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Card Debt a $915 Billion Disaster-in-Waiting


Bob26003

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Welcome to the Bush economy!

====================

Card Debt a $915 Billion Disaster-in-Waiting

Tuesday, Nov. 6, 2007 3:47 p.m. EST

Think the estimated subprime debt load carried by the big international banks is big, at $1 trillion?

How about this: Americans now owe nearly as much – a record $915 billion – on their credit cards alone.

And defaults and delinquencies in the credit card sector are piling up – which means big banks are on the hook, again. More sand in the gears for the global economy.

Credit card companies wrote off 4.58 percent in payments between January and May, almost a third more than in the same period in 2006, according to Moody's Investors Service.

As a result, lenders such as Citigroup, Bank of America, and American Express, among others already reeling from the subprime mortgage disaster, are being further weakened.

Not to mention the staggering U.S. economy, which is so dependent on a vigorous consumer credit sector to keep it healthy. Seventy-two percent of the U.S. economy rides on consumption alone.

Continues......

http://moneynews.com/money/archives/st/200...155431.cfm?s=st

Edited by Bob26003
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What took everybody so long to figure this one?

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Bob, here's a challange for you.

Post a "happy" or "positive" story about the USA.

Otherwise I will gradually succumb to the conclusion that you work for the Chinese. Or possibly President Putin. Or - god help us - the French.

Go on - give it a stab. I don't for a minute believe that you believe EVERYTHING about the USA is Doom And Gloom.

Or if you do - why not emigrate to the UK... you can live in Skegness or Blackpool for a year.

Then you will know the meaning of despair :P

So post a 'happy' story, and spit in the eye of your detractors. :)

Meow Purr.

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Bob, here's a challange for you.

Post a "happy" or "positive" story about the USA.

Otherwise I will gradually succumb to the conclusion that you work for the Chinese. Or possibly President Putin. Or - god help us - the French.

Go on - give it a stab. I don't for a minute believe that you believe EVERYTHING about the USA is Doom And Gloom.

Or if you do - why not emigrate to the UK... you can live in Skegness or Blackpool for a year.

Then you will know the meaning of despair :P

So post a 'happy' story, and spit in the eye of your detractors. :)

Meow Purr.

yet I have seen Bob post 'happy' ones --- to bad they get ignored or wiffed and then a uppity ' this is news ?' out of someone.

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Bob, here's a challange for you.

Post a "happy" or "positive" story about the USA.

Otherwise I will gradually succumb to the conclusion that you work for the Chinese. Or possibly President Putin. Or - god help us - the French.

Go on - give it a stab. I don't for a minute believe that you believe EVERYTHING about the USA is Doom And Gloom.

Or if you do - why not emigrate to the UK... you can live in Skegness or Blackpool for a year.

Then you will know the meaning of despair :P

So post a 'happy' story, and spit in the eye of your detractors. :)

Meow Purr.

My God. Not the French!

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Bob, here's a challange for you.

Post a "happy" or "positive" story about the USA.

Otherwise I will gradually succumb to the conclusion that you work for the Chinese. Or possibly President Putin. Or - god help us - the French.

Go on - give it a stab. I don't for a minute believe that you believe EVERYTHING about the USA is Doom And Gloom.

Or if you do - why not emigrate to the UK... you can live in Skegness or Blackpool for a year.

Then you will know the meaning of despair :P

So post a 'happy' story, and spit in the eye of your detractors. :)

Meow Purr.

Conformity does not mean Patriotism Cat . ;)

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This has been a major issue for years. It's just too easy to get a credit card, and there is social pressure to use one once you have it to live a lifestyle you could not afford otherwise. The most apt description I've heard of it, from another forum, is "Simply put, if every other a****** around you is living on debt and buying a lavish lifestyle for himself, you will feel enormous pressure to do the same. Otherwise you look poor, and you feel bad about yourself, and your whole family feels bad about itself. "

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This has been a major issue for years. It's just too easy to get a credit card, and there is social pressure to use one once you have it to live a lifestyle you could not afford otherwise. The most apt description I've heard of it, from another forum, is "Simply put, if every other a****** around you is living on debt and buying a lavish lifestyle for himself, you will feel enormous pressure to do the same. Otherwise you look poor, and you feel bad about yourself, and your whole family feels bad about itself. "

It is a question of education, I was brought up after the motto : "If you can't pay for it, you don't need it". I kept to it all my life and probably am the only person I know that pays his credit card balance at the end of every month. And yes, I bought cars on credit, mostly because they were at 1% APR and I could get 4% at the bank for my money. With that I financed part of my annual vacation.

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thanks to The Elite

it is easyer to get a card

than it is to get a good job

THE 7 deadly signs of Americans

Compromise,Conformity,Assimilation,Submission,Ignorance,Hypocrisy,

which ends up in Brutality in the end

All of them are American dreams...imho

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I have a feeling if Bob were (and he has) posted positive things about the U.S. the gang would gather and surround him and some how twist it as to, Bob you are just a terrorist and you hate the U.S. go back to Osama your puppet master type crap. When Bob points out something that should be known and the people blink, thats good. He is a patriot and this shows how bad the U.S. is. When a guy points out the troubles and trials of a nation and gets shot down for doing so. It shows me that there is more wrong then most want to admit to, for fear of speaking out. Or we could all turn a blind eye and ignore the bad and look at nice fluffy stories that just makes you feel good.

We are wonderful, we do no wrong, we save the world, who would the world have to thank if it wasn't for us, Opps fox news says those things, my bad. That is by far the biggest pile of you no what !!! The world is not perffect the U.S. and it's policies are by far not perfect. This debt by credit cards was desighned to happen this way. People in debt, banks forclosing becuase of it, people losing there homes there credit rating, there ability to purchace. What is it with the people that can't or refuse to see these wrongs! We are set up to fail, like it or not we will all fall together. Sorry a rant but damn I'm p***ed off.

