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  • July 24, 2007 at 8:11 AM #9580
    GoUSC
    Participant

    This comment about AMEX from Yahoo Finance sums it up:

    “American Express Co. said late Monday its quarterly profit climbed 12 percent on record card member spending. However, the nation’s third-largest credit card brand said cardholders are also shirking more payments.”

    Consumers see the fun coming to an end but they can’t stop their spending ways…Oh well let’s just keep spending and stop paying our bills!!!

    We are getting very close to the end of the Merry-Go-Round ride.

    July 24, 2007 at 4:34 PM #67447
    CAwireman
    Participant

    Radelow,

    Can’t say it hasn’t been a fun ride!

    Begs the same question as in the RE field – who’s going to
    bail all these people out?

    Folks are overextended on home purchases (who’s going to bail them out?)Not much of a chance.

    Folks are overextended with credit card debt (who’s going to bail them out?)Same.

    The answer is kind of scary actually….

    HiggyBaby

    July 24, 2007 at 4:34 PM #67513
    CAwireman
    Participant

    Radelow,

    Can’t say it hasn’t been a fun ride!

    Begs the same question as in the RE field – who’s going to
    bail all these people out?

    Folks are overextended on home purchases (who’s going to bail them out?)Not much of a chance.

    Folks are overextended with credit card debt (who’s going to bail them out?)Same.

    The answer is kind of scary actually….

    HiggyBaby

    July 24, 2007 at 4:59 PM #67461
    GoUSC
    Participant

    Sure has been fun for me too! I work in retail & mixed-use development. Gonna be slow over the next few years which is good for us as we have several large projects that will take several years to entitle.

    People will foreclose on their homes and in terms of credit cards will have to curb all their future spending to pay off their credit cards. Aka American’s as a whole will have to live at their means for quite some time….

    Meanwhile I am happy to be credit card debt free and renting!

    July 24, 2007 at 4:59 PM #67527
    GoUSC
    Participant

    Sure has been fun for me too! I work in retail & mixed-use development. Gonna be slow over the next few years which is good for us as we have several large projects that will take several years to entitle.

    People will foreclose on their homes and in terms of credit cards will have to curb all their future spending to pay off their credit cards. Aka American’s as a whole will have to live at their means for quite some time….

    Meanwhile I am happy to be credit card debt free and renting!

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