Credit card debt…next shoe to drop?

[dharmagirl]

The real question is – apart from our mutual disgust – is WHAT effect WILL this have on the economy? What if the housing bubble is followed by a collapse of credit card debt on Wall Street?

In the NPR interview Joe said a credit card problem wouldnt be nearly as bad as the housing collapse….but still…

I used to tease my “depression era” father about the way he never threw things away, and kind of had a money under the mattress approach to finance…the truth is, his entire generation was SHAPED by the Depression.

Maybe it will take a cataclysmic event like that to change the mindset of an entire generation….to wean them off the teat of easy credit, living beyond their means, etc?

I am not an economist, but if HELOCs are gone, and credit becomes harder to get – esp for defaulters – will many people be forced to live on the money they actually earn?

That would be shocking.

[zzz]

dharma, Yes I think people will be shocked and is something that SHOULD happen. Its become way too easy to be irresponsible and not even question the morals or ethics of it- hey everyone else is doing it and our capitalistic society supports it. I’m tired of taking on everyone’s else’s poor decisions in the form of higher consumer costs that get passed on as well as taxes.

There are WAY too many people who are very comfortable having 10K in credit card debt who make a decent living, but really enjoy going to Bloomie’s or Saks and blowing a grand to relieve stress…might I add that these are men! Time for a reality check is long overdue.

[zzz]

dharma, Yes I think people will be shocked and is something that SHOULD happen. Its become way too easy to be irresponsible and not even question the morals or ethics of it- hey everyone else is doing it and our capitalistic society supports it. I’m tired of taking on everyone’s else’s poor decisions in the form of higher consumer costs that get passed on as well as taxes.

There are WAY too many people who are very comfortable having 10K in credit card debt who make a decent living, but really enjoy going to Bloomie’s or Saks and blowing a grand to relieve stress…might I add that these are men! Time for a reality check is long overdue.

[zzz]

dharma, Yes I think people will be shocked and is something that SHOULD happen. Its become way too easy to be irresponsible and not even question the morals or ethics of it- hey everyone else is doing it and our capitalistic society supports it. I’m tired of taking on everyone’s else’s poor decisions in the form of higher consumer costs that get passed on as well as taxes.

There are WAY too many people who are very comfortable having 10K in credit card debt who make a decent living, but really enjoy going to Bloomie’s or Saks and blowing a grand to relieve stress…might I add that these are men! Time for a reality check is long overdue.

[zzz]

dharma, Yes I think people will be shocked and is something that SHOULD happen. Its become way too easy to be irresponsible and not even question the morals or ethics of it- hey everyone else is doing it and our capitalistic society supports it. I’m tired of taking on everyone’s else’s poor decisions in the form of higher consumer costs that get passed on as well as taxes.

There are WAY too many people who are very comfortable having 10K in credit card debt who make a decent living, but really enjoy going to Bloomie’s or Saks and blowing a grand to relieve stress…might I add that these are men! Time for a reality check is long overdue.

[zzz]

dharma, Yes I think people will be shocked and is something that SHOULD happen. Its become way too easy to be irresponsible and not even question the morals or ethics of it- hey everyone else is doing it and our capitalistic society supports it. I’m tired of taking on everyone’s else’s poor decisions in the form of higher consumer costs that get passed on as well as taxes.

There are WAY too many people who are very comfortable having 10K in credit card debt who make a decent living, but really enjoy going to Bloomie’s or Saks and blowing a grand to relieve stress…might I add that these are men! Time for a reality check is long overdue.

[DWCAP]

First, I think jpinpb gave WAY too much credit to people who are maxing out their credit cards. People dont max out their CC’s in some awsome plan to screw the banks. There is usually no scheme to try to get something for nothing.

Rather, they have grown accustom (or believe they should be accustom) to a certain lifestyle. Smaller cars are not as safe as big luxery cars, and dont drive as well. Who cares if they have to drive something that gets 15mpg, and they have to drive 60 miles one way to get to work and kids soccer games and the mall and …… Transportation that is easily affordable is a basic human necessity. Organic food is widely believed to be healthier than normal food. Starbucks coffee tastes better than home brew and is less stress. Living in certain neighborhoods is safer and less likely to make you a victom of crime than other neighborhoods.
So shouldnt people make sure they are safe, healthy and not overstressed and hurried? That is all they really want! To be safe, healthy, and low stress. Now if they cant afford those basic human “rights” then that isnt really their fault now is it? It is the employeers and greedy CEO’s who wont pay a fair wage that keeps them safe, healthy and low stressed so they can get even richer on the backs of “normal” people. (welcome to the far left wing economic view point.)

We keep bailing them out cause everyone should be safe healthy and happy and who but those that have the right to feel that way can make that decision? If you can make sacrifices, then great. But no one should have to, you know, choose between safety and health because their income doesnt go far enough. THat just isnt American.

