Credit card debt is next......$915 BILLION worth

[Robert Weinstein]

Quote from brokerboy:

I think if you’re underwater and not paying your mortgage it’s a mood point credit is shot. I get your logic though just not sure if it matters.

Your credit may be shot but if you lose your house you can still keep your credit cards and build your credit back up.

On the other hand maybe you cant. My brother-in-law who works in commercial lending tells me that banks are starting to pull reports on people and if the new credit picture looks negative they are reducing the line of credit or canceling the cards for fear that people that are going down the tubes will run their cards up as a last resort.

 

[Hansel H]

Quote from thomfergu:

ohhhhh..... you idiot ,bullish aaa???yes people using credit cards because they don't have enough money you stupid fuck

If people are using c-cards as a last resort it's an argument to reduce card rates to a more reasonable level. 18% - that's usury!

Come to think of it c-cards aren't the last resort; the mafia offers competitive rates - certainly better than the department stores do.

 

[Digs]

The asian crisis was a result of massive credit card debt ( an other types) , that consumers couldnt pay...

South Korea went from debt of $100 per person to $26000 per person in 10 years.

Like subprime, banks were giving out credit cards to anyone with a pulse.

 

[zdreg]

Quote from makloda:

Just short MA, good for a quick 100% gain.

some readers may take you seriously.

 

[niceneasy]

Quote from gangof4:

i wonder how reliable these credit card debt stats are. nobody under the age of 60 uses checks any more. as such, there are a lot of people, like you an i, who have much larger credit card balances intra-month than we would have years ago; yet, in reality, we have no credit card debt, as we pay them off monthly. because of billing cycles, my credit report will often show me having thousands of dollars of credit card 'debt', which is an inaccurate snapshot of my exposure.

granted, i tend to think CC delinquencies will become a problem as many have lost access to their home equity atm lotto ticket. i just think that stats showing % of 30 or 60 day late are more useful than a raw #, given the reasoning i laid out above.

80 percent of americans who have credit cards carry a balance month to month.

 

[Robert Weinstein]

Quote from zdreg:

some readers may take you seriously.

Shorting MA was one of my best trades last week. Made over $400 in less than an hour(good for a low roller like me anyway).......

 

[Hydroblunt]

Quote from makloda:

Just short MA, good for a quick 100% gain.

Why would you short MA, they don't lend money, they are simply a processor & a network.

MA and VISA are going nowhere, this is the digital age.

 

[illiquid]

Quote from 1Reason:

Shorting MA was one of my best trades last week. Made over $400 in less than an hour(good for a low roller like me anyway).......

Wouldn't you have made twice as much twice as fast going long instead?

 

[flyingiguana]

Quote from stock_trad3r:

Credit card debt is a cornerstone to the Ameican economy, like it or not.

maybe credit cards can keep the economy going like the housing market did?

rofl hahaha

 

[Reaver]

Quote from niceneasy:

80 percent of americans who have credit cards carry a balance month to month.

Probably more than that.