Mar 2 2012

Hitting the credit card wall – Credit card debt contracts 17 percent as the grand American household deleveraging continues. Average household with credit card debt carries $16,000 at an average rate of 15% – Real broke housewives. Orange County California witnesses a 600 percent jump in bankruptcies.

Credit card debt has become a big financial albatross for many American families.  According to the Federal Reserve Survey on Consumer Finance over 176 million credit cardholders exist in the United States.  This is an amazing figure when you actually think about what a credit card is.  A credit card essentially allows you to spend […]

May 13 2011

The endgame of the credit card nation – 40 year bull market in revolving debt expansion comes to a sudden halt. U.S. consumers on average have 4 credit cards with 1 out of 7 having 10 or more.

Credit cards are the gateway financial opiate of choice for many spenders.  Banks understand that if consumers begin mistaking debt for actual wealth then this would lead to more willingness to borrow on bigger ticket items like cars and homes as the appetite for credit expands.  This psychological gamble paid off multiple dividends over the […]

Dec 31 2010

Credit card withdrawal – Banks pull the plug on consumer revolving debt. Credit card debt outstanding contracts from nearly $1 trillion to $800 billion. Bankruptcies on the rise even with tougher bankruptcy laws.

When people talk about the credit bubble they typically refer to the housing bubble and the trillions of dollars of debt secured by real estate. Yet the credit bubble also applies to student loans, government debt, and those pesky wallet hugging credit cards.  The American economy has embraced credit cards as quickly as apple pie […]

Apr 24 2010

The Futile Act of Saving in America Today – No Money Down Car Purchases, Low Down Payment for a big Mortgage, and High Interest Credit Cards for Everyday Spending.

This recession did change spending, at least for a few months.  When the recession hit Americans had a negative savings rate, the first time ever we had the ability to spend more than we actually brought in.  As the recession progressed, Americans did start saving and we took the personal savings rate to 6% (this […]

Apr 1 2010

Credit Cards the Opiate of the American Middle Class – The Withdrawal is in And the Wall Street Dealers are Raking in Trillions of Dollars. 2 Credit Cards for Every Man, Woman, and Child in the U.S.

If you want to know how reliant the middle class has become on credit cards all you need to know is that in circulation we have 631 million credit cards in the U.S.  For a nation with slightly above 300 million people this is roughly 2 credit cards for each man, woman, and child.  Credit […]

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