( I am gonna go vomit now….)

[DWCAP]

First, I think jpinpb gave WAY too much credit to people who are maxing out their credit cards. People dont max out their CC’s in some awsome plan to screw the banks. There is usually no scheme to try to get something for nothing.

Rather, they have grown accustom (or believe they should be accustom) to a certain lifestyle. Smaller cars are not as safe as big luxery cars, and dont drive as well. Who cares if they have to drive something that gets 15mpg, and they have to drive 60 miles one way to get to work and kids soccer games and the mall and …… Transportation that is easily affordable is a basic human necessity. Organic food is widely believed to be healthier than normal food. Starbucks coffee tastes better than home brew and is less stress. Living in certain neighborhoods is safer and less likely to make you a victom of crime than other neighborhoods.
So shouldnt people make sure they are safe, healthy and not overstressed and hurried? That is all they really want! To be safe, healthy, and low stress. Now if they cant afford those basic human “rights” then that isnt really their fault now is it? It is the employeers and greedy CEO’s who wont pay a fair wage that keeps them safe, healthy and low stressed so they can get even richer on the backs of “normal” people. (welcome to the far left wing economic view point.)

We keep bailing them out cause everyone should be safe healthy and happy and who but those that have the right to feel that way can make that decision? If you can make sacrifices, then great. But no one should have to, you know, choose between safety and health because their income doesnt go far enough. THat just isnt American.

( I am gonna go vomit now….)

[DWCAP]

First, I think jpinpb gave WAY too much credit to people who are maxing out their credit cards. People dont max out their CC’s in some awsome plan to screw the banks. There is usually no scheme to try to get something for nothing.

Rather, they have grown accustom (or believe they should be accustom) to a certain lifestyle. Smaller cars are not as safe as big luxery cars, and dont drive as well. Who cares if they have to drive something that gets 15mpg, and they have to drive 60 miles one way to get to work and kids soccer games and the mall and …… Transportation that is easily affordable is a basic human necessity. Organic food is widely believed to be healthier than normal food. Starbucks coffee tastes better than home brew and is less stress. Living in certain neighborhoods is safer and less likely to make you a victom of crime than other neighborhoods.
So shouldnt people make sure they are safe, healthy and not overstressed and hurried? That is all they really want! To be safe, healthy, and low stress. Now if they cant afford those basic human “rights” then that isnt really their fault now is it? It is the employeers and greedy CEO’s who wont pay a fair wage that keeps them safe, healthy and low stressed so they can get even richer on the backs of “normal” people. (welcome to the far left wing economic view point.)

We keep bailing them out cause everyone should be safe healthy and happy and who but those that have the right to feel that way can make that decision? If you can make sacrifices, then great. But no one should have to, you know, choose between safety and health because their income doesnt go far enough. THat just isnt American.

( I am gonna go vomit now….)

[DWCAP]

First, I think jpinpb gave WAY too much credit to people who are maxing out their credit cards. People dont max out their CC’s in some awsome plan to screw the banks. There is usually no scheme to try to get something for nothing.

Rather, they have grown accustom (or believe they should be accustom) to a certain lifestyle. Smaller cars are not as safe as big luxery cars, and dont drive as well. Who cares if they have to drive something that gets 15mpg, and they have to drive 60 miles one way to get to work and kids soccer games and the mall and …… Transportation that is easily affordable is a basic human necessity. Organic food is widely believed to be healthier than normal food. Starbucks coffee tastes better than home brew and is less stress. Living in certain neighborhoods is safer and less likely to make you a victom of crime than other neighborhoods.
So shouldnt people make sure they are safe, healthy and not overstressed and hurried? That is all they really want! To be safe, healthy, and low stress. Now if they cant afford those basic human “rights” then that isnt really their fault now is it? It is the employeers and greedy CEO’s who wont pay a fair wage that keeps them safe, healthy and low stressed so they can get even richer on the backs of “normal” people. (welcome to the far left wing economic view point.)

We keep bailing them out cause everyone should be safe healthy and happy and who but those that have the right to feel that way can make that decision? If you can make sacrifices, then great. But no one should have to, you know, choose between safety and health because their income doesnt go far enough. THat just isnt American.

( I am gonna go vomit now….)

[DWCAP]

First, I think jpinpb gave WAY too much credit to people who are maxing out their credit cards. People dont max out their CC’s in some awsome plan to screw the banks. There is usually no scheme to try to get something for nothing.

