We are freaking out in the region of the mortgage crisis... why don't we freak out going on for the credit card crisis?
Most people owe over $10 K on their credit card and barely income the minimum... this isn't big news because it doesn't hurt the stock market, right?
Answers:
Because it's assumed that a much higher percentage of people will non-attendance on their credit card loans. It's already built into the system. Why else do you think we're all paying those glorious interest rates and late fees?
Also, the balances involved are much smaller amount. Most homes have a credit card balance surrounded by the low thousands, not over $10k. Even if they stiff the credit card company, it's only a couple of grand.
Besides which, when you defaulting on your credit card, your home isn't taken away.
Now if there was some credit card bubble, where on earth millions of people who never should have gotten credit cards, get these very low interest loans and told to charge it up to the hilt, and then be hit with increasing interest rates and payments later on, after yes, it might be the same thing.
CC purchases give a hand the market because they hep the retail market which is a huge discount sector.
What crisis?
If ancestors charge amounts that they can not aford to pay, it's nobody fault except theirs. Source(s): Finance Manager for over 7-years.
Actually I heard on CNN that it is going to get really really bleak with the credit card situation because many population who have mortgage problems are putting some of their mortgage payment on their credit cards which is solitary going to make a terrible situation much worse. They are going to own to lower the rates for mortgages.
That's next....after Congress deals next to Senator Craig
Because the social protection crisis is next in stripe.......then the credit card crisis.
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Answers:
Because it's assumed that a much higher percentage of people will non-attendance on their credit card loans. It's already built into the system. Why else do you think we're all paying those glorious interest rates and late fees?
Also, the balances involved are much smaller amount. Most homes have a credit card balance surrounded by the low thousands, not over $10k. Even if they stiff the credit card company, it's only a couple of grand.
Besides which, when you defaulting on your credit card, your home isn't taken away.
Now if there was some credit card bubble, where on earth millions of people who never should have gotten credit cards, get these very low interest loans and told to charge it up to the hilt, and then be hit with increasing interest rates and payments later on, after yes, it might be the same thing.
CC purchases give a hand the market because they hep the retail market which is a huge discount sector.
What crisis?
If ancestors charge amounts that they can not aford to pay, it's nobody fault except theirs. Source(s): Finance Manager for over 7-years.
Actually I heard on CNN that it is going to get really really bleak with the credit card situation because many population who have mortgage problems are putting some of their mortgage payment on their credit cards which is solitary going to make a terrible situation much worse. They are going to own to lower the rates for mortgages.
That's next....after Congress deals next to Senator Craig
Because the social protection crisis is next in stripe.......then the credit card crisis.
Related Questions: