Bad
Credit Credit Card : Sub-prime credit cards: The new
financial steroids
Recent US economic discourse shows that a big crisis can be postponed by a
massive dose of financial steroids, like sub-prime lending, even if it threatens
to explode later. And if borrowing to spend is seen as a ‘virtue’, then
toxic sub-prime missions in the US at the cost of ‘primitive’ savers
elsewhere are inevitable, says S. GURUMURTHY
read Bad
Credit Credit Card
When is a cre
By the end of 2007, Americans owed more than $915
billion in credit card debt, and the credit crunch is clearly impacting
consumers as lenders are becoming more choosey about who gets loans and who
doesn't.
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Not long ago, many experts were convinced that a vibrant world
economy would prevent an American recession. Even if the beleaguered American
consumer suddenly turned thrifty, they reasoned, healthy spending on other
shores was supposed to keep the expansion rolling.
Crunch
time: will the credit crisis cast a shadow over all sectors? free credit report
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CRISE
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Credit Debt finance Ohio backs
on risky assets. High-Grade Corporate Bond Market Slows.
Credit Crisis: How
Strong is Central Bank Epoxy?
By Bill Bonner "While others
desire a speedy recovery on Wall Street, we're rather hoping for
a long,
dreadful illness…punctuated by periodic reports that the patient has
died."
CONSUMER SPENDING Credit cards, loans fund purchases
Bloomberg News found August 8, 2007 at chicagotribune.com
WASHINGTON — Consumer borrowing rose more than twice as much as forecast in
June, as people turned to credit cards and non-mortgage loans in order to
maintain spending.
Consumer credit increased $13.2 billion during the month, to $2.46 trillion,
after a $15.9 billion gain in May that was larger than previously reported, the
Federal Reserve said Tuesday. Credit increased at a 6.5 percent annual rate
after rising at a 7.9 percent pace in May. Economists expected a gain of $5.8
billion in June.
Slumping home values and stricter lending standards have made it harder for
Americans to borrow against their homes for extra cash.
"It's become increasingly expensive, or impossible, to tap into home
equity," said Steven Wood, president of Insight Economics LLC in Danville,
Calif. "Consumer spending could be soft in the third quarter."
Revolving debt such as credit cards rose $6.3 billion in June. Non-revolving
debt increased $6.9 billion.