Rather, they have grown accustom (or believe they should be accustom) to a certain lifestyle. Smaller cars are not as safe as big luxery cars, and dont drive as well. Who cares if they have to drive something that gets 15mpg, and they have to drive 60 miles one way to get to work and kids soccer games and the mall and …… Transportation that is easily affordable is a basic human necessity. Organic food is widely believed to be healthier than normal food. Starbucks coffee tastes better than home brew and is less stress. Living in certain neighborhoods is safer and less likely to make you a victom of crime than other neighborhoods.
So shouldnt people make sure they are safe, healthy and not overstressed and hurried? That is all they really want! To be safe, healthy, and low stress. Now if they cant afford those basic human “rights” then that isnt really their fault now is it? It is the employeers and greedy CEO’s who wont pay a fair wage that keeps them safe, healthy and low stressed so they can get even richer on the backs of “normal” people. (welcome to the far left wing economic view point.)

We keep bailing them out cause everyone should be safe healthy and happy and who but those that have the right to feel that way can make that decision? If you can make sacrifices, then great. But no one should have to, you know, choose between safety and health because their income doesnt go far enough. THat just isnt American.

( I am gonna go vomit now….)

[jpinpb]

I’m not saying that the “intention” is to necessarily max out the cc and walk. But that is what’s happening. They have a lifestyle they are trying to maintain and whether out of desire or necessity, they will use the cc until it’s maxed.

Walking away from their upside-down houses makes financial sense, somewhat damaging their credit whether it’s 2 yrs or 7, hopefully a lesson learned. The next financial sense is unloading a big car payment for their truck or SUV that’s going to cost upwards of 500 a month in gas to operate. They won’t be able to sell it. Their credit will be shot already. At that point, take the car.

After that, what’s next? They have used their cc to live.

I agree, it is lifestyle and their sense of entitlement. I for the most part live w/in my means, but I see many just slightly younger than me who don’t. Maybe b/c my dad drilled it in my head and we were frugal. We worked hard and my dad but hardly ever used credit. I can’t say that, but try to limit it.

I don’t know where the excessive consumerism comes from, but the tide will/is changing. It will be a shocker for many.

[jpinpb]

I’m not saying that the “intention” is to necessarily max out the cc and walk. But that is what’s happening. They have a lifestyle they are trying to maintain and whether out of desire or necessity, they will use the cc until it’s maxed.

Walking away from their upside-down houses makes financial sense, somewhat damaging their credit whether it’s 2 yrs or 7, hopefully a lesson learned. The next financial sense is unloading a big car payment for their truck or SUV that’s going to cost upwards of 500 a month in gas to operate. They won’t be able to sell it. Their credit will be shot already. At that point, take the car.

After that, what’s next? They have used their cc to live.

I agree, it is lifestyle and their sense of entitlement. I for the most part live w/in my means, but I see many just slightly younger than me who don’t. Maybe b/c my dad drilled it in my head and we were frugal. We worked hard and my dad but hardly ever used credit. I can’t say that, but try to limit it.

I don’t know where the excessive consumerism comes from, but the tide will/is changing. It will be a shocker for many.

[jpinpb]

I’m not saying that the “intention” is to necessarily max out the cc and walk. But that is what’s happening. They have a lifestyle they are trying to maintain and whether out of desire or necessity, they will use the cc until it’s maxed.

Walking away from their upside-down houses makes financial sense, somewhat damaging their credit whether it’s 2 yrs or 7, hopefully a lesson learned. The next financial sense is unloading a big car payment for their truck or SUV that’s going to cost upwards of 500 a month in gas to operate. They won’t be able to sell it. Their credit will be shot already. At that point, take the car.

After that, what’s next? They have used their cc to live.

I agree, it is lifestyle and their sense of entitlement. I for the most part live w/in my means, but I see many just slightly younger than me who don’t. Maybe b/c my dad drilled it in my head and we were frugal. We worked hard and my dad but hardly ever used credit. I can’t say that, but try to limit it.

I don’t know where the excessive consumerism comes from, but the tide will/is changing. It will be a shocker for many.

[jpinpb]

I’m not saying that the “intention” is to necessarily max out the cc and walk. But that is what’s happening. They have a lifestyle they are trying to maintain and whether out of desire or necessity, they will use the cc until it’s maxed.

Walking away from their upside-down houses makes financial sense, somewhat damaging their credit whether it’s 2 yrs or 7, hopefully a lesson learned. The next financial sense is unloading a big car payment for their truck or SUV that’s going to cost upwards of 500 a month in gas to operate. They won’t be able to sell it. Their credit will be shot already. At that point, take the car.

After that, what’s next? They have used their cc to live.

I agree, it is lifestyle and their sense of entitlement. I for the most part live w/in my means, but I see many just slightly younger than me who don’t. Maybe b/c my dad drilled it in my head and we were frugal. We worked hard and my dad but hardly ever used credit. I can’t say that, but try to limit it.

I don’t know where the excessive consumerism comes from, but the tide will/is changing. It will be a shocker for many.

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