|
I've been getting a bunch of change notices from my credit card suppliers. No problem says I, I pay off my cards every month. Rates are going up. 22+ percent now. So is there anything I want to buy worth paying an additional 22 percent for? Default rate will be 29%. Default. 29%. That should make it easier for people to catch up!
If you miss or are late for a payment, don't even bother looking for a fucking postage stamp. Go straight for bankruptcy.
It's one thing to be greedy. It's another to be greedy, stupid and self destructive.
One of my friends says it rather nicely:
"A good deal of the trouble we are having nowadays is due to lack of visibility, both in traditional markets and in the newer credit default swaps. Bankers and brokerages still do not want to change the rules on these trading vehicles so people and companies can see just what is going on and what sort of risk an establishment is taking. Right now, I don’t think the rules will change. They would bring down the country…no, make that the world economy before we’d see a change. With hedge funds skirting the rules by trading outside US stocks outside US borders, any change would need to be world wide."
Credit card defaults pushed by high interest rates (remember: credit cards also charge a fee on every transaction) will send us further down the spiral.
|