The coming financial crisis

[Phanatic]

So how does this effect the average bumbling Joe?

Less consumer credit = less spending.

Less spending = less services, goods sold, etc.

Less services, goods sold, etc = layoffs.

Layoffs eventually will = recession.

Recession = more foreclosures, even less consumer credit...

This one has the potential to spiral out of control.  Not trying to be an alarmist, just looking at the facts in front of me.

I tell you I can't wait to get out of credit card debt hell. It's gonna take a while but we're going to live within our means and I think we'll be better for it. Yeah we went down the wrong path for a while like the average American I suppose. My problem now is the harassment we get from the Credit Card companies regularly. They've changed our due dates and tried to charge us for being late. Tacked on strange fees for services we didn't ask for. Fighting with these credit card fargers is like a full time job when they have your debt. I can't wait to cut up these cards and mail them back to them in tiny pieces. Here we are never missed a payment and it seems like they're trying to nickel and dime us just because they can. Yeah spending will be down for sure because I can't be the only poor sap in this situation. We have good credit through all of this because we've kept the fight going. fargers. I can tell you we won't be adding much to the economy for quite a few years. I guess I'm worried with all of this that the Credit companies get more aggressive before I get out from under them.

[ice grillin you]

http://www.msnbc.msn.com/id/22606833/


Bank of America to buy Countrywide
Deal for country's largest mortgage lender valued at $4 billion
CHARLOTTE, N.C. - Bank of America said Friday it will buy Countrywide Financial for $4.1 billion in stock, a deal that rescues the country's biggest mortgage lender and expands the financial services empire of the nation's largest consumer bank.

The acquisition will make Charlotte-based Bank of America Corp. the nation's biggest mortgage lender and loan servicer.

Bank of America said it initially plans to operate Countrywide separately under the Countrywide brand, with integration occurring no sooner than 2009.

[Cerevant]

I tell you I can't wait to get out of credit card debt hell.

Go to your bank or CU and get a debt consolidation loan.  Now.  You'll be paying less interest.  You will also have a lower minimum payment that will help you through the tough months, and make it easier to make extra principle payments to get the thing paid off sooner.

Of course, as soon as you pay off those cards (consolidation or no) make sure you cut them up. 

[PoopyfaceMcGee]

I have two cards both for emergencies and for rewards/points.  Credit cards aren't a bad thing if you pay them off every month.

[Butchers Bill]

I have two cards both for emergencies and for rewards/points.  Credit cards aren't a bad thing if you pay them off every month.

True.  I use my Amex Delta Skymiles card for all my monthly expenses, and I have been able to fly first class for free at least once a year the past 4 years.

[reese125]

I have two cards both for emergencies

why 2?

[Cerevant]

Credit cards aren't a bad thing if you pay them off every month.

Agreed, but I was talking to someone who has admitted that he did not do that.  Sure, a recovering alcoholic might be able to drink socially, but do they really want to risk it?

[Phanatic]

Yeah your not supposed to admit when your screwed up but we are. Got the loan for what we could already. The cards will be paid soon.

[Sgt PSN]

I have two cards both for emergencies

why 2?

Emergency trip to Vegas dillhole.  

[PoopyfaceMcGee]

I have two cards both for emergencies

why 2?

One is an Amex.  The other is accepted everywhere.

[ice grillin you]

eagles extra points cc  >  _________________

[PoopyfaceMcGee]

Did you get your Garrett Reid commemorative syringe yet?

[Rome]

I have two Visa credit cards, both of which are still active.  All the other credit cards I had, I canceled.

I also have department store cards, a gap card, Best Buy, and a gas card... stuff like that but I rarely use them.  Why bother?  If I have the cash in my debit card, I'll use that.  If I don't I won't buy junk I don't need.

[ice grillin you]

Did you get your Garrett Reid commemorative syringe yet?

yep...i think its in my sons play room

[Susquehanna Birder]

I have two cards both for emergencies and for rewards/points.  Credit cards aren't a bad thing if you pay them off every month.

Or sooner. The great thing about being able to manage CC accounts online is that you can pay things off almost as fast as you charge them. And the rewards points are cool.

IGY, I also have an Eagles one, and I need to figure out what I'm going to do with my points. I did the sideline pass thing last year, and it was a bit of a disappointment. I also have a Juniper Itunes rewards card, which gets me Itunes cards with my points. Somehow that seems a little more interesting to me lately.