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When Will The Credit Card Bubble Burst?
In case you didn’t know, there is another massively growing bubble in this country that is about to burst. Revolving consumer credit card debt continues to grow each month, finally crossing the $900 billion mark for the first time last June. The Federal Reserve reports that Americans have racked up $39 billion in new credit card debt this year. We call the impending crisis the credit card tsunami. You better batten down the hatches!
For the month of August 2007, in the United States, consumers added $6.2 billion in new debt, in addition to the $5.6 billion accumulated in July. Overall, including everything but mortgages, Americans owe nearly $2.5 trillion in debt! Now that the mortgage game is over and all that easy money has been won, the next big thing banks are going to leverage for maximum growth and profits are cards. Fees and penalties have been rising steadily for years, as have average interest rates. Last year, banks earned more than $100 billion in interest and another $50 billion in fees and penalties; these guys are not your friends.
Many people, squeezed by the bursting of the housing bubble, are increasingly relying on their credit cards to live. Since the home equity tap has dried up and their lifestyle is not changing, or circumstances such as job loss or medical difficulties force them to continue relying on credit cards, there is no limit in sight to additional debt John Q The public will take care of it. At some point the dam must burst and many people will drown.
Who knows how many people have been living beyond their means in recent years, extracting temporary wealth from their real estate, only to spend it on luxuries like lavish vacations and weddings in Tuscany? How many people have transferred unsecured credit card debt onto their real estate, only to risk foreclosure if they miss a few payments? How about the people who thought the value of an already overpriced home would continue to rise, and took out low-rate mortgages, hoping to refinance with the profit in a few years, and are now stuck with a mortgage that has doubled, and no way to pay it?
Now that the game is over, these people are turning to their credit cards to survive. People who were “addicted” to interest rate mortgages now find themselves unable to pay the “real” mortgage payment. Many are in default on mortgages and keeping up to date on credit cards. Some use them like an ATM, maxing them out to their limit, while constantly asking for the barrage of new cards that adorn their mailbox.
They’re living in fantasy land if they think missed mortgage payments won’t hurt their credit. Give it a month or three, and when the credit cards see you’re missing mortgage payments, they raise your interest rates to 25% and then you’re, excuse my French, “screwed.” Most of your payment will be wasted on interest, and it could take 10 to 100 years to pay off the debt.
Card companies know that people will do anything to stay up to date on cards and people need the money. Credit card requirements at 10-year low according to Fed survey; if you have a pulse, you can get a credit card. They even give credit cards to pets.
The junk mail credit card solicitations that adorn your mailbox are driven to the post office in semi-trucks on pallets, and they are unloaded with forklifts. While senders are actually lower than what was sent at their peak in 2005, the percentage of people responding and being accepted by credit card companies has steadily increased and has actually tripled since 2005!
This is all a result of stopping the equity in your overpriced home from shrinking. It never lasted, and I feel sorry for the people who bought at the high end, paying $600,000 more for a 40-year-old house that wasn’t worth 1⁄4 of that price. To think that the bubble might keep getting bigger and that the median price of a house was exceeding the average person’s ability to buy one, it was only a matter of time before something gave way, and that is the case.
Now I talk all day to people who take cash advances on credit cards to live or pay their mortgage; which will end at some point.
The credit card bubble will be the next to burst. If your credit card debt is out of control, you need to do something. Through the debt settlement process, there are ways to settle with creditors less than you owe, within 3-4 years, which will allow you to get new credit when it’s over. . Read our free debt settlement report to see if this is an option for you.
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