Crap!
As Europe continues to go to hell in a handbasket, we get THIS bit of disturbing news. If the incidences where people are having to buy staple like food and gas with their credit card are going up, then we are that much closer to those people defaulting on those cards, because, well, if they can’t afford to pay for food and gas out of pocket, then where the hell do we think they are going to get the money to pay the credit card bill when it’s due at the end of the month?????
Many years ago, I was in this situation, and know what happens first hand. You only pay the minimum due, if that, because that’s all you’ve got. Then, at some point, you will find you can’t even do that. I got lucky and landed on my feet. But that was during an economy on the rise, where job creation was increasing and I eventually landed on my feet.
And then there is this amazing quote from Fed chair Ben Burnake:
“The anticipated pickups in economic activity and job creation, together with the expected easing of price pressures, should bolster real household income, confidence, and spending,”
Why is he still there?
Yep… We’re in the best of hands!
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