Much more money is owed in Credit Cards than in mortgages?

Discussion in 'Economics' started by crgarcia, Jul 27, 2009.

  1. 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.
  2. 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??
  3. S2007S


    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.
  4. Only ONE $Trillion? Shoot... Fed write a check. Problem solved.
  5. S2007S


    $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.
  6. Except the "BS factor"... money-pump rally, born out of borrowed funds, never-intended-to-be-repaid, psycho-manipulation crapola.
  7. 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.
  8. Salmonn


    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 :)
  9. Americans lack family dinners where politics and economy is discussed
  10. Salmonn


    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
    #10     Jul 27, 2009