Can You Leave A 4 Year Old In The Bath When Will The Credit Card Bubble Burst?

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When Will The Credit Card Bubble Burst?

In case you did not know, there is another bubble, growing massive in this country, getting ready to burst. Revolving consumer credit card debt continues to grow each month, finally breaking the $900 billion mark for the first time last June. The Federal Reserve reports that this year, Americans have piled on $39 billion in new credit card debt. We refer to the emerging crisis as the credit card tsunami. You better stick down the hatches!

For August 2007, US consumers added an additional $6.2 billion in new debt, on top of the $5.6 billion accumulated in July. In general, including everything except mortgages, Americans owe almost $ 2.5 billion in debt! Now that the mortgage game is over, and all that easy money has been made, the next big thing the banks will milk for maximum growth and profit is the cards. Fees and penalties have steadily increased over the years, as have average interest rates. Last year, banks incurred more than $100 billion in interest and another $50 billion in fees and penalties; these men are not your friends.

Many people, squeezed by the bursting housing bubble, are increasingly relying on their charge cards to survive. Since the home equity line has dried up, and their lifestyle hasn’t changed, or circumstances such as job loss or medical difficulties cause them to continue to rely on charge cards, there’s no end in sight to how much more John Q. Public debt will be. take over At some point, the dam has to burst, and many people will drown.

Who knows how many people have lived beyond their means in recent years, extracting temporary wealth from real estate, only to spend it on luxuries such as vacations, and lavish weddings in Tuscany? How many people have transferred name, debt card charge in real estate, only at the risk of seizure if they miss some payments? How about the people who thought the value of an already expensive house would continue to increase, and they took a teaser rate mortgage, hoping to refinance with the profit in a couple of years, and now they are stuck with a mortgage that has doubled, and there is no way. to pay for it?

Now that the game is over, these people are turning to their charge cards to survive. Those who were “hooked” by the mortgage teaser rate, now find themselves unable to pay the “real” mortgage payment. Many people are going into default on the mortgage, and keep current on their credit cards. Some use them like an ATM, maxing them out of their limits, as well as constantly applying for the barrage of new cards that favor mailboxes.

They’re living in a fantasyland if they think missing mortgage payments won’t hurt their credit. Give it a month or three, and when the credit cards see that you are missing mortgage payments, they jack up your interest rate to 25% + and then you are, excuse my French, “screwed.” Most of your payments will be wasted on interest, and it may take 10-100 years to pay off the debt.

Card companies know that people will do anything to stay current on their cards, and that people need cash. Requirements to get a credit card are lowest in 10 years according to a Fed survey; if you have a pulse, you can get a credit card. They even give credit cards to people’s pets.

The junk mail credit card applications that grace your mailbox are driven to the post office in semi-trucks on pallets, and unloaded with forklifts. While the mailers are actually less than what was posted from their peak in 2005, the percentage of people who responded, and were accepted by the credit card companies, has increased steadily and has actually increased three times since 2005!

All of this is a result of closing in on taking equity out of your expensive home. It was never sustainable, and I feel sorry for those who bought at the peak, paying $600,000 more for a 40 year old house that wasn’t worth 1⁄4 of that price. To think the bubble could continue to get bigger and the median price of a house exceeds the ability of the average person to buy one, it was only a matter of time before something had to give, and it has.

Now, I talk to people all day who are taking out credit card cash advances to make ends meet, or to pay off their mortgage; which will end at some point.

The credit card bubble will be the next to burst. If your credit card debt is out of control, you have to do something. Through the debt settlement process, there are ways to settle with creditors for less than what you owe, in 3-4 years, which will leave you in a position to get new credit after it’s over. Read our free report on Debt Settlement to see if it’s an option for you.

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