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Politics Where we learn not to think less of others who don't share our views |
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#1 | |
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What that means is that millions of people owe far more on their credit cards than any previous time (on average three times as much - while average personal income has not increased by three times as much). As a result, millions of people are late in making even the minimum monthly payments, affecting their credit scores (over half of all credit card holders make only a minimum monthly payment) and millions more are choosing bankruptcy to erase the debt than any previous time and that number is growing...and the banks absorb those losses. The banks have tried to protect themselves with various hidden charges and exorbitant fees...but the Credit Card Bill of Rights legislation that was enacted last year will put an end to many of those practices. As a result, banks are likely to tighten their policies on issuing new credit cards. At the same time, many of those millions of people who declared bankruptcy will be frozen out of the credit market for 7-10 years. But, more than anything else, it is a matter of personal financial responsibility....for many, it is probably too late. added: The other issue that will adversely impact credit in the short term is the pending crash of the commercial real estate market with many banks wayyyy over exposed as a result of greedy, overly aggressive speculative (and unregulated) lending practices in this market...to the tune of $3-4 trillion. And when that happens, credit will shrink again. Last edited by Redux; 01-31-2010 at 12:33 PM. |
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#2 |
“Hypocrisy: prejudice with a halo”
Join Date: Mar 2007
Location: Savannah, Georgia
Posts: 21,393
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Don't let him fool you piercehawkeye, the God Damm Demoncrats are a big part of why we got into this problem in the first place. Like I said eariler, follow the money.
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Anyone but the this most fuked up President in History in 2012! |
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#3 | |
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http://www.opensecrets.org/industries/indus.php?ind=F03 But the credit market is not about this as much as it is about increasing personal credit debt that is unsustainable at current levels and bad credit decisions on the part of lenders and borrowers. |
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