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 […]

Mar 17 2010

The Anti-Savings Model – Offer 0.1% APY on Savings Accounts and Charge 15% on Credit Cards. A System Designed to Punish Savers and Encourage Extravagant Spending via Usury.

U.S. Banks have a solid incentive, dipped in gold, to keep people in a perpetual state of paying rent on debt while not saving a shiny penny.  In fact, their ideal state of financial equilibrium for Americans would be one in which people spent every single penny from their earnings reaching the end of the […]

Mar 11 2010

631 Million Credit Cards for 113 Million Households – Credit Card Excess Contracting for First Time in 40 Years. How Plastic Hid Middle Class Financial Decay.

It is estimated that in 2010 we will have 181 million Americans carrying credit cards.  Now this is interesting given that Census data from 2008 only shows 113 million households.  The credit card is ubiquitous flowing through our economy like a river of easy money.  Yet credit cards have become a major pitfall for many […]

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