CNNMoney: “Credit card defaults alarmingly high” and “Consumer spending surges”

[drunkle]

well, credit card debts can’t be “erased” like mortgage debt so is the effect really going to be that bad?

granted, consumers stopping “discretionary spending” in order to pay off debts will still have the same effect. but, not to the same degree, i would think… or at least, not to the degree of an armaggedon (sp?) scenario.

[bobby]

I’m guessing that the people using HELOC to pay off their CC now do not have that option and thus there is higher CC defaults.

[bobby]

I’m guessing that the people using HELOC to pay off their CC now do not have that option and thus there is higher CC defaults.

[bobby]

I’m guessing that the people using HELOC to pay off their CC now do not have that option and thus there is higher CC defaults.

[bobby]

I’m guessing that the people using HELOC to pay off their CC now do not have that option and thus there is higher CC defaults.

[bobby]

I’m guessing that the people using HELOC to pay off their CC now do not have that option and thus there is higher CC defaults.

[Anonymous]

Submitted by nostradamus on December 23, 2007 – 10:55pm.
What I don’t get is how they can call it “consumer spending” when the consumer isn’t spending, the credit card company is! I think a true measure of consumer spending should only count when the *consumer* is truly the one spending their own money, not putting it on credit. Am I crazy?

Since the consumer has to pay back the money they are borrowing at some point, I’d say it’s consumer spending.

[Anonymous]

Submitted by nostradamus on December 23, 2007 – 10:55pm.
What I don’t get is how they can call it “consumer spending” when the consumer isn’t spending, the credit card company is! I think a true measure of consumer spending should only count when the *consumer* is truly the one spending their own money, not putting it on credit. Am I crazy?

Since the consumer has to pay back the money they are borrowing at some point, I’d say it’s consumer spending.

[Anonymous]

Submitted by nostradamus on December 23, 2007 – 10:55pm.
What I don’t get is how they can call it “consumer spending” when the consumer isn’t spending, the credit card company is! I think a true measure of consumer spending should only count when the *consumer* is truly the one spending their own money, not putting it on credit. Am I crazy?

Since the consumer has to pay back the money they are borrowing at some point, I’d say it’s consumer spending.

[Anonymous]

Submitted by nostradamus on December 23, 2007 – 10:55pm.
What I don’t get is how they can call it “consumer spending” when the consumer isn’t spending, the credit card company is! I think a true measure of consumer spending should only count when the *consumer* is truly the one spending their own money, not putting it on credit. Am I crazy?

Since the consumer has to pay back the money they are borrowing at some point, I’d say it’s consumer spending.

[Anonymous]

Submitted by nostradamus on December 23, 2007 – 10:55pm.
What I don’t get is how they can call it “consumer spending” when the consumer isn’t spending, the credit card company is! I think a true measure of consumer spending should only count when the *consumer* is truly the one spending their own money, not putting it on credit. Am I crazy?

Since the consumer has to pay back the money they are borrowing at some point, I’d say it’s consumer spending.

[mixxalot]

Tapeworm infection

Is what this whole credit mess will end up as. Once the parasite (banks) can no longer get food off the host (consumer) it will die and kill the host in the end.

[mixxalot]

Tapeworm infection

Is what this whole credit mess will end up as. Once the parasite (banks) can no longer get food off the host (consumer) it will die and kill the host in the end.

[mixxalot]

Tapeworm infection

Is what this whole credit mess will end up as. Once the parasite (banks) can no longer get food off the host (consumer) it will die and kill the host in the end.

[mixxalot]

Tapeworm infection

Is what this whole credit mess will end up as. Once the parasite (banks) can no longer get food off the host (consumer) it will die and kill the host in the end.

[Author]

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