[dalebert]

If the government can do it than why oh why cand I? haha

[353FMG]

Consumer; if you can’t afford it, don’t buy it.

[Opinionated Blowhard]

And they simply won’t pay, and then blame the evil credit card company for scamming them. The government will demand a moratorium on suits against defaulting credit card debtors. Its the American Way anymore.

[autumnraine]

What’s going to start to affect the economy even more is when the instacredit dries up, or people start defaulting even more and can’t stay afloat. That’s the only thing keeping it all out of the tanker IMO.

[SoDak]

when EZ credit goes away, how is this generation going to deal? I have some very young men in my department who buy dinners, gas and groceries on credit and are used to a life of never having to say no to themselves. I don’t know how people will hack it if they don’t have access to purchasing power to get what they want, when they want. Waiting til payday, and budgeting is a foreign concept.

[HighlyOpinionated]

Banks cannot “loan” anything but cash money. They are cheating the public by offering “credit” and then by using the amount of the credit line in their list of “assets.”

How convenient. I get a credit card with a $20,000 limit and that $20,000 shows up as an ASSET? There’s no cash behind that! The bank doesn’t have that amount of money sitting in a vault. It only has . . . thin air. And what do I have? Cash money? Nope, I never saw the $20,000 either.

So, where do banks make money? MOSTLY on all the charges related to loaning out credit . . . or “air” . . . millions and millions of dollars. Because they charge you based on . . . their contol of . . . credit. Air.

So what do you do? Get your own bail out. Check my blog (third post) and comment if interested (your comment will remain private, I monitor my comments).

Why should the banks get a Congressional Bail Out and then NOT bail out their customers who gave them the “asset” that they used as leverage to get the bail out? Doesn’t make sense when I read it the second time, either.

[Lorianne]

Maybe they saw that everyone else was getting a ‘bailout’ so they decided to give themselves one too.

[AmericanInTokyo]

Conversely, if one is not a self-indulging knucklehead, does NOT live way over one's means and has been that way for years (real estate bubble or no bubble), adheres to sound, conservative Biblical personal financial principles and morals, and is not in debt with a clean credit rating, does anyone out there know if one's credit score automatically would continue to go up against the masses who are slithering into oblivion where the chickens are coming home to roost (because one is increasingly better in a comparative risk sense against the general populace)?

Credit score here is pretty good, it is always good to get it higher I suppose.

[CSM]

Dave Ramsey ping!

Every article I read like this makes me thankful that I discovered DR a couple of years ago. Since I am following the babysteps, I have decided to not participate in this downturn.

If you would like to be added to the “Live like no one else, so that you can LIVE like no one else” list, feel free to Freepmail me.