osewalrus (osewalrus) wrote,

Epic Credit Card Fail Comming

Long in the making, the ridiculously high level of credit card debts is now triggering record defaults. This is finally reaching disaster proportions, as demonstrated by this piece on Advanta shutting down its credit lines.

Now is an excellent time to dump your stocks to cash in on the Bear Market rally.

The annoying thing is that the upcoming credit card collapse will be blamed on the credit card reform bill. The reality is that we needed this credit card practices reform 10 years ago when it could have done some good. Instead, as with the lending industry, we let these companies gorge themselves and place our entire economy at risk.

We desperately need to revise personal bankruptcy so that we can get a handle on the mortgage and credit card debt fiasco. The refusal of the financial interests to go along with this is yet one more demonstration of how "the market" so rarely knows what it needs in the long term.

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