2007-11-19 02:37:33 · 4 answers · asked by Bob M 1 in News & Events ➔ Other - News & Events
What crack rocks did to the ghetto, crack cards are now doing to the middle class.
Call it not the credit crunch , call it the credit crack.
2007-11-19 03:19:33 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Believe me its for real. People with adjustable mortgages are seeing their payments sky rocketing. Interest rates are jumping and making it really tough for people to obtain a home loan without paying top dollar. People that have refinanced taking money out of their homes and getting interest only loans are finding they can no longer afford their homes. This is causing people to max out whatever credit they have trying to hold on and in the end only to lose their homes. Then they are filing for bankruptcy leaving their creditors with millions of dollars of unpaid monies. In return the credit card companies are raising their interest rates to everyone else.
2007-11-19 02:50:43 · answer #2 · answered by Katie H 2 · 0⤊ 0⤋
You mean you haven't noticed any effect on you yet.
Government (Federal Reserve) bailouts of the big lenders with freshly printed money fuel inflation in a big way. If you haven't noticed prices going up, you must either work for the government or you've been living in a cave.
It's going to get worse before it gets better.
2007-11-19 02:44:00 · answer #3 · answered by Computer Guy 7 · 0⤊ 0⤋
Consider yourself fortunate.
It is Absolutely real.
You may not feel it affects you just yet but often,
the effects are felt in different facets of the economy
for a long time to come. It's effects on you personally
may be subtle.
2007-11-19 02:41:15 · answer #4 · answered by SamanthaSays 2 · 0⤊ 0⤋