Credit card debt is ready to blow -

Credit card debt is ready to blow -

There are 51 comments on the Baltimore Sun story from Oct 10, 2007, titled Credit card debt is ready to blow -. In it, Baltimore Sun reports that:

After every financial crisis over the past 10 years, the Federal Reserve has cut interest rates and pumped money into the economy.

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Dr dan J

Delta, CO

#42 Oct 12, 2007
WE subsidize debt by making interest tax deductable and discourage savings by taxing the increase or interest or gain. A novel idea tax debt and make interest or gains tax deductable and watch the U.S. change from the worlds lagest Debtor nation back into the worlds largest creditor nation. any takers pres nominies.

Philadelphia, PA

#43 Oct 13, 2007
Too bad high schools don't offer a required course along the lines of "personal finance". As soon as kids graduate, they are bombarded with credit card offers, yet most are unprepared to deal with how to avoid living above their means and therefore, fall into the trap of consumerism.
Bush Clinton

Alexandria, VA

#44 Oct 13, 2007
Hey All,
Don't you worry none 'bout our huge deficit. We just took out a whole bunch of new credit cards so weze can max out on them too. Course, we print out our money, mosly the 'lectronic type. See, this helps us poly ticians take our take off the top while the whole country goes to hell in a handbasket. But we dont care, cuz we is a gettin' rich!
Eric W

Toronto, Canada

#45 Oct 14, 2007
While you have politics being played telling all and sundry that the underlying economy is good people will continue to rack up credit card debt.
MOST people believe CNBC etc. and MSM depend on financial, mortgage etc companies for their advertising so the truth cannot be broadcast or printed as they will be biting the hand that feeds them. Ergo feel good media.

Jamaica, NY

#46 Oct 14, 2007
An excellent cautionary forecast of impending storm in credit card industry which should be taken seriously by the regulators before its too late like subprime and alt-A debacle. Taxpayers to the rescue once again. Only in America. Long live the "free market economy"........

Keep up the good work. Hope the main stream news media across the country is not found dosing at the helm like during the War.
Stephen Caballero

Louisville, KY

#47 Oct 14, 2007
Solicitations for new credit may be up, but watch out for new fees no-cap and outrageous default rates. I believe the large credit card issuers are setting up the most vulnerable customers for failure. Good job guys, kick 'em when they're down.

The shame to me is just who ultmately pays for the banks ruthless behavior.

Consumers need to clean up their own houses, these large banks will never operate anywhere near the best interest of their "Customers".


#48 Oct 15, 2007
Paul wrote:
The US dollar is still the reserve currency - but only just.'Helicopter' Bernanke will crank up the printing presses making more dollars and hence devaluing the dollar even more. This will cause more countries, especially in the gulf and Asia, to dump their dollar holdings and opt for a good store of value, possibly Euros at first but more likely gold.
The Fed will try to inflate its way out of trouble, but the runaway inflation will kill the US economy. It seems that Europe may well have no choice but to devalue too as US exports like aircraft become cheaper.
The only real store of value is gold. When fiat paper money systems start to look creaky and the general economy is heading south, gold is likely to rocket in value as the only store of wealth that central banks cannot devalue by creating more willy nilly.
I fully agree. In the light of the coming dollar crash, I've transfered my IRA and Roth accounts to precious metals, entities which will only increase in value as the world wakes up to the virtual worthlessness of the US dollar.

Wheeling, WV

#49 Oct 16, 2007
The only way to win is not to play the game. Become debt free! Cut up your cards and don't use them. Save or invest the money you would have paid to the bank!

Vancouver, Canada

#50 Oct 21, 2007
John in NY wrote:
Pay off all of your debt, sell everything you don't need and stock up on gold and silver. The next 10 years will not be pretty.
Wrong. Don't pay off your debt. Run it up to the max. The fed will never allow a depression. They will debase the currency until you can pay off all your debt with one hours wages. They have shown this tendency to "print away the problem" since the Great Depression. Maintaining the purchasing power of the currency is just something they pay lip service to. But you're right on one thing, gold and silver will do well either way. History is a good teacher.

Espanola, NM

#51 Oct 24, 2007
Bob F wrote:
Article summarizes the situation precisely. The people who really get hurt in all this are the rest of us fiscal 'conservatives' who did NOT buy more house than we could afford just to 'get rich quick' by house appreciation (remember the mantra? "House Prices Always Go Up). Now all these greed-motivated homebuyers are claiming 'victimhood' at the hands of the 'predatory lenders', when in fact they were in most cases consciously taking the 'gamble' of the teaser rate loans on the greed-inspired belief that in two years their new house would be worth 20 to 40 percent more and they'd be rich, and could deal with the teaser loan by refinancing or selling and making a bundle.
Now the foolish government is lowering interest rates to create another bubble, which will as pointed out end only one way (and I'm a former bankruptcy attorney).
No one ever comments that by lowering the interest rates the govt is hurting directly those of us who DO SAVE and have money market accounts and CD's!!! Who cares about us?? We are PENALIZED for being financially responsible by this irresponsible government, which itself lives some $9 TRILLION beyond its means (national debt), which translates into some $30,000 for every man woman and child in this country.
And they wonder why the savings rate is in negative territory??? But the politicians kow-tow to the groups which are politicall most powerful (homeowners), regardless of any consideration of fairness or principle.
Respectfully submitted,
Great post, I feel the same way.The savins account that I had 50 yrs ago paid more than the CD,s and MM of today.The banks use our money to lend to those who don't have any and we still get taxed on capital gains Ect. Only in America

London, UK

#53 Mar 26, 2014
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