Observations on the current state of the hobby from a show this weekend

[Qubits]

I've spent substantially more on cards this year than I did over this same period last year. However, none of that money came from my bank account. I just sold cards to buy other cards.

[boxbuster7]

Originally Posted by KhalDrogo

Depending on how the next week of auctions go, this could be my highest spend month ever!

will you finally pass the $100 mark?

[PuddleMonkey]

https://www.cbsnews.com/news/chapter...consumer-debt/

"More Americans teetering on the edge of bankruptcy. Here's why."

The number of Americans considering bankruptcy is soaring to its highest level since just before the pandemic, a potentially alarming sign as clouds gather over the economy.

Personal bankruptcy inquiries surged in the first three months of the year, according to data from LegalShield, a provider of consumer legal services. The jump could augur a potential wave of bankruptcy filings as consumers start to buckle under a record level of debt and as tariffs fuel inflation, the company warned in a report this week.

Personal bankruptcy filings in the U.S. averaged about 750,000 a year before COVID-19, but fell sharply during the pandemic itself as Americans were buoyed by trillions of dollars in government aid and relief.

LegalShield now expects bankruptcies to surge as soon as this this summer. "Consumers are calling lawyers to ask questions because they can't pay their bills or are having trouble, and they ask about the process of filing for bankruptcy," Matt Layton, LegalShield senior vice president of consumer analytics, told CBS MoneyWatch.
Why are more Americans mulling bankruptcy?

Heavy consumer debts, years of stiff inflation and higher interest rates are squeezing Americans' budgets, according to Layton. Billing disputes, debt collections and other leading indicators of bankruptcy are also on the rise.

"Our members are calling and saying, 'I don't have enough money at the end of month to pay my bills.' They're asking which ones to pay and which ones to put off. They're saying, 'They're coming to get my car — what can I do about these things?'" Layton said.

The jump in Americans who are considering declaring bankruptcy reflects the tough economic economic and financial conditions that have prevailed 2020, experts said. Total household debt as of the end of 2024 hit an all-time of $18 trillion, while the percentage of Americans falling seriously behind on their debts also rose last year, according to the Federal Reserve Bank of New York.

"Quarterly filings from the U.S. courts will come out soon, and I'd expect to see a quarter-over-quarter increase in personal bankruptcy filings from the end of 2024 to the beginning of 2025," Pamela Foohey, a bankruptcy professor at the University of Georgia School of Law, told CBS MoneyWatch.

"I am not surprised attorneys say they're hearing from people who are looking to file for bankruptcy now because it's April. This is when people get their tax returns, so they have money to file for bankruptcy with," she added, noting that it costs money to file for Chapter 7 bankruptcy, the most common type of personal filing. "If they are getting their tax return, that's the time to file because they have an infusion of money."

Economists warn that the Trump administration's economic policies, including heavy tariffs on China and other key trading partners, is likely to stoke inflation while dampening economic growth. Still, the flood of people weighing bankruptcy now reflects the steady rise in financial stress in recent years rather than current economic conditions, Foohey emphasized.

"Rising [bankruptcy] filings will show that people have been struggling with their finances for years when they do file, and things have been getting incrementally worse month after month now for years," she said. "It's been building, and it's only going to get worse unless something is done about inflation, unless something is done about tariffs."
When should you file for bankruptcy?

As Foohey notes, bankruptcy typically comes after a prolonged period of financial stress. Although some Americans struggle to overcome the stigma of bankruptcy, experts recommend filing for protection sooner rather than later in order to shield their assets from creditors.

Filing for bankruptcy can help an individual liquidate their assets to pay off their debt or create a repayment plan. Individuals may file for file Chapter 7 or Chapter 13 bankruptcy, and all bankruptcy cases are handled in federal courts.

But bankruptcy expert Robert Lawless, a professor at the University of Illinois Urbana-Champaign College of Law, said declaring bankruptcy accomplishes one thing: wiping out people's debt.

"It doesn't get you a job, it doesn't get you a raise, it doesn't put money on the table," he said. "Filing for bankruptcy protection doesn't make sense when things are still on the way down. It makes sense to file when you're in the hole, but starting to climb out of it."

[theshowandme]

Anyone know what the strippers in Florida are saying about the housing market?

That’s the only economic indicator I care about

[KhalDrogo]

Originally Posted by boxbuster7

will you finally pass the $100 mark?

I’ve got to get to $10 first.

[ironfireman]

Originally Posted by theshowandme

Anyone know what the strippers in Florida are saying about the housing market?

That’s the only economic indicator I care about

It's inflated.

[6celtics33]

Originally Posted by theshowandme

Anyone know what the strippers in Florida are saying about the housing market?

