Barely surviving by using their credit cards

TwixVoy

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Fri May-09-08 12:01 PM
Original message

Barely surviving by using their credit cards

Edited on Fri May-09-08 12:03 PM by TwixVoy

http://biz.yahoo.com/cnnm/080509/050908_creditcards.html

"In Atlanta, debtors calling the agency in the first quarter of this year had an average of $29,300 in unsecured debt, primarily on credit cards, up from $25,700 in 2007. They spent $335 on groceries and $242 on gas, on average, in April. A year earlier, those outlays averaged only $291 and $181, respectively."

Interesting article. Banks aren't able to get as many people to use their home as an ATM machine now. How long will this house of cards stand?

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Elspeth

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Fri May-09-08 12:05 PM
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1. Kick

:kick:

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SlipperySlope

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Fri May-09-08 12:56 PM
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2. How long?

Didn't you hear? The Fed will now accept credit card debt as collateral from banks.

The dance can go on as long as the presses can print money.

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99th_Monkey

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Fri May-09-08 01:05 PM
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3. I thought you were talking about the Clinton campaign ~nt~

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slackmaster

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Fri May-09-08 01:06 PM
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4. That is not surviving

It's a financial death spiral.

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OwnedByFerrets

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Fri May-09-08 01:26 PM
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5. ...

"
Interesting article. Banks aren't able to get as many people to use their home as an ATM machine now."

Because they already hocked it to the hilt. There is no equity left. I speak from experience.

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Contrary1

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Fri May-09-08 02:01 PM
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6. Take Lois Eldridge...

"...The retired criminology professor also has tried to get a job at a local college in order to supplement her Social Security and savings. But she found would-be employers either paid too little or told her she was overqualified. Her only other options were minimum-wage jobs at local retailers."

I take it she passed on the "minimum-wage jobs at local retailers", since the article quotes MS Eldridge as saying her income has remained the same.

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Wed May 15th 2024, 03:52 AM
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