US is Drowning in Credit Card Debt
| What’s in your wallet? Evidently, not a lot according to the latest figures from the Federal Reserve. $957 billion dollars we owe to credit card companies as a nation. Consumers are no longer using credit to stretch their payments to cover shortfalls in budgets, they are using credit for the sake of using credit.
Why should this come as any shock? Our Government is no better with their spending habits. We have been deficit spending since the late 80s. Why should individuals be any different? The slight difference is that individuals don’t own printing presses (and if they do, they don’t own them legally). People get used to a particular standard of living. With rising gas prices(which are related to a falling dollar internationally)and inflation, the gaps in consumer spending are widening, and people are using credit as a bridge to maintain their standard of living. But for how long? Once credit card companies realize that all of this incurred debt will most likely never be paid back, the availability of easy credit - will disappear. At that point, living within your means will be the only viable option and we’d better hope there will be no emergencies. Who will bail out over-extended consumers? Do they even deserve a bailout? What about responsible credit users? |
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May 15th, 2008 at 4:30 pm
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Aaron Wakling
May 15th, 2008 at 4:35 pm
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Tim Ramsey
November 6th, 2008 at 5:41 am
Богатство ассоциаций не всегда свидетельствует о богатстве воображения…
http://www.universalthinker.net/2008/05/15/us-is-drowning-in-credit-card-debt/...
November 14th, 2008 at 3:08 am
Тот, кто учится не размышляя, впадет в заблуждение. Тот, кто размышляет, не желая учится, окажется в затруднении…
http://www.universalthinker.net/2008/05/15/us-is-drowning-in-credit-card-debt/...
November 27th, 2008 at 10:14 am
Истинно человечный муж добивается всего собственными усилиями…
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November 27th, 2008 at 1:08 pm
Только истинно человечный человек способен и любить, и ненавидеть…
http://www.universalthinker.net/2008/05/15/us-is-drowning-in-credit-card-debt/...
November 29th, 2008 at 5:29 am
Ученый, ищущий истину, но стыдящийся бедной одежды и грубой пищи! О чем тут говорить…
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December 6th, 2008 at 6:50 am
Hе иди по течению, не иди против течения, иди поперек него, если хочешь достичь берега….
http://www.universalthinker.net/2008/05/15/us-is-drowning-in-credit-card-debt/...