If you ever injected truth into politics you have no politics.

- Will Rogers

Problems in Plastic Economy?

The $915 Billion Bomb in Consumers' Wallets [Read]

Catchy title, but what is underneath? Are consumers really going to have a problem with the substantial debt in their wallets? In talking with someone who has one of the highest credit ratings possible, they stated they were getting "Change of Terms" notices where the rates were going up substantially. People that are struggling are going to have greater problems when the credit card issuers raise their rates to bleed those who will pay.

It is amazing that some of these cards are going to rates near and above 20%, which most would consider usury. Those who were just getting by are going to fall, while some who thought they were okay are going to be just getting by. What about the politics? Reduce your tax burden and you can pay your bills...then cut up those credit cards.

One of the best things you can do in life is erase your credit card debt...do not use those cards.

Warren Buffet financial advice: "Stay away from credit cards." (Yes, the billionaire Warren Buffet.)

posted at 08:19:22 on 11/05/07 by clearpolitics - Category: Economics - [Permalink]

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clearpolitics wrote:

George Soros partner Jim Rogers said he is selling his house and all possessions to buy China's yuan.

"The dollar is collapsing,'' Rogers said last week in an interview. "I'm moving to Asia because moving to Asia now is like moving to New York in 1907 or London in 1807. It's the wave of the future.''

There are those who keep saying the week dollar is good for the economy. If this were so, why is Mexico not an economic powerhouse. The weak dollar is the sign of a weak economy, believe it or not.
11/05/07 09:30:00

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