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02-01-2010, 01:06 PM

The current credit crisis did not begin in 2006 but in 1999 ...the tightentng of the market first reached the crisis point n 2006 (as predicted in the FOX column).

That $50 billion personal debt in 1999 rose to $350 billion by 2003 and now in excess of $1 trillion.... this is unsustainable and, along with a pending burst of the commercial property market, will adversely impact the future of credit.

To ignore the rising credit card debt over the last 10-15 years that led to that point is to ignore one of the key negative forces behind the current credit market.

And, IMO, most credit card holders will benefit from the credit Card Holders Bill of Rights legislation signed into law last year and taking effect this month...but that still wont fix the credit market.

That will require regulatory changes in the future along the lines adopted by the House earlier this year.

02-01-2010, 01:06 PM	#12
Redux Guest Posts: n/a	The current credit crisis did not begin in 2006 but in 1999 ...the tightentng of the market first reached the crisis point n 2006 (as predicted in the FOX column). That $50 billion personal debt in 1999 rose to $350 billion by 2003 and now in excess of $1 trillion.... this is unsustainable and, along with a pending burst of the commercial property market, will adversely impact the future of credit. To ignore the rising credit card debt over the last 10-15 years that led to that point is to ignore one of the key negative forces behind the current credit market. And, IMO, most credit card holders will benefit from the credit Card Holders Bill of Rights legislation signed into law last year and taking effect this month...but that still wont fix the credit market. That will require regulatory changes in the future along the lines adopted by the House earlier this year. Last edited by Redux; 02-01-2010 at 01:23 PM.