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Consumer Debt More Than Doubles in Decade

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  • Consumer Debt More Than Doubles in Decade

    http://story.news.yahoo.com/news?tmp...t_in_america_4




  • #2
    Consumer Debt More Than Doubles in Decade

    Jeff wrote:
    http://story.news.yahoo.com/news?tmp...t_in_america_4

    Wouldn't this create a constituency AGAINST bankruptcy reform? After all,
    many of these people are going to need BK some time in the future.

    Comment


    • #3
      Consumer Debt More Than Doubles in Decade

      What's more scary is dovetailing that article with this one.

      California's home buyers increasingly choose ARMs
      http://www.dqnews.com/RRCA1203.shtm

      "ARMs are typically cheaper, and are generally easier to qualify for than
      fixed-rate mortgages."
      "ARM usage is highest in the Bay Area (see chart), where homes are most
      expensive, and lowest in the Central Valley and rural areas where homes cost
      much less."

      If I understand correctly then, ARMs are being most utilized by the least
      financially able and adding fuel to already the most expensive communities.
      Once teaser rates elapse and/or interest rates bump up... I shudder to
      imagine.



      "richardsfault" <[email protected]> wrote in message
      news:[email protected]
      From the article: Mark Zandi, chief economist at Economy.com, points out that the rate of growth of card debt has slowed "because people are using their homes as cash machines." This is the most scary aspect of the story IMHO. --------------------------------------------------------------------------
      ----
      Some people claim that there's a woman to blame, but I think it's all... Richard's fault! Visit the Sounds of the cul-de-sac at www.richardsfault.com

      Comment

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