Credit Cards Next On Block
 

I heard this on the Weekend that Credit Cards are going to be curtailed!
While that in itself is not bad (people are living on borrowed money) if it curtails personal spending it is another indicator things are going from "bad to worse".

Pay off your credit cards!

http://news.yahoo.com/s/nm/20081201/...ch_oppenheimer

Re: Credit Cards Next On Block
 

Yep... our economies are built on the acquisition of debt.

When debt availability is curtailed then people are not able to spend above their means and our economy is built on debt based spending.

Without continual increases in the availability of debt our unrealistic standard of living cannot be maintained.

This is going to be another serious reality check.

Re: Credit Cards Next On Block
 

Mine are PAID OFF!!!!

Re: Credit Cards Next On Block
 

Wooo! Hooo! That is great news!

A great feeling too!

Re: Credit Cards Next On Block
 

We have some at zero percent. I wonder what will happen there.

Re: Credit Cards Next On Block
 

The only card I ever use is my check debit card. If I can't pay cash for it, I don't get it.

Re: Credit Cards Next On Block
 

There is a man in the US who has asked the US for a bailout of his credit card crunch....

Re: Credit Cards Next On Block
 

I use AMX when I can.

Then I have a record of what I purchased and when.

Then I pay the one bill.

I start out each month with a ledger and I deduct from the ledger just like a checking account.

So I always know how much my AMX bill be and what I needed to budget..

Re: Credit Cards Next On Block
 

That is wise!
In Canada, it ain't much better, most Canadians are in hock to thier eyeballs!

Re: Credit Cards Next On Block
 

Reminds me of this commercial.

Funny... yet sad.

http://www.youtube.com/watch?v=hn5EP9StlVA

Re: Credit Cards Next On Block
 

So true!

Canada used to be known as a nation of savers, not anymore.

I think the demarcation line is the Second World War.
The Generation that grew up in the depression or during the war years, knew what it was like to be without.

The post war generation has known nothing but abundance, what do they need to save for?

Interesting times to say the least.

Even if our worst case scenario of a total collapse doesn't happen, it is a certainty that we have not gone through anything like this in our lifetimes.

The struggles we will go through will be the same!

JMHO

Re: Credit Cards Next On Block
 

I use a couple of credit cards, but pay in full each month.
I like the rewards points and it's just so much easier to return something.

I worked with a gal several years ago, 4 kids, 2 jobs etc.....$25,000 in credit card debt! And this was a long time ago.
I thnk her mother helped bail them out.

Re: Credit Cards Next On Block
 

We use them, but pay in full every month.

Re: Credit Cards Next On Block
 

True... the depression certainly had some terrible times but people lived a life where they possessed the abilities and knowledge to cope with such a situation that we no longer possess.

Most of us don't have the ability to raise food or animals or live without electricity or city water if need be.

Even a recession or depression that is not as bad as the great depression could be much worse on people because their inability to live in a world where there are no groceries at the store.

When people lose their jobs they lose their house... their car... what do you do then?

There is no escape plan.

Re: Credit Cards Next On Block
 

I'm not in a very good position either. I have 4 kids, right now only 1 full time job, trying to get back into school, struggling to pay bills and have $5000+ worth of maxed out credit cards.

I've used them when money I was counting on didn't show up. It's kept a roof over our heads, food in our bellies, and utilities turned on. I've paid them down when I've been able to.

But right now, my economy is a mess. Some unexpected adventures this summer have left me reeling and I'm not sure I'm going to be able to get out from under this. I really wish the credit card debt was gone, but it's not. And I really wish the balance was available so I could see the way out of this, but it's not. So I hold my breath and hope...

Re: Credit Cards Next On Block
 

So true.

Interestingly, many city building codes require electricity and running water or the house must be vacated. Where I live you cannot legally abide in a house without running water or electricity for an extended period of time.

Thank God my wife and I have no serious credit card debt. We have one credit card that we use in the event of an emergency and we currently have a balance of around $300 on it. No biggie.

Re: Credit Cards Next On Block
 

This is a very negative thread.

Renda will be sore displeased.

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Lol - I paid off my credit cards, so I'm a happy camper!

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I think all of this will be good for us in the long run.

Re: Credit Cards Next On Block
 

I used to have AMX years ago and I did like their billing and record system but, I found some places where I frequently shopped that wouldn't accept AMX. I finally cancelled the account and strictly use my debit card. I can print out the ledgers online and it works for me.

On another subject, I moved my business accounts to a small bank. They gave me binders when I opened the accounts and the statements are mailed already three hole punched with photos of all checks and deposits. It is so much nicer than the big-time lousy service bank I left. My accountant loves it.

Re: Credit Cards Next On Block
 

George,
It's not wise to do business with small banks. In a reccession and definitely in a depression, they are likely to go under. Many Local banks
are going bankrupt and more will do so in the days ahead.

Wells Fargo is the best bank in the USA. they are one of the few banks
that went unscathed during the depression. They are also listed as
one of the top 10 banks in the world! ( the only one in the USA that
made the list).

Re: Credit Cards Next On Block
 

St. Mark, good advice, but not applicable to our current financial crisis.

In fact, the smaller, local banks are doing fairly well. So are credit unions.

Neither of which entangled themselves with the bad loans on a wide scale in the first place.

Re: Credit Cards Next On Block
 

wrong. 22 small banks have gone under this year and more expected in "09.