Future of Credit

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.

[TheMercenary]

Originally Posted by Redux

The current credit crisis did not begin in 2006 but in 1999 ...

Actually it began before that. But I am sure that we can look at the influence of Barney Frank, ultra liberal democrat who set the stage for the meltdown, and as the Chairman of the House Financial Services Committee and his buddy Chris Dodd, who thank God will not be around after the next election. And to ignore the fact that the Congress has been controlled by the Dems for over 2 years and have made repeated promises to the electorate to change the way business is done only solidifies their failures and responsibility in this mess. There is plenty of blame for this mess to go around but 2 years is more than enough time to stop blaming other people for your parties failures.

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.

I have not disagreed with that statement.