Disappearing Credit Lines
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A few days ago, I read an article about banks reducing lines of “available” credit in HELOC’s located in areas of substantial reductions of appraised values. For example, if you had a HELOC of $50,000, with $30,000 of available credit, and your area has been hard hit with lower appraisal numbers, the bank could take away the available credit of $30,000. Bank customers were complaining that they should have maxed-out their lines, if they had known this was going to occur. Oh yeah, and these customers were A-1 credit-wise.
Credit card companies are also considering this tactic, as well. Not only will they consider how you pay your other bills, but also your spending habits. For example, do you use your card to buy groceries, gas, pay other bills, and only pay the minimum each month.The sky is falling, just like in February, 1988(google it if you don’t believe me.)
http://findarticles.com/p/articles/mi_hb5037/is_198802/ai_n18324582
http://findarticles.com/p/articles/mi_hb5037/is_198802/ai_n18323803
http://findarticles.com/p/articles/mi_hb5037/is_198802/ai_n18323807
http://query.nytimes.com/gst/fullpage.html?res=940DE1DF1330F93BA25751C0A96E948260&scp=26&sq=february+1988&st=nyt
http://query.nytimes.com/gst/fullpage.html?res=940DE0D91E39F93AA15751C0A96E948260&scp=25&sq=february+1988&st=nyt
http://query.nytimes.com/gst/fullpage.html?res=940DE2DF163DF930A35751C0A96E948260&scp=36&sq=february+1988&st=nythtt
p://query.nytimes.com/gst/fullpage.html?
res=940DE3D9173EF932A35751C0A96E948260&scp=49&sq=february+1988&st=nyt
I won’t rehash my previous posts, concerning government manipulation of economic reports. But suffice it to say that a real inflation rate of 10+%, unemployment at 10+%, a negative GDP for several quarters, and M3 money supply over 15%, doesn’t inspire me with a lot of confidence. Oh yeah, if you apply GAAP standards to the government, we’re looking at debts of over $50 trillion.
Now, do I think the market is going to crash? No. I think a Dow of 100,000 is entirely possible...with an extremely depreciated dollar.You make some reasonable points. As I stated, the dollar index is at an all time low. We can have dow 18000 next year, and still be in a recession.
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/02/28/bcnben128.xml"Federal Reserve chairman Ben Bernanke said that the impact of the current housing-led slowdown in America has the potential to be far deeper than the collapse of the dotcom boom at the start of the decade."
Folks, this is the fed chairman, he speaks to not to panic the markets..with some optimism! LOLThere are many great advantages of using credit cards and at the same time disadvantages. And, it totally depends on us that how we use it. In my opinion, with the right use of credit cards, the advantages of credit card can overweighs the disadvantages.
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