Nuts?
Not at all. People are borrowing because that in many cases is the only way they can survive. Food on the table. Meds. Shoes. Gas.
Right on the money! I was at my doctor’s a few days ago - he has a mostly blue collar, possibly illegal alien, definitely multi-national clientele and he was horrified by the number of patients who tell him they do not have enough money to put food on the table for their families, on a daily basis - including for their children!! Nor can they find work!
Welcome to corrupt Obamaland where Obama eats $140 a pound Kobe beef and we the people, legal or otherwise, are too often borderline starving.
We were doing the credit card thing early last year. In July we started selling off belongings: jewelry, clothes, furniture, antiques, bullion, and art work. Note: you can’t eat gold!
We have, this first week in January, cashed in a life insurance policy in order to pay off the house, the car, and all credit cards. By the end of this month we will be debt free.
I’ve been following the economic news with trepidation and believe the nation is on the abyss’s edge. An economic collapse will be devastating for those who neither know it is coming nor what will happen when it does finally arrive.
One thing is apparent: if you cannot roll around naked on your wealth, then you have nothing. Why? Because paper has no value - MF Global, beyond a doubt, was proof of that fact.
When I was in the supermarket on Saturday, bought beef for incredibly low prices: New York strip steaks @ $3.44 per lb.; huge Rib steaks 2” thick @ $4.30 per lb. I bought up all they had and will freeze it all. This sounds like ranchers slaughtering their herds now because of future uncertainty, not knowing if they can borrow money or afford to feed cattle later this year.