This is financial armageddon?

Americans are "addicted to credit". Now when it looks like we need to live within our means we are told we need $700B to keep the credit addiction for a little while longer.

At some point we will need to stop and pay back the $10 trillion.
 
The average American with a credit file is responsible for $16,635 in debt, excluding mortages, according to Experian. (Source: U.S. News and World Report, "The End of Credit Card Consumerism," August 2008)
 
Quote from ericadam:

The average American with a credit file is responsible for $16,635 in debt, excluding mortages, according to Experian. (Source: U.S. News and World Report, "The End of Credit Card Consumerism," August 2008)
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And by how much is the average american in debt including all sorts of debt ?
 
Quote from fluttrader:

Where did you get that figure ?
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Radio ads, tv personalities and commercials. Most fianancial advisors and credit collection agencies and IRS help guys quote this figure alot. :D
 
Not even in the top 10 worst days. Way overhyped.


Quote from pulsescan:

Yeah,

Dow Jones - 777 poins = 1 TRILLION $$$ LOST:D

350 FICO score + $1.2 million loan = default foreclosure

Bad loans = bad math.:p
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Quote from CaptainObvious:

I'm not seeing it! DOW stays above 9500-9700 it's all good. I think we've become a nation of hand wringers. This reminds me of weather forecasts during the winter. We get 4-6 inches of snow and somehow it's a f'n crisis. That's all this is! Chill!
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Agree
 
Whoa. A sighting of the permabull of permabulls, stock_trad3r? In this market? I thought you were hiding out until the S&P 500 hit 1400 again.
:p


Quote from stock_trad3r:

Agree
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:p
 
Quote from pulsescan:

The problem is when your bank cancells your credit cards and you can't afford to buy on sandwhich on credit how will you eat?
The fact is that most americans are cash strappd and in credit card debt averaging $10,000 or more. There won't be any more car loans, bank loans, or any credit for that matter in a depressionary economic downturn. This will hit home to Joe citizen after Rome burns. We are headed for calamity whether you want to burry your head in the sand and pretend it doesnt exist is your own doing.
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Here's the problem with your 700 billion dollar gift to the crooks. It does nothing to address the real problem. I'll put it here in writing. Before the spring thaw of 2009 we will have double digit unemployment. Housing prices will still be in decline and the crooks that you gifted the 700 billion to will have their hands out again.
This will happen regardless of which party takes the election and I'll be here to say I told you so.
 
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