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 […]

Jul 14 2010

Sticking it to small business – Small firms charged an average of $3,224 per month of business expenses on credit cards. Yanking the credit card from small business. $40 billion less to small businesses in Q1 of 2010 compared to 2008.

42 million Americans work in firms that have 99 employees or less.  We are often told how vital small business is to the health of our nation’s economy.  Usually this rhetoric is given to us by banks and Wall Street yet recent data shows a very different attitude.  Words ring hollow when it comes to […]

Jul 5 2010

American middle class slowly disappearing under mounds of debt – How Wall Street and government sucked working and middle class Americans into perpetual debt serfdom.

People quickly forget about the nearly 1,000 point “flash crash” brought on by glitches in the Wall Street casino machinery.  Still no sensible explanation has been given but today the stock market now stands below the flash crash moment.  The middle class is witnessing the largest wealth transfer in history take place and it is […]

Jun 22 2010

Middle class shackled by banking debt chains. 113 million households each owe an average of $113,000 in banking debt for mortgages, student loans, credit cards, and auto loans. $45 trillion in household sector debt, government debt, and domestic financial sector debt.

The middle class has been systematically shackled by large amounts of debt, banking debt to be exact in a new form of financial serfdom.  Much of this started in the early 1970s on par with the deficits don’t matter policy that engulfed our monetary policy for the next four decades.  Like any giant structure built […]

May 30 2010

The great American debt purge – Americans more stressed out about debt. Mortgage, credit card, student loan, and auto loan debt up to $13.5 trillion. Average debt per household at over $120,000.

Every man, woman, and child would owe an average of $43,000 if we divided up mortgage, credit card, student, and auto debt in the United States.  Of course, this is based on the current population of 309 million.  But we know this isn’t exactly accurate since an infant really didn’t charge up a credit card […]

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