[quote=AN]I agree with this, but this is no different than the vast majority who lives pay check to pay check and use their credit cards to finance their consumption.
[/quote]
Speaking of credit cards. I was reading my Wall Street Journal today and smirked when I read of retail investors using credit cards to “invest”.
Page C3 with the article titled, “Small Traders In Currencies Face Card Ban”.
The part I read with interest was, “The National Futures Association, the self-regulating group for the U.S. futures industry, in a January 18 letter to members, said it is concerned retail customers ‘are using credit cards as a source for borrowing funds to invest’. ”
I think years down the road we’re going to see and read about more and more people that are using credit cards and cash advance checks from credit cards to “invest” in their margin accounts. We will probably read how these people got crushed and never could pay their credit cards back. And probably will be writing these credit cards off and default.
