The Economy and Collecting

[kingjammy24]

"the problem with today's society is credit cards. people will continue to spend as long as they have the ole plastic."

sure but previously the ole plastic was being paid off from other sources of credit, which i believe are now finally drying up. eventually, the piper has to be paid and i believe that time is now.

much of the financial exuberance of the past 10 yrs was fueled by people exploiting loose credit standards and increasing home prices. those factors have pretty much come to an end.

lenders have tightened credit standards. interest rates are rising. home equity is dropping due to falling home prices. for many, the days of home equity lines of credit are over. the tap has run dry. foreclosures are soaring and FICO scores are taking the hit. the unemployment rate is increasing while the personal savings rate is negative and at the lowest point since 1933. many who bought homes in the past few years using ARMs (which may have been the majority in many areas) are finding their home payments increasing to unsustainable levels. it's a perfect storm. if the ole plastic were such a readily available option then i think that it'd be helping to save homes but it's not. the plastic is tapped out as well or will be very soon.

"Credit cards just do not help - and if one can't pay their statement each month, what good are they??"

they're good in the sense that they allow people to live how they want; ie: without any sense of delayed rewards. you can only maintain the delusion for so long before it starts crumbling and it seems that time is rapidly approaching.

rudy.

[earlywynnfan]

I'm going to go out on a limb here and assume that Rudy was the kid who spoiled Santa for everyone, too.

Ken

[kingjammy24]

"I'm going to go out on a limb here and assume that Rudy was the kid who spoiled Santa for everyone, too."



it all came about when i photomatched the wrapping paper on the presents to the wrapping paper in my parent's closet.

rudy.

[ChrisCavalier]

"I'm going to go out on a limb here and assume that Rudy was the kid who spoiled Santa for everyone, too."



it all came about when i photomatched the wrapping paper on the presents to the wrapping paper in my parent's closet.

rudy.

Actually, I would wager that you did more analysis than that because the photomatch wouldn't have accounted for the fact that Santa could have used the same wrapping paper that your parents used. I'm guessing you also checked local store sales records as well as scotch tape levels on the rolls in your house before and after the Christmas season.

Again, I'm just guessing.

[kingjammy24]

here's a relevant article:

http://www.cnn.com/2008/LIVING/perso....ap/index.html

maybe we'll soon see people cashing out their collections.

rudy.