Credit Card Debt a $915 Billion Disaster

[PrincessofHeaven]

Credit Card Debt a $915 Billion Disaster-in-Waiting for Banks


Tuesday, November 6, 2007 8:14 PM

By: Newsmax Staff
Think the estimated subprime debt load carried by the big international banks is big, at $1 trillion?

How about this: Americans now owe nearly as much – a record $915 billion – on their credit cards alone.

And defaults and delinquencies in the credit card sector are piling up – which means big banks are on the hook, again. More sand in the gears for the global economy.

Credit card companies wrote off 4.58 percent in payments between January and May, almost a third more than in the same period in 2006, according to Moody's Investors Service. As a result, lenders such as Citigroup, Bank of America, and American Express, among others already reeling from the subprime mortgage disaster, are being further weakened.

http://www.newsmax.com/headlines/credit_card_debt_banks/2007/11/06/47264.html

[Racheal59]

trust God

[Issachar]

Proverbs 22:
7 *¶The rich ruleth over the poor, and the borrower is servant to the lender.

A debit card can be used every bit the same as a credit card but you can't spend more than you have. :)

Issachar

[Racheal59]

trust in the Lord.

[keylan]

Just buy what you need not what you WANT.

ding ding ding :) we have a winner. Some problems have such simple answers

[goinghome]

It's not always as simple as that. If I had not used credit cards 20 years ago when I was just starting out and had a crummy job, my nephews would have starved and lived without running water. I was supporting my brother, his wife, and their 3 kids, on less than $10.00/hour because my brother was a loser and wouldn't be a man. Sometimes you gotta do what you gotta do. NOt all of us are only living for ourselves and our own needs.

[Racheal59]

Don't listen to me, I'm stupid.l

[heybales219]

My share is about $3,000...:(

[PrincessofHeaven]

My share is about $3,000...:(

your share of 3,000. of what?

[goinghome]

I was a single mom, with two kids back in the early 70s. Oh yea.......and I lived on 75 dollars of food stamps per month! Oh yea. I rec'd 200 a month from my x husband for child support for both kids! Oh yea. And I drove a car that was used and cost 750.00 Dollars from the marriage. That's ALL I received out of any of the marriage. Back then there were no rights for women in marriages and/or divorce. So I was out with the kids.

That's it......I lived on $4,000.00 a year......a little under that. I made a budget.......and I only bought what I had to have. But we never ever could buy anything we wanted. We barely rec'd what we needed! By the way....back then, unless you had a job.......they didn't give you credit cards. So I never used one! I did eventually get a job once my children were old enough to go to daycare and my mother would help out once in a while. Back then daycare never took a child under the age of 3. That's how it was back in the early 70s. So I Know.......trust me. I know and I made it through.

So ...trust me......I know. I was also in a flood.......my basement was flooded in that city flood and the mennonites came and cleaned it up for me. They didn't talk but they cleaned it all up and they knew I couldn't pay them ..I didn't even have food to give them. But they understood and didn't expect a thing. I lived like that for 5 solid years till I met my husband.

We're still frugal to this day.....both of us.

We are middle income and we still never buy anything we want......we only buy what we need.

soooo.... are you berrating me for having credit cards and helping other people????? :idunno Because I was one of those children of the 70s whose dad didn't pay child support, but spent all of his money on topless dancers and bought expensive cars, while mom and the three kids starved and froze without heat in the winter........... in Northern Kansas. Are we playing story topper :idunno

I was just trying to make a point that we shouldn't judge people who are in debt because things do happen and sometimes we just have to follow our hearts.