Monday, August 27, 2007

Credit where credit’s due ?????

Credit-card defaults on rise in US

US consumers are defaulting on credit-card payments at a significantly higher rate than last year, raising the prospect of problems in the stricken US subprime mortgage market spreading to other types of consumer debt. Oh dearie, dearie me. Where is this all gonna end ????

Posted by onyerhike @ 07:27 PM (713 views)
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2 thoughts on “Credit where credit’s due ?????

  • “US consumers are defaulting on credit-card payments at a significantly higher rate than last year, raising the prospect of problems in the stricken US subprime mortgage market spreading to other types of consumer debt.

    “But it is not clear that the borrowers defaulting on their credit cards are the same people defaulting on their subprime mortgages, it added. This is in part because underwriting standards in the credit-card sector have been more robust than in the mortgage industry.

    You’ve got to be kidding me. To get a mortgage, you have to be able to walk down the street. Any number of dead and institutionalized people can get solicited and accepted for credit cards. College kids can’t get mortgages, but they have no problem getting credit cards. Is the MSM out-of-it or what?

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  • “a year before the US enacted a new law that made filing for personal bankruptcy more onerous. ”
    Strange, seems to be completely the opposite to how we do things in the UK. It’s going to be so much worse over here when it goes bad!

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