Tuesday, Jul 10, 2007
US consumers can't remortgage any more
Forbes: US Consumer Borrowing Jumps in May
David Wyss, chief economist at Standard & Poor's in New York, said some of the surge in credit card debt reflects the fact that it is getting harder to get home equity loans with banks tightening up on standards and home values not soaring as they did during the housing boom.
"We think that people who had been refinancing their credit card debt into home equity loans are finding that harder to do now," Wyss said. That would explain part of the big rise in credit card borrowing in May, he said.
Posted by sold 2 rent 1 @ 05:07 PM (152 views) Add Comment
3 Comments
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1. dobber said...
YEAH haa!
2. sold 2 rent 1 said...
Things are going rapidly downhill in the US
http://money.cnn.com/2007/07/09/real_estate/resets_are_coming/index.htm?postversion=2007070914
http://money.cnn.com/2007/05/14/real_estate/first_quarter_NAR_prices/index.htm?postversion=2007070118
http://money.cnn.com/2007/07/05/real_estate/futureshock_Florida_housing_will_fall/index.htm?postversion=2007070612
3. dobber said...
s2r1,
Great links check out : http://www.fintag.com/