A World of Tighter Credit?

  • Posted: 16 June 2009 04:30 PM

    The CEO of Citi says that’s where we are headed.

    I think that may be a good thing as the economy slowly recovers from the collapse of a consumer spending binge based on cheap and easily accessible credit.

         
  • Posted: 16 June 2009 06:16 PM #1

    Equally, a world in which consumers don’t want credit any more, thanks. It turned and bit them, and it hadn’t make them happier even when it was working. Some folks will say - go ahead and trash my credit rating; I’m never going into debt again, so it doesn’t matter any more.

         
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    Posted: 16 June 2009 06:23 PM #2

    When the whore banks want 32% on a credit card for a person with medium credit, I say STUFF IT, and save up first.

    They are whores, syphilitic whores, quadriplegic whores. They cheat, lie, steal, change terms, move mail dates around,sit on timely payments for the late fees, up rates if you pass gas in another universe, and do everything they can to…

    GIVE IN THE HEADLINES….

    ... only to steal it all back, and then some with the ”~*~” and the infinitesimal microscopic print that negates all that you THOUGHT you were getting in terms of a good deal.

    In any DECENT society, they would all be rotting in jail for ORGANIZED CRIME that rivals the Mafia loan sharks, but in OUR corruptocracy, they have paid off anyone and everyone to allow a systematic RAPE of the populace.

    They make the Wall Street Whores look like pristine concubines.

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    “Even in the worst of times, someone turns a profit. . ” —#162 Ferengi: Rules of Acquisition

         
  • Posted: 16 June 2009 07:54 PM #3

    sleepytoo - 16 June 2009 09:16 PM

    Equally, a world in which consumers don’t want credit any more, thanks. It turned and bit them, and it hadn’t make them happier even when it was working. Some folks will say - go ahead and trash my credit rating; I’m never going into debt again, so it doesn’t matter any more.

    Hopefully (if even for a little while) the consumer culture will change will less demand for credit and more of a focus on saving for the long-term. The Social Security system in the US will need another overhaul to protect the viability of the trust as baby boomers begin to retire in big numbers and few of us with a number of years to go until retirement can trust that the trust will remain viable or that current benefit levels and program services will remain in place.

    Without personal savings it will be challenging for most boomers to maintain anything near current standards of living well into retirement. We’ll see if the consumer appetite for credit rebounds with the economy or if we will see that some lessons have been learned and aggressive use of credit returns as a way of financing a life style beyond one’s means.