Credit card debt: America Should Prepare
October 17, 2008
The large amount of trading done with negotiable instruments (like less-than-trustworthy mortgages) caused a massive bubble that has now begun to burst. As I’ve said before, this sub-prime mess is not the cause of the coming Recession it is simply a symptom of poor monetary policy and a horribly run financial system.
Another symptom of this system is the Coming Credit Card Collapse. Very much like the Sub-prime Mortgage scheme, credit card applications (your written promise to pay) have been used as securities and traded, bought, and sold without your knowledge. This has created yet another massive bubble of “speculative” money that is on its way to bursting. (Read Article)
Of course, the original $700 Billion Bailout (I’m sorry, “rescue plan”) won’t cover the credit card issuers. Will the Government and Fed continue to turn to the printing press in order to avoid this situation?
If you have a great deal of credit card debt (or other unsecured debt), it would be wise to negotiate a settlement with your credit issuer. Why? Because at this point they will be willing to settle for a much lower amount in order to save themselves from the next Credit Crisis to add to this Recession.
Free Debt Settlement Consultation – Click Here.
October 17, 2008 at 7:32 pm
[...] Deliggit.com |** the social sites’ most interesting urls **| wrote an interesting post today onHere’s a quick excerpt The large amount of trading done with negotiable instruments (like less-than-trustworthy mortgages) caused a massive bubble that has now begun to burst. As I’ve said before, this sub-prime mess is not the cause of the coming Recession it is simply a symptom of poor monetary policy and a horribly run financial system. Another symptom of this system is the Coming Credit Card Collapse. Very much like the Sub-prime Mortgage scheme, credit card applications (your written promise to pay) have been [...]