That’s the only economic indicator I care about

They love ARM’s I hear. Got em on all 5 of their houses.

[6celtics33]

Puddle… once the bankruptcies happen, won’t the poors be freed up to bust more wax and GAMBOOLLLLL

[OhioLawyerF5]

Originally Posted by theshowandme

Anyone know what the strippers in Florida are saying about the housing market?

That’s the only economic indicator I care about

Artificially augmented.

Especially in the area of Silicone Valley.

[hermanotarjeta]

Originally Posted by theshowandme

Anyone know what the strippers in Florida are saying about the housing market?

That’s the only economic indicator I care about

It’s getting so bad, strippers are sporting coin pouches sewn on to their bikini bottoms.

[PuddleMonkey]

Originally Posted by 6celtics33

Puddle… once the bankruptcies happen, won’t the poors be freed up to bust more wax and GAMBOOLLLLL

Good question, lets hear from those experienced with this sort of thing. Has anyone in here gone through bankruptcy?

[boxbuster7]

Originally Posted by PuddleMonkey

https://www.cbsnews.com/news/chapter...consumer-debt/

"More Americans teetering on the edge of bankruptcy. Here's why."

The number of Americans considering bankruptcy is soaring to its highest level since just before the pandemic, a potentially alarming sign as clouds gather over the economy.

Personal bankruptcy inquiries surged in the first three months of the year, according to data from LegalShield, a provider of consumer legal services. The jump could augur a potential wave of bankruptcy filings as consumers start to buckle under a record level of debt and as tariffs fuel inflation, the company warned in a report this week.

Personal bankruptcy filings in the U.S. averaged about 750,000 a year before COVID-19, but fell sharply during the pandemic itself as Americans were buoyed by trillions of dollars in government aid and relief.

LegalShield now expects bankruptcies to surge as soon as this this summer. "Consumers are calling lawyers to ask questions because they can't pay their bills or are having trouble, and they ask about the process of filing for bankruptcy," Matt Layton, LegalShield senior vice president of consumer analytics, told CBS MoneyWatch.
Why are more Americans mulling bankruptcy?

Heavy consumer debts, years of stiff inflation and higher interest rates are squeezing Americans' budgets, according to Layton. Billing disputes, debt collections and other leading indicators of bankruptcy are also on the rise.

"Our members are calling and saying, 'I don't have enough money at the end of month to pay my bills.' They're asking which ones to pay and which ones to put off. They're saying, 'They're coming to get my car — what can I do about these things?'" Layton said.

The jump in Americans who are considering declaring bankruptcy reflects the tough economic economic and financial conditions that have prevailed 2020, experts said. Total household debt as of the end of 2024 hit an all-time of $18 trillion, while the percentage of Americans falling seriously behind on their debts also rose last year, according to the Federal Reserve Bank of New York.

"Quarterly filings from the U.S. courts will come out soon, and I'd expect to see a quarter-over-quarter increase in personal bankruptcy filings from the end of 2024 to the beginning of 2025," Pamela Foohey, a bankruptcy professor at the University of Georgia School of Law, told CBS MoneyWatch.

"I am not surprised attorneys say they're hearing from people who are looking to file for bankruptcy now because it's April. This is when people get their tax returns, so they have money to file for bankruptcy with," she added, noting that it costs money to file for Chapter 7 bankruptcy, the most common type of personal filing. "If they are getting their tax return, that's the time to file because they have an infusion of money."

Economists warn that the Trump administration's economic policies, including heavy tariffs on China and other key trading partners, is likely to stoke inflation while dampening economic growth. Still, the flood of people weighing bankruptcy now reflects the steady rise in financial stress in recent years rather than current economic conditions, Foohey emphasized.

"Rising [bankruptcy] filings will show that people have been struggling with their finances for years when they do file, and things have been getting incrementally worse month after month now for years," she said. "It's been building, and it's only going to get worse unless something is done about inflation, unless something is done about tariffs."
When should you file for bankruptcy?

As Foohey notes, bankruptcy typically comes after a prolonged period of financial stress. Although some Americans struggle to overcome the stigma of bankruptcy, experts recommend filing for protection sooner rather than later in order to shield their assets from creditors.

Filing for bankruptcy can help an individual liquidate their assets to pay off their debt or create a repayment plan. Individuals may file for file Chapter 7 or Chapter 13 bankruptcy, and all bankruptcy cases are handled in federal courts.

But bankruptcy expert Robert Lawless, a professor at the University of Illinois Urbana-Champaign College of Law, said declaring bankruptcy accomplishes one thing: wiping out people's debt.

"It doesn't get you a job, it doesn't get you a raise, it doesn't put money on the table," he said. "Filing for bankruptcy protection doesn't make sense when things are still on the way down. It makes sense to file when you're in the hole, but starting to climb out of it."

