted July 18, 2022 #191 Share Posted July 18, 2022 4 minutes ago, Markmom18 said: I was going to add on a tad about car loans. We always lease a car for me, I never even get close to 10,000 miles in a 4 year lease. But, I always liked getting new cars. Well , my lease was up in April. For the first time we extended and will probably pay off the car. My hubby always buys his trucks. He’s got 11 months left. After the last 2-1/2 years, and me turning 65 in October I just want to cruise and travel. 🙂🙂 🛳🛳 Bobbi I have leased a few cars, but in the last 20 years, I have been buying just-out-of-warranty used Mercedes-Benz vehicles, driving them for a few years, and trading for another when I want a change. That works for me because I am a highly skilled DIY mechanic (including advance electronic systems) and have a lot of experience with that brand (I worked for them at one time). My wife has always leased cars, but a few years back, when her last lease was up, she decided to buy something. She chose a three-year old BMW X5. It's so nice not to have a car payment. We drive a combined 10K miles a year, so our cars tend to last. 1 minute ago, Markmom18 said: It seems every single day both me & hubby get credit card offers in the mail!!! I just tear them in half…. No thank you. I used to play all the games with points and cash back and stuff, but I realized the those were come-ons designed to extract my money. Now I have an AMEX card that gets PIF each month, and we have a few store-branded cards (BestBuy, Home Depot) that we use for X-months same as cash. If we were willing to cruise in anything other than a suite, we'd cruise more often. But once every two years seems to work for us. Link to comment Share on other sites More sharing options...
time4u2go Posted July 18, 2022 #192 Share Posted July 18, 2022 (edited) 8 hours ago, ARandomTraveler said: I always have to pay a fee with mine. It's a "taxes, government and airport fees" charge lumped into one. It's not very expensive, like $11.20 for a round trip ticket on SW. Interesting. I use points on SW (and others) all the time and have never paid any fee. I'm curious...do others pay a fee for using frequent flier points/miles? Edited July 18, 2022 by time4u2go Link to comment Share on other sites More sharing options...
Rare cruiselvr04 Posted July 18, 2022 #193 Share Posted July 18, 2022 We always pay a fee with SW when using points. As stated about $11 per ticket. Link to comment Share on other sites More sharing options...
BND Posted July 18, 2022 #194 Share Posted July 18, 2022 10 hours ago, time4u2go said: You pay tax for using frequent flyer points? I have never done that. Yes. We have used points for friends and family and paid to use them on United. In fact, the "free" trip for our DS and DDIL to go to England a few years ago on their honeymoon cost about $350. 1 Link to comment Share on other sites More sharing options...
BND Posted July 18, 2022 #195 Share Posted July 18, 2022 Does anyone remember interest rates in the early-mid 80's? We bought our first townhouse at 22 and 24 in VA Beach using a VA loan that was 15.5% which had just come down from 18%. We refinanced a year later to 12.5% and thought we'd hit the lottery. While over the years, we never "lived" on our credit cards perse, we did have balances (especially when we needed car repairs or something for the kids, like clothes and never a vacation) but we now pay the one card we use for most everything every month. Our CC is the BOA Amtrak MC which earns us points. We haven't paid for an Amtrak ticket in 6 or so years. In fact, our last 3 Auto train trips (round trip) and the one upcoming in a bedroom were all done using points we earned by using the card but paying no interest or fees. We also used to use CC's for x amount same as cash because store cards have always had really high interest rates but also earned rewards. Link to comment Share on other sites More sharing options...
time4u2go Posted July 18, 2022 #196 Share Posted July 18, 2022 11 minutes ago, BND said: Does anyone remember interest rates in the early-mid 80's? We bought our first townhouse at 22 and 24 in VA Beach using a VA loan that was 15.5% which had just come down from 18%. We refinanced a year later to 12.5% and thought we'd hit the lottery. While over the years, we never "lived" on our credit cards perse, we did have balances (especially when we needed car repairs or something for the kids, like clothes and never a vacation) but we now pay the one card we use for most everything every month. Our CC is the BOA Amtrak MC which earns us points. We haven't paid for an Amtrak ticket in 6 or so years. In fact, our last 3 Auto train trips (round trip) and the one upcoming in a bedroom were all done using points we earned by using the card but paying no interest or fees. We also used to use CC's for x amount same as cash because store cards have always had really high interest rates but also earned rewards. On the flip side, interest rates on certificates of deposit were great during that time! They have gone up somewhat lately, but it's doubtful they will ever reach the rates of that era. Link to comment Share on other sites More sharing options...
Rare rudeney Posted July 18, 2022 #197 Share Posted July 18, 2022 1 hour ago, BND said: Does anyone remember interest rates in the early-mid 80's? We bought our first townhouse at 22 and 24 in VA Beach using a VA loan that was 15.5% which had just come down from 18%. We refinanced a year later to 12.5% and thought we'd hit the lottery. While over the years, we never "lived" on our credit cards perse, we did have balances (especially when we needed car repairs or something for the kids, like clothes and never a vacation) but we now pay the one card we use for most everything every month. Our CC is the BOA Amtrak MC which earns us points. We haven't paid for an Amtrak ticket in 6 or so years. In fact, our last 3 Auto train trips (round trip) and the one upcoming in a bedroom were all done using points we earned by using the card but paying no interest or fees. We also used to use CC's for x amount same as cash because store cards have always had really high interest rates but also earned rewards. I was the DP (now called IT) manager for a mortgage company back in the 80's and I remember those rates! By the late 80's our refi department was booming. That manager would have us pulling daily reports for mortgagees with rates over xx% to solicit them for refinance. The lowest rate we've ever had on a mortgage was 1.25% rate - it was an ARM but the cap was 8%. It went up and down a few times, but was always lower the the then-current rates. I think we're at 3.75% on our house now. My wife works for a mortgage company and finds the best deals - I just show up and sign. Link to comment Share on other sites More sharing options...
Rare rudeney Posted July 18, 2022 #198 Share Posted July 18, 2022 2 hours ago, cruiselvr04 said: We always pay a fee with SW when using points. As stated about $11 per ticket. Same here - it's called a "U.S. 9/11 Security Fee" and it's $11.20 per flight (direct or connecting), per person. Link to comment Share on other sites More sharing options...
BND Posted July 18, 2022 #199 Share Posted July 18, 2022 (edited) 6 minutes ago, rudeney said: I was the DP (now called IT) manager for a mortgage company back in the 80's and I remember those rates! By the late 80's our refi department was booming. That manager would have us pulling daily reports for mortgagees with rates over xx% to solicit them for refinance. The lowest rate we've ever had on a mortgage was 1.25% rate - it was an ARM but the cap was 8%. It went up and down a few times, but was always lower the the then-current rates. I think we're at 3.75% on our house now. My wife works for a mortgage company and finds the best deals - I just show up and sign. After that house, the highest we ever paid was about 7%. Our current mortgage is 3.75%. This is the fourth home we've owned in 40 years. My BIL refinanced a few years ago and got like 1.5%. Edited July 18, 2022 by BND Link to comment Share on other sites More sharing options...
Rare rudeney Posted July 18, 2022 #200 Share Posted July 18, 2022 Just now, BND said: After that house, the highest we ever paid was about 7%. Our current mortgage is 3.75%. This is the fourth home we've owned in 40 years. Not counting houses we owned before we married, or vacation property, we are on our 3rd house. This will be the last one until we move to the cemetery (unless we have to move to assisted living). We moved 3 years ago to get everything on one level. Now, if we can just retire and spend more time cruising...🙂 Link to comment Share on other sites More sharing options...
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