Much more money is owed in Credit Cards than in mortgages?

[crgarcia]

During an informal meeting with a banker, he told me this.

Where/how can I verify such claim?

It makes some sense, only some people are troubled with mortgages, but many are late with their credit cards.

 

[Scataphagos]

Quote from crgarcia:

During an informal meeting with a banker, he told me this.

Where/how can I verify such claim?

It makes some sense, only some people are troubled with mortgages, but many are late with their credit cards.

How can that be true?

Only a percentage of CC holders are behind... and the "average balance carried" (by all card holders) is something like $8-$9,000 per household??

 

[S2007S]

Dont know how true that is all I know is that there is close to $1 Trillion of outstanding debt due on Credit cards and between $10-$14 Trillion on mortgages.

 

[Scataphagos]

Quote from S2007S:

Dont know how true that is all I know is that there is close to $1 Trillion of outstanding debt due on Credit cards

Only ONE $Trillion? Shoot... Fed write a check. Problem solved.

 

[S2007S]

Quote from Scataphagos:

Only ONE $Trillion? Shoot... Fed write a check. Problem solved.

$1 trillion is nothing, they can fix that within a few minutes, that's why the bull market is back, there is no worries left for anyone.

 

[Scataphagos]

Quote from S2007S:

$1 trillion is nothing, they can fix that within a few minutes, that's why the bull market is back, there is no worries left for anyone.

Except the "BS factor"... money-pump rally, born out of borrowed funds, never-intended-to-be-repaid, psycho-manipulation crapola.

 

[makloda]

Quote from crgarcia:

During an informal meeting with a banker, he told me this.

If he's handling your account, make sure you either get another rep or move to a different bank.

The guy obviously has no idea what he's talking about.

 

[Salmonn]

Quote from Scataphagos:

Except the "BS factor"... money-pump rally, born out of borrowed funds, never-intended-to-be-repaid, psycho-manipulation crapola.

dude I love your posts, you must have some recent European blood, no way you are pure American

Americans lack family dinners where politics and economy is discussed

 

[IanMacQuaide]

Americans lack family dinners where politics and economy is discussed

 

[Salmonn]

Quote from IanMacQuaide:

Americans lack family dinners where politics and economy is discussed

don't take this the wrong way, many of my friends are European, I travel there often

and I have plenty friends in North America.

there is a considerable difference that I notice, in understanding of economics and politics

my EU friends seem more savvy