Addicted to debt

[lonestar2000]

There’s another gotcha with transferring debt to 0% interest credit cards. Default on just one card, or simply make a single late payment, and they bump you right up to the default rate, on all of them! Last time I checked these are in the 20%+ range.

At the same time your HELOC is being pulled back, and your house is probably worth even less then it was six months ago.

Can you say ‘perfect storm’?

[cr]

It’s amazing what people will go through to avoid paying the piper. People’s sense of entitlement is going to make the downturn ever harder on them.

A little disciplined scaling back on expenditures and less of the the lavish lifestyle the Housing ATM buried people with, and these people might be okay.

That of course assumes they keep a job.

[cr]

It’s amazing what people will go through to avoid paying the piper. People’s sense of entitlement is going to make the downturn ever harder on them.

A little disciplined scaling back on expenditures and less of the the lavish lifestyle the Housing ATM buried people with, and these people might be okay.

That of course assumes they keep a job.

[cr]

It’s amazing what people will go through to avoid paying the piper. People’s sense of entitlement is going to make the downturn ever harder on them.

A little disciplined scaling back on expenditures and less of the the lavish lifestyle the Housing ATM buried people with, and these people might be okay.

That of course assumes they keep a job.

[cr]

It’s amazing what people will go through to avoid paying the piper. People’s sense of entitlement is going to make the downturn ever harder on them.

A little disciplined scaling back on expenditures and less of the the lavish lifestyle the Housing ATM buried people with, and these people might be okay.

That of course assumes they keep a job.

[cr]

It’s amazing what people will go through to avoid paying the piper. People’s sense of entitlement is going to make the downturn ever harder on them.

A little disciplined scaling back on expenditures and less of the the lavish lifestyle the Housing ATM buried people with, and these people might be okay.

That of course assumes they keep a job.

[DWCAP]

The rise in borrowing shows just how addicted the U.S. consumer has become to credit. Even as borrowers are cut off in one area, they promptly look for new sources. Workers have increasingly been raiding their 401(k) plans to take out loans over the past year, according to plan administrators and nonprofit groups.

I really think this explains alot of the relative strenght we have been seeing so far. Middle and upper middle income people with a taste for a rich lifestyle have alot more resources to draw down before any NOD or other pain shows up. Maybe I am wrong, but I have a feeling that alot of people are selling out tomorrow for todays gain.

[DWCAP]

The rise in borrowing shows just how addicted the U.S. consumer has become to credit. Even as borrowers are cut off in one area, they promptly look for new sources. Workers have increasingly been raiding their 401(k) plans to take out loans over the past year, according to plan administrators and nonprofit groups.

I really think this explains alot of the relative strenght we have been seeing so far. Middle and upper middle income people with a taste for a rich lifestyle have alot more resources to draw down before any NOD or other pain shows up. Maybe I am wrong, but I have a feeling that alot of people are selling out tomorrow for todays gain.

[DWCAP]

The rise in borrowing shows just how addicted the U.S. consumer has become to credit. Even as borrowers are cut off in one area, they promptly look for new sources. Workers have increasingly been raiding their 401(k) plans to take out loans over the past year, according to plan administrators and nonprofit groups.

I really think this explains alot of the relative strenght we have been seeing so far. Middle and upper middle income people with a taste for a rich lifestyle have alot more resources to draw down before any NOD or other pain shows up. Maybe I am wrong, but I have a feeling that alot of people are selling out tomorrow for todays gain.

[DWCAP]

The rise in borrowing shows just how addicted the U.S. consumer has become to credit. Even as borrowers are cut off in one area, they promptly look for new sources. Workers have increasingly been raiding their 401(k) plans to take out loans over the past year, according to plan administrators and nonprofit groups.

I really think this explains alot of the relative strenght we have been seeing so far. Middle and upper middle income people with a taste for a rich lifestyle have alot more resources to draw down before any NOD or other pain shows up. Maybe I am wrong, but I have a feeling that alot of people are selling out tomorrow for todays gain.

[DWCAP]

The rise in borrowing shows just how addicted the U.S. consumer has become to credit. Even as borrowers are cut off in one area, they promptly look for new sources. Workers have increasingly been raiding their 401(k) plans to take out loans over the past year, according to plan administrators and nonprofit groups.

I really think this explains alot of the relative strenght we have been seeing so far. Middle and upper middle income people with a taste for a rich lifestyle have alot more resources to draw down before any NOD or other pain shows up. Maybe I am wrong, but I have a feeling that alot of people are selling out tomorrow for todays gain.

[jimmyle]

My aunts/sisters all have $1000-$2000 LV, Chanel bags. It is crazy. Some have more than one. They buy jeans that are around $150. The problem is that they all make less than $50K a year. My sister is thinking about buying a Lexus RX350 and trading in her still perfectly running 2004 ES330. Why do they think that they deserve these luxury products?

I don’t know what will happen to this country but I think the economic punishment (in term of inlation and higher taxes) is coming and it will be much worst than most people realize.

And our leaders, man, how many times did you hear Bush says “go out and spend to help the country”?

[jimmyle]

My aunts/sisters all have $1000-$2000 LV, Chanel bags. It is crazy. Some have more than one. They buy jeans that are around $150. The problem is that they all make less than $50K a year. My sister is thinking about buying a Lexus RX350 and trading in her still perfectly running 2004 ES330. Why do they think that they deserve these luxury products?

I don’t know what will happen to this country but I think the economic punishment (in term of inlation and higher taxes) is coming and it will be much worst than most people realize.

And our leaders, man, how many times did you hear Bush says “go out and spend to help the country”?

[jimmyle]

My aunts/sisters all have $1000-$2000 LV, Chanel bags. It is crazy. Some have more than one. They buy jeans that are around $150. The problem is that they all make less than $50K a year. My sister is thinking about buying a Lexus RX350 and trading in her still perfectly running 2004 ES330. Why do they think that they deserve these luxury products?

I don’t know what will happen to this country but I think the economic punishment (in term of inlation and higher taxes) is coming and it will be much worst than most people realize.

And our leaders, man, how many times did you hear Bush says “go out and spend to help the country”?

[jimmyle]

My aunts/sisters all have $1000-$2000 LV, Chanel bags. It is crazy. Some have more than one. They buy jeans that are around $150. The problem is that they all make less than $50K a year. My sister is thinking about buying a Lexus RX350 and trading in her still perfectly running 2004 ES330. Why do they think that they deserve these luxury products?

I don’t know what will happen to this country but I think the economic punishment (in term of inlation and higher taxes) is coming and it will be much worst than most people realize.

And our leaders, man, how many times did you hear Bush says “go out and spend to help the country”?

[Author]

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