The Worst Is Yet to Come: Credit Cards (bankrupt, loans, creditors)
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Well, I don't know if credit cards could be any worse than the mortgage problem, but for sure people are going to start walking away from their credit card bills next.
And once again, the banks have been stupid and irresponsible and you can probably expect them to look for more handouts.
This is very true...Credit Cards are given to stupid teenage girls with no concept of money the moment they turn 18 and they max them out. Then they can't pay them off and will either go bankrupt or will go into even more debt to pay them off. This is a cycle with no end. It only gets worse.
This is very true...Credit Cards are given to stupid teenage girls with no concept of money the moment they turn 18 and they max them out. Then they can't pay them off and will either go bankrupt or will go into even more debt to pay them off. This is a cycle with no end. It only gets worse.
FamilyTexas said it right on the money it is the responsible people that will end up paying the most in the end for all these bailouts/handouts/bridge loans whatever they want to call them next.
Ticks me off but I can't control others so I am just being the responsible person I have always been. Just like many more responsible Americans.
What about all the new homeowners? After they score that nothing-down or cheap FHA mortgage, they open credit cards everywhere and go wild charging brand new appliances, furniture, big LCD TVs, etc., etc. They take full advantage of 18 months same-as-cash financing, then pay the minimum balance until it all comes crashing down. They walk away, then their creditors hold out their hands to the government.
Look for that FHA bubble to herald the next leg down. Borrowers with little-to-no equity and already marginal credit, maxed out to the hilt--that's a recipe for disaster.
I'm as frustrated as anyone is by the irresponsible behavior of so many people. However, there's no sense in getting upset over what's taking place. If you're so sure that credit cards are the next domino to fall (I would be inclined to agree that they are), take the opportunity to get ahead of the curve and make some money off of this situation.
By making money on the situation, do you mean take out cash advances on all my cards and let the gubmit pay for it!?
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