1.Click anywhere in the box below & press Control A to select all.From Oregon….
U.S. consumers will find it much harder to get a credit card, and to carry large balances. Late fees will rise and lines of credit will be reined in.
http://www.mailtribune.com/apps/pbcs.dll/article?AID=/20081102/BIZ/811020301
…the average amount of credit card debt discharged in Chapter 7 bankruptcy filings has tripled — to $61,000 per person — from what it was before the law was passed….
Wow! $61,000 in credit card debt per Chapter 7 debtor? That’s huge…
What percentage of that is related to medical bills….probably a substantial amount…
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7 Comments
Also the number of 0% interest credit card offers has also declined substantially.
I actually think that if Easy credit were done away with, it would be good for the US economy as a whole. I really think that it was this “easy credit” that helped lead to the current credit crisis.
Alan´s last blog post..Knowing When To Get Credit Repair
This might be a good thing for many people who have problems with their personal economy.
Tommy´s last blog post..Isbor
Debt is a big issue for many young people these days. They have to pay their way through college and university and before they know it, they have amassed huge amounts of debt.
I don’t think this is going to get better real soon, unless credit card companies start to screen applicants way better. Yeah right!
PT´s last blog post..Debt Consolidation Rules
The days of easy credit, large credit limits and teaser rate promotional offers is slowly but surely coming to a halt.
Check out this article from the FDIC on the perils of teaser rates here:
http://www.fdic.gov/consumers/consumer/news/cnsum05/credit.html
It shouldn’t matter though … pretty soon rates won’t be around.
I’m not sure about the easy credit coming to an end, I think it is just for the moment with the “financial crisis” that the banks and other credit companies have to take it down a notch. When things return to normal, they will be back trying to make money from everyone..
Thanks, that must have taken a loads of work to put that together. This is a great summary.
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