nickononame

What's Next for Credit Card Companies?

With credit comes responsibility. I personally do not know anyone who has bought a $400,000+ home on a family income of $60,000 or less..... Those that fudged their numbers and the banks that knew this going into a loan... opps.... lesson hopefully learned. This percentage of the above statement only accounts for 5% of the population...... is it really that bad? I do not see people not driving, or buying higher priced items, sure discressionary spending may go down a little with various income brackets but I do not believe it will be the whole world as the media bling/blings it up to be....

Sure that 5% is making everyone else suffer in investments...As a comsumer, I do not see all the negative issues the media is pounding into our heads.. Pound enough,,and people begin to believe. Sure gas is high and may be going higher. I'm sure we spend more on other things than just gas which have gone up some as well. Again, added up, this only lives up to the media in certain income brackets. If you make less that $60k on a combined family income, and are living in a $400k+ home and driving a Hummer to run errands around town, to buy food and put more gas into this guzzler: if everyone did this and was in this bracket, we would certainly be in trouble. As a consumer, I have stopped carrying around cash and use Visa everywhere I go. It truly is the card that pays you back. I pay off my balance every month, as a religion. I do not charge more than I can afford to payoff. Easier said than done,; maybe....but make that change if need be.... or become burried with the 5% out there.