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The next credit crunch

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posted on Aug, 20 2008 @ 03:39 PM
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The next credit crunch


money.cnn.com

(Fortune Magazine) -- We made it through the bursting of the Internet bubble and now the bursting of the real estate bubble. Next we may be approaching the end of the most worrisome bubble of all: the standard-of-living bubble.

That conclusion comes from the latest data on credit card debt. It's growing fast, but the problem is bigger than that - and to understand what it means, we have to take a few steps back.
(visit the link for the full news article)




posted on Aug, 20 2008 @ 03:39 PM
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The American public have been in denial for decades.Everyone is living on credit.Money that you as an individual has not even worked to earn yet.
A great learned man said the worse sin is debt.
Reap what you sow.
At one time 30 years ago you could not even get a personal loan unless you were at least 25 years old.An auto loan required a co-signer.Credit cards were what rich people had.
A second mortgage was something that you didn't talk about.
They changed the term to "Home Equity" loan but it still extened your debt out longer.
Troubling times our coming,soon.
Wachovia Bank will go under and will take a large number of 401k's with them wiping out peoples retirement portfolios.

money.cnn.com
(visit the link for the full news article)



 
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