Yoss Posted July 21, 2008 Share Posted July 21, 2008 http://www.bloomberg.com/apps/news?pid=206...&refer=home Scary high level of default increase, even after the not so christmas bonus cheques! Quote Link to comment Share on other sites More sharing options...
The General Posted July 21, 2008 Share Posted July 21, 2008 http://www.bloomberg.com/apps/news?pid=206...&refer=homeScary high level of default increase, even after the not so christmas bonus cheques! This is really bad, the Alt A/ Credit Card problems may tower over sub prime in magnitude. Quote Link to comment Share on other sites More sharing options...
eightiesgirly Posted July 21, 2008 Share Posted July 21, 2008 Used up all the MEW, maxed out the credit cards. Retail is gonna get spanked. Quote Link to comment Share on other sites More sharing options...
Guest KingCharles1st Posted July 21, 2008 Share Posted July 21, 2008 This is going to be like giving a drunk partygoer a lager/whisky depth charge... Quote Link to comment Share on other sites More sharing options...
The General Posted July 21, 2008 Share Posted July 21, 2008 This is going to be like giving a drunk partygoer a lager/whisky depth charge... And when he's gone home you've burnt down his house Quote Link to comment Share on other sites More sharing options...
Jekyll Posted July 21, 2008 Share Posted July 21, 2008 Priceless Quote Link to comment Share on other sites More sharing options...
Della Posted July 22, 2008 Share Posted July 22, 2008 People in the US have been using their credit cards to pay their mortgage, so I guess they will run up their credit card, default on that, and then default on the mortgage when they run out of credit cards. A lot of people in the UK are also supposedly started paying for their mortgage with credit cards, it'll almost certainly all end in disaster. Quote Link to comment Share on other sites More sharing options...
uptherebels Posted July 22, 2008 Share Posted July 22, 2008 People in the US have been using their credit cards to pay their mortgage, so I guess they will run up their credit card, default on that, and then default on the mortgage when they run out of credit cards. A lot of people in the UK are also supposedly started paying for their mortgage with credit cards, it'll almost certainly all end in disaster. That just about sums up the madness of it all don't you think? Paying a mortgage with a credit card FFS. Quote Link to comment Share on other sites More sharing options...
The Bachelor of Arts Posted July 22, 2008 Share Posted July 22, 2008 Apparently a lot have been buying food on the cards also. I'm not sure if this is desperation (the card of last resort) or an attitude of 'if I'm going bankrupt I might aswell spend first' - seeing as they are buying food and paying mortgages, me thinks it's the former. Apparently 28m on food stamps in the US at the mo....... Ahhhhh the golden age of Western civilisation. Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted July 22, 2008 Share Posted July 22, 2008 28m already on food stamps. Any predictions on how that will increase? Can people in the US walk away from credit card debt like they can the house? The whole US system appears to be a debtor paradise, borrow loads of money find you can't pay it back and simply walk away. In one sense I can see the logic, if people can walk away from the debt then the credit issue would be uber cautious about who they lend to so that they get their money back. The volume of greed got in the way of this logic. Quote Link to comment Share on other sites More sharing options...
Shrink Proof Posted July 22, 2008 Share Posted July 22, 2008 Apparently a lot have been buying food on the cards also. I buy food on the credit card. But that's so that I don't have to take dosh to the supermarket (they no longer take cheques "as part of our policy of continuous service improvement"). I only buy what I need & pay off the plastic in full every month. And it's a charity card so they get a (very) little too. OTOH, places like Debenhams ALWAYS try to flog me their ludicrously over-priced store cards. Yeah, right... Quote Link to comment Share on other sites More sharing options...
Justice Posted July 22, 2008 Share Posted July 22, 2008 Just to cheer you all up. Take a look at some of the fantastic property you can now buy in florida I came across a newish 4 bed with pool for $100k and thats cheaper then when i looked at property 15 years ago. tell you at these prices i would pop over was it not for the facists working at pasport control who are all littler Hittlers. Quote Link to comment Share on other sites More sharing options...
redgenieuk Posted July 22, 2008 Share Posted July 22, 2008 Just to cheer you all up.Take a look at some of the fantastic property you can now buy in florida I came across a newish 4 bed with pool for $100k and thats cheaper then when i looked at property 15 years ago. tell you at these prices i would pop over was it not for the facists working at pasport control who are all littler Hittlers. Link? Quote Link to comment Share on other sites More sharing options...
Guest Steve Cook Posted July 22, 2008 Share Posted July 22, 2008 That just about sums up the madness of it all don't you think? Paying a mortgage with a credit card FFS. It's called desperation Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted July 22, 2008 Share Posted July 22, 2008 (edited) It's called desperation I thought that was business, buy debt with debt? Edited July 22, 2008 by interestrateripoff Quote Link to comment Share on other sites More sharing options...
Laura Posted July 22, 2008 Share Posted July 22, 2008 [quote name='Justice' date='Jul 22 2008, 09:31 AM' post='1225438' I came across a newish 4 bed with pool for $100k and thats cheaper then when i looked at property 15 years ago. tell you at these prices i would pop over was it not for the facists working at passport control who are all little Hitlers. The U.S. immigration experience is the main reason I don't go there. I don't care how cheap it gets. __________________________- 37% default.....so far & the UK borrower is even deeper in the mire we believe? Quote Link to comment Share on other sites More sharing options...
Extradry Martini Posted July 22, 2008 Share Posted July 22, 2008 http://www.bloomberg.com/apps/news?pid=206...&refer=homeScary high level of default increase, even after the not so christmas bonus cheques! What makes you think they are coming right back down again? Quote Link to comment Share on other sites More sharing options...
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