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It is a question of education, I was brought up after the motto : "If you can't pay for it, you don't need it". I kept to it all my life and probably am the only person I know that pays his credit card balance at the end of every month. And yes, I bought cars on credit, mostly because they were at 1% APR and I could get 4% at the bank for my money. With that I financed part of my annual vacation.

Oh, definitely. I do something similar, although I'm a student - I have a credit card, but I absolutely do not use it right now for any charges that I don't have the money in the bank to cover as soon as they show up (and I check my account balances on-line every day). I know that will change as soon as I buy a house or car, but for now it keeps me out of the debt that seems to plague people my age.

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Oh, definitely. I do something similar, although I'm a student - I have a credit card, but I absolutely do not use it right now for any charges that I don't have the money in the bank to cover as soon as they show up (and I check my account balances on-line every day). I know that will change as soon as I buy a house or car, but for now it keeps me out of the debt that seems to plague people my age.

:tu: Just keep it up, otherwise you will end up paying thirty years down the line for the trinkets that filled the trash can last year.

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:tu: Just keep it up, otherwise you will end up paying thirty years down the line for the trinkets that filled the trash can last year.

Thanks. On the other hand, I probably shouldn't be celebrating too much, since it doesn't address the real elephant in the room for me - student loan debt. And unlike credit card debt, you can't declare bankruptcy on student loan debt, so the creditors can basically brutalize you in the form of garnished wages and late fees.

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Lets not put the blame where the blame belongs...personal resposibility. I got my first credit card at 17 from Sears so that if I needed a battery or tires for my car I could get them no problem. In 30 years I've never had more than $200 dollars charged on it.

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Lets not put the blame where the blame belongs...personal resposibility. I got my first credit card at 17 from Sears so that if I needed a battery or tires for my car I could get them no problem. In 30 years I've never had more than $200 dollars charged on it.

Sure it takes two to Tango, but in this case it was politically desired. take the so called "economic growth" of the last few years, discount the debts and you will see that the REAL economy was in recession for a long time. The credit card disaster is only one part of it.

And I don't see anything wrong with charging thousands on a credit card... if you can pay them as soon as the bill arrives.

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The fact is: Alot of folks have to go into debt just to stay afloat................ or to maintain their standard of living.

The middle class has a much smaller piece of the pie nowaday. Median real income is down, and people are working more.

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The fact is: Alot of folks have to go into debt just to stay afloat................ or to maintain their standard of living.

The middle class has a much smaller piece of the pie nowaday. Median real income is down, and people are working more.

Which for me is a reason to stop spending and increase saving, not starting to spend on credit.

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yet I have seen Bob post 'happy' ones --- to bad they get ignored or wiffed and then a uppity ' this is news ?' out of someone.

I guess what you and Bob see as happy is different from what I think is happy because I took a quick glance through his topic titles and didn't see one. Maybe it was the title that was a put off.

There is nothing wrong with charging thousands if you can afford it but they obvioulsy couldn't. I only use credit cards if I'm out of town and don't want to carry a lot of cash and of course you have to have one checking into a hotel, plane tickets, renting a car, etc... The Sears card I basically used to get my credit established.

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I guess what you and Bob see as happy is different from what I think is happy because I took a quick glance through his topic titles and didn't see one. Maybe it was the title that was a put off.

There is nothing wrong with charging thousands if you can afford it but they obvioulsy couldn't. I only use credit cards if I'm out of town and don't want to carry a lot of cash and of course you have to have one checking into a hotel, plane tickets, renting a car, etc... The Sears card I basically used to get my credit established.

well here are 3 he posted - in this arena.

http://www.unexplained-mysteries.com/forum...=110455&hl=

http://www.unexplained-mysteries.com/forum...=110768&hl=

http://www.unexplained-mysteries.com/forum...=110769&hl=

if you want I can dig up some of mine !

here's the thing. this is what is going on in America and too many are burying their heads in the sand and don't want to deal with it. would rather be in denial.

Good things do happen. but this war , this illegal war , Iraq , is not a good thing. It won't be until our troops are home where they belonged in the first place. Sorry if you don't want them home safe and sound from an illegal war that shouldn't have happened in the first place. Sorry your so easily led and scared by an administration with an unethical and immoral agenda. It's the reason soldiers have died , the reason we are in debt , the reason why gas in now 3.15 at the cheapest gas pump near my home. it's the reason why Bush will be remembered as the lowest polling president ever. It's why 60% + think he's doing a lousy job and the country has suffered for it.

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My God. Not the French!

Yeah, how dare they help us gain our independence

I guess what you and Bob see as happy is different from what I think is happy because I took a quick glance through his topic titles and didn't see one. Maybe it was the title that was a put off.

There is nothing wrong with charging thousands if you can afford it but they obvioulsy couldn't. I only use credit cards if I'm out of town and don't want to carry a lot of cash and of course you have to have one checking into a hotel, plane tickets, renting a car, etc... The Sears card I basically used to get my credit established.

You can afford it now, but will you be able to afford it when stagflation hits

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I planned for my future by tightening my belt when need be in the past.

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I planned for my future by tightening my belt when need be in the past.

Stagflation would made your planning irrelevant

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I planned for my future by tightening my belt when need be in the past.

here's the thing . **** happens you cant plan for. It's all good when plans go smooth , but it only takes on kink to make the house of cards fall.

Plenty of people tightened their belts in the past still to end up hoping they don't lose their homes. Lost jobs , Lost health , death .............. it happens and all uncontrollable.

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Sometimes, yes...it's been happening to people since the beginning of time. Fortunately I don't live in a house of cards.

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