UncleHoney
Full time employment: Posting here.
Looks like things are getting a little dicey for those who owe.
American's credit card defaults seen surging - Dec. 23, 2007
American's credit card defaults seen surging - Dec. 23, 2007
... if you are a lending institution with a lot of these you may have a bit of a fire sale on used cars coming your way.
13 years back when my mom had cancer, Dad kept telling about all the stuff she was buying from catalogues on the 'never never'. He managed to intercept some but most he couldn't return. I was living in the USA while they were in England so it was difficult to help. She died within 6 months and when I went over for a couple of weeks to help sort out finances etc I was dreading the worst. I had written a will for each of them some years earlier - they have simple affairs.After all of my stash is spent and I am 102 years old, my final financial move will probably be to max out all of my CCs and, when I die, all of this unsecured debt will have to be written off by the CC companies. Blaze of glory....
About twenty years ago, I started thinking, “what is going to happen when all these people in credit card debt have to pay up.” When that happens what will be the consequences to those of us who have sacrificed to gain the position we are in? To tell you the truth I am a little scared.
After all of my stash is spent and I am 102 years old, my final financial move will probably be to max out all of my CCs and, when I die, all of this unsecured debt will have to be written off by the CC companies. Blaze of glory....
runnerr said:what will be the consequences to those of us who have sacrificed to gain the position we are in? To tell you the truth I am a little scared.
Why? If a bunch of other people lived beyond their means and now have to pay the piper, why is that your concern?
Maybe I'm missing something....
The aid being offered in that case will eventually be funded by those who were otherwise responsible with their mortgage, yet will end up paying part of the price anyway, to bail out the irresponsible ones. Maybe he's afraid a similar "let's-all-chip-in" mentality will prevail to help save these peoples' boats and cars the way we're saving their homes.
Right now, I feel so fortunate to have neither a mortgage, nor credit card debt, due to my own version of LBYM and preparing for ER in a couple of years. The difficulty people are having in paying their mortgages and credit cards is certainly an unanticipated turn of events. Well, at least I didn't anticipate it.
Now with the barrel of oil hitting $100 - I do beleive that people will have a harder time paying their bills, mortgages, for gas & heating oil, putting food on the table, etc..., etc...
One can only hope that our poor and our elderly who live on limited incomes survive.
GOD BLESS
I know -- I hope things get better soon!
Again I seem to have the luck of the Irish (even though my ancestry is Scottish), because I only buy about 150 gallons of gas a year. Even if it went up another $10/gallon, which it won't, I could manage. But what about those in places like California who have 60 mile commutes each way, in order to find housing they can (barely) manage to pay for? It's going to be rough on them. And we don't really need very much heat in New Orleans. But as you point out, the poor and elderly will have a rough time, especially heating their homes in colder climates.
There is an article on Yahoo and CNN/Money - $100 oil will hit gas and airfare
Yahoo! Personal Finance
GOD BLESS
Except for the cancer part that would be my plan. Order whatever I wanted - give it away or use it, die and don't pay the bill.Turns out there was no check to stop folks with terminal cancer who had excellent credit from running up big accounts backed with this extra 'term insurance'