Omigosh - just great photoshop work !!! This is hilarious. Someone should print it out blow it up to proper size, paste it on a cereal box and send it to the Federal Reserve.
HMMMMMMMMMMMMMMMMMMMMMMM S2007S Registered: Aug 2006 Posts: 5144 11-19-07 04:25 PM This is going to be the next major problem for the economy, this is something that cannot be ignored. Steps should be taken at this very moment but of course they wont and it will end up just like the subprime mess less than 12 months ago. The historical Avg. sits at 4.86%, 3.89% is where we are now. My prediction is 4-4.25% in the 1st Qu of 2008, a jump past 5% by mid to late 2008. Maybe even higher. Look to short stocks involved in this area of the problem. Moody's: Credit Card Delinquencies Rise © 2007 The Associated Press TOOLS NEW YORK â Delinquency rates for credit card payments rose in the third quarter but were still well below historical standards, according to a report released Monday by Moody's Investors Service. Credit card delinquencies rose to 3.89 percent in the third quarter, from 3.61 percent during the year-ago period. It was the third straight quarter delinquency rates rose. But delinquencies in the quarter were still well below the long-term historical average of 4.86 percent. For September only, credit card delinquencies rose to 4.07 percent from 3.68 percent during the same month last year. Charge-off rates rose to 4.59 percent in the quarter, from 4.06 percent during the same period last year, according to Moody's. Charge-offs measure card balances written off as uncollectible as an annualized percent of total loans outstanding. September charge-offs totaled 4.58 percent. Payment rate fell slightly to 19.24 percent in the third quarter from 19.46 percent last year. Payment rate measures the proportion of outstanding debt repaid each month by borrowers. Edit/Delete ⢠Quote ⢠Complain
HMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM S2007S Registered: Aug 2006 Posts: 5145 11-23-07 10:02 AM I know many dont want to agree with this or even bother to acknowlege it, but the truth is credit card debt is at record highs. This is going to be as big or even bigger than the subprime meltdown. There is a record $915 Billion worth of credit card debt here in the US. Many will continue to ignore it until it gets to the point where it can no longer be ignored. Just like other asset backed securities, credit card debt is sold off as packages of securities.....now the question is what happens when there is a rise in delinquencies???? The banks feel it along with the securities backed by the credit card receivables. As consumers default on their payments this would lead to bank losses and portfolio losses in the institutions, pensions and those big hedge funds. This is the next major economic problem that should be mentioned but is being completely ignored. Those 1500 SQ foot Piggy banks arent providing for the economy anymore, so what else better to use then the worthless dollar, plastic..............
This year these cash broke idiots dont have real estate home equity lines so they are attacking credit card limits and milking them to whats they are worth. No real estate refinancing and the gravy train at a standstill, this the second best alternative.
lol what a mess. Credit built the house of cards, and now it's taking it down. Stairs up.....elevator down.
Heard a report on the radio Friday on how consumer spending could be up in November when most people were maxed out on their credit. They were selling stocks to keep financing the spending spree.