During an informal meeting with a banker, he told me this. Where/how can I verify such claim? It makes some sense, only some people are troubled with mortgages, but many are late with their credit cards.
How can that be true? Only a percentage of CC holders are behind... and the "average balance carried" (by all card holders) is something like $8-$9,000 per household??
Dont know how true that is all I know is that there is close to $1 Trillion of outstanding debt due on Credit cards and between $10-$14 Trillion on mortgages.
$1 trillion is nothing, they can fix that within a few minutes, that's why the bull market is back, there is no worries left for anyone.
Except the "BS factor"... money-pump rally, born out of borrowed funds, never-intended-to-be-repaid, psycho-manipulation crapola.
If he's handling your account, make sure you either get another rep or move to a different bank. The guy obviously has no idea what he's talking about.
dude I love your posts, you must have some recent European blood, no way you are pure American Americans lack family dinners where politics and economy is discussed
don't take this the wrong way, many of my friends are European, I travel there often and I have plenty friends in North America. there is a considerable difference that I notice, in understanding of economics and politics my EU friends seem more savvy