Credit card losses could top $70 billion

[bugscufle]

U.S. consumers have never before been so deeply in debt. There was nearly $1 trillion of credit and charge card debt outstanding as of October, up more than 25 percent since 2003, according to the U.S. Federal Reserve. That is in addition to $10.54 trillion in mortgage debt.

Unemployment, already at 15-year highs, is expected to rise to its highest levels since the early 1980s, when credit cards were not nearly as widespread.

In short, there's more debt than ever and fewer people are able to pay it.
REUTERS

Of course it is the responsible, thrifty, delayed gratification, citizens who must make good to the irresponsible credit card companies and irresponsible credit card users.

[Terri]

Of course it is the responsible, thrifty, delayed gratification, citizens who must make good to the irresponsible credit card companies and irresponsible credit card users.
Isn't THAT the truth! What happened to common sense?!?

I am starting to feel like we were the only responsible sub-prime borrowers on the face of the earth! ??? 20 plus years ago, we were forced to move because of unemployement: we had kept our credit good but we had almost no down payment.

We were both working in the new city, and we CAREFULLY chose a place with affordable payments, and we have been very happy here. We have never missed a payment, and it will be paid off before we retire.

Then I see how a lady with bad credit borrowed $130,000 against a falling down shack with rotting walls, and I thing WTF?!? The lady is entitled to be a fool, some people are, but what was the BANK thinking?

[tufhelp]

"Of course it is the responsible, thrifty, delayed gratification, citizens who must make good to the irresponsible credit card companies and irresponsible credit card users."

And it won't be just the credit card companies, right now there are major furniture chains offering "No payments for three years".Think akbout what will happen in three years with the stuff happening right now!

The "credit" world is upside down and heading for disaster no matter who is offering the delayed payment scheme...

[jonvee]

Terri, you're not alone in the responsible homeowner catagory. I did the unthinkable when I moved several years ago - bought a house I could actually afford :o without too much effort. Such a foriegn concept where I live.

One thing you all might be interested in is a book and DVD called IOUSA. It talks about the financial crisis and gives some really good info on how, why and when it actually started. It came out in late 2007, but after watching it, the situation the country is in now is not surprising. The sad thing is our children's children will be paying for all these mistakes.

[MissouriFree]

Do I smell bail out !

[Michael32170]

$70 billion? Is that all? Sounds too low to me.