The next economic shoe to drop , CREDIT CARDS

[UAL_TECH]

Why would that be? All my life I have "played by the rules"...I live a solidly middle class lifestyle in a nice house that I am paying for and pay off my credit card debt in full. Meanwhile, mortgage brokers are creatively lending money to everybody and their dog...credit card companies send me at least 3 offers per week in the mail (how many Capital One offers do YOU get?) the execs of these companies make handsome paychecks and bonuses. Then when it all falls apart - there is a move to "bail out" two groups - the scum that made the loans and the people who bit off more than they could chew financially. There isn't any relief to any of us who opted for a higher fixed rate 30 year mortgage over a teaser 5 year ARM which lured them into buying way more than they could afford. So...my tax dollars (China's loan proceeds) are used to keep the banking execs from having to "downsize" in any way and plans to provide those who "overbought" on an ARM a way to keep their house and have their rate fixed at a rate that is still LOWER than the one I have on my home.

You, I, and a lot of us 'reasonable' folks are going to pay the piper (pole smoker?) on this one.

IMHO, ain't chit we can do about it.

Best to you and Yours
B) xUT

 

[freedom]

all right JS , i did streach the events that lead to me giving up on my credit card debt somewhat .. i had every intention of continuing to pay visa back , but i was past 14 days late several months ago , and they jacked up my minum payment and interest so high i said , screw it .. as to my other cards , we will see if i make the minmum payment .... the way the economy is going i just don't know



We are on a sinking SHIP , don't you understand ? it's like we're on the tiantiac and i know we've just been hit by an ice berg so i rush into one of the bars on the ship order a drink and then stiff the bartender for the payment .... it just may not matter ...you however are sitting at the bar watching me stiff the bartneder and are going "you lousy theif ,rat " ..... meanwhile you don't know that the ship is going down ...

As for the picture of our grandparents and soup lines .... forget that , i beleive i can speak for my generation and say that this cannot be allowed to happen , we will have to make some of the most radical changes our nation has ever seen ... that whole 1930's thing cannot be repeated with my generation , they don't have the will/backbone , etc to withstand it .... hence things will have to change ...

 

[Boomer]

Over a week ago, credit cards/student loans/auto loans were added into the bailout package massively increasing the size and scope of the bailout. The various debt classes were bundled into "securities" just like the mortgages.

On another note, this morning a Congressman that previously voted against the bailout clearly stated that he was prevented from placing an amendment to the bailout bill which would prevent a US based financial entity from purchasing foreign toxic debt, making a percentage of the transaction and dumping it on the US Taxpayers.

 

[freedom]

thank you for that boomer , i hadn't read the bail out package ... it's somewhat more assuring to know that the treasury is on it's game ...

However i still expect credit defaults to rise dramatically as people go "screw it , time for a spending spree" ..

now congress needs to throw out another round of stimilus checks ... larger than the last ...

 

[delldude]

thank you for that boomer , i hadn't read the bail out package ... it's somewhat more assuring to know that the treasury is on it's game ...

However i still expect credit defaults to rise dramatically as people go "screw it , time for a spending spree" ..

now congress needs to throw out another round of stimilus checks ... larger than the last ...

However i still expect credit defaults to rise dramatically as people go "screw it , time for a spending spree" ..

So you expect a free ride?

Don't hold your breath.

As for the picture of our grandparents and soup lines .... forget that , i beleive i can speak for my generation and say that this cannot be allowed to happen , we will have to make some of the most radical changes our nation has ever seen ... that whole 1930's thing cannot be repeated with my generation , they don't have the will/backbone , etc to withstand it .... hence things will have to change ...

Dude......somebody kicks the chair out from under the table and you will see a hard cold reality.

 

[signals]

I knew I was in trouble when I was approved for a credit card back in the mid 90s. If you use hindsight this is typical predatory lending!