Watching CNBC, and they are saying credit cards could be the next big drop...here is a scary graph:
This may get worse as people lose their jobs, and they can't wrap that debt into their home anymore.
What do people think is going to happen? Is this going to be the next big shoe to drop...and squish us all?
Jake~ Hopefully most people live with in their means and don't use a credit card unless they can pay it off the next month!
It is going to happen and it is partly happening now. The banks are not getting paid by all the foreclosure folks and when the unemployment rate spikes, it is normal for banks to have more defaults on their books. What I wonder is how they are going to handle the millions that have adverse credit. The banks will still need to lend money and they have to lend it to someone.
Jake,
I believe that you are right on target. The true effect of credit debt is becoming more obvious as foreclosures mount and jobs are lost. There are many debt relieve companies that negotiate the debt down but ruin your credit rating. The only relief is credit loosening for companies, homebuyers and construction which may not occur in time for this shoe to drop.
Vickie~ Sadly, our country is run on credit...it will take a huge shift in American culture to get back into living within our means.
Home realty group~ I think the unemployment thing is going to really hurt us. I know 4 people out of work right now, and they are having a hell of time finding work. I am interested in seeing how many homeless people this whole thing is going to generate...scary.
Jake~ The people that are going to be homeless is the saddest aprt of this whole thing. Hopefully family members (If they have any) will take them in and help them get on their feet.
People are losing jobs, homes, etc. They still have basic needs to live and may need to use credit cards to bridge until they have income again. ~ Evelyn
even scarier is the care crisis....1 in ten jobs will be gone in America if our government doesn't solve this problem by JANUARY!
Comments(7)