Are you a doctor? I will need an adderall prescription before I read that word salad

[PuddleMonkey]

Originally Posted by boxbuster7

Are you a doctor? I will need an adderall prescription before I read that word salad

Hits too close to home?

[NickyCards]

What’s with the negativity? Every show I see is packed and plenty of money is exchanging hands.

[boxbuster7]

Originally Posted by NickyCards

What’s with the negativity? Every show I see is packed and plenty of money is exchanging hands.

plenty of people trading in those psa 10 bass slaps for 1/5 of what they paid in 2020

#thehobby

[mfw13]

Originally Posted by NickyCards

What’s with the negativity? Every show I see is packed and plenty of money is exchanging hands.

Volume is not an accurate indicator of market health. Billions of shares get traded on the stock market every day too.

After all, if people are selling at a loss in order to quickly raise cash to pay off bills, that's not the sign of a healthy hobby.....

Without price data, you really have no idea what all that activity indicates....

[OhioLawyerF5]

Originally Posted by mfw13

Volume is not an accurate indicator of market health. Billions of shares get traded on the stock market every day too.



After all, if people are selling at a loss in order to quickly raise cash to pay off bills, that's not the sign of a healthy hobby.....



Without price data, you really have no idea what all that activity indicates....

It's a hobby. Health isn't measured in dollars, but participants.


Again, it's not a stock market, it's a hobby.

[6celtics33]

Originally Posted by PuddleMonkey

Good question, lets hear from those experienced with this sort of thing. Has anyone in here gone through bankruptcy?

I know someone that did. I worked with her. She had to do chapter 13. Payments for 5 years.

[boxbuster7]

Originally Posted by OhioLawyerF5

It's a hobby. Health isn't measured in dollars, but participants.


Again, it's not a stock market, it's a hobby.

The problem is 99% of people in the "hobby" don't think like you do

[eastbayak]

Originally Posted by mfw13

Volume is not an accurate indicator of market health. Billions of shares get traded on the stock market every day too.

After all, if people are selling at a loss in order to quickly raise cash to pay off bills, that's not the sign of a healthy hobby.....

Without price data, you really have no idea what all that activity indicates....

^ Investor

Originally Posted by OhioLawyerF5

It's a hobby. Health isn't measured in dollars, but participants.


Again, it's not a stock market, it's a hobby.

^ Collector

[kipgen]

Originally Posted by OhioLawyerF5

It's a hobby. Health isn't measured in dollars, but participants.


Again, it's not a stock market, it's a hobby.

If this were true eventually every card would be determined to cost the same price (they aren't)

So in reality, it's both

[mfw13]

Originally Posted by eastbayak

^ Investor

Wrong!!!

Anybody who has followed my posts over the past ten years knows that I am a long-time collector who generally scorns the investment aspects of the hobby.

That said....I've been a very successful investor over the years......in the stock market....

[f2tornado]

Fargo, ND show was decent today. Better than last year's version but it took a while to find enough bargain bin material to justify driving 200 miles each way. The show was busy but the aisles were spaced wide enough to avoid too many log jams. I didn't notice a lot of people trading. Mostly cash customers. More and more tables are becoming populated with display cases filled with PSA stuff leaving fewer tables with stuff to dig through. Digging is half the fun at these events. The other half is split between finding deals, seeing stuff not seen every day, and a little small talk. I can get most slabs online. Interestingly, it was hard to find much baseball which is most of my focus. It seemed like 75% of the dealers were football, basketball, and Pokémon. Cell service was zero but thankfully WiFi was available so I could make my bet on the winning Preakness horse between tables.

That's probably the last show I go out of my way for until the big one in Omaha late July.

[OhioLawyerF5]

Originally Posted by kipgen

If this were true eventually every card would be determined to cost the same price (they aren't)



So in reality, it's both

That's not true at all. Collectors can certainly compete for more desirable players or cards. We don't all collect the same thing. The things more people collect will cost more. Basic supply and demad applies to hobbies as well.

[auctionjmm]

Originally Posted by mfw13

Volume is not an accurate indicator of market health. Billions of shares get traded on the stock market every day too.

After all, if people are selling at a loss in order to quickly raise cash to pay off bills, that's not the sign of a healthy hobby.....

Without price data, you really have no idea what all that activity indicates....

I remember doing card shows (circa 2011-2014) where 20 customers through the door was a good day. Dealer's goal was just to make their table cost back. Nowadays I expect to 10x the table price and I don't remember the last time I didn't. That's all the data you really need. Anyone selling at a loss to raise cash for bills has no bearing on the customers spending money with me. Both can be true at once. There is no denying that there is "healthy" volume here.