Replies to post #12260 on Option Millionaires

[Casprs1]

I'm doing the same as you. Have two good incomes and no debt to speak of other than the house and that's pretty small. The Mrs and I spoke about it this weekend and are cutting back to going out to eat only once a week (we had been going 6-10 times a week) and not spending on anything we didn't really need.

[maksim]

Absolutely, the economy is built on the backs of US consumers.

Overextended credit, and guess what, each and every one of those consumers is going to get their tax rebate and go spend it on a flat panel tv.

the credit card companies charge 30% interest, so as long as 1 in 3 keep paying, they will be ok.

I do work with a few pro bono cases, that have been paying min payments on credit cards for ages.... and its not like they are putting new stuff on the cards... most do not remember what they owe the money for since it was so long ago.

Add annual fees, membership fees, overdraft, monthly, late payment fees, and that is the new ballgame.

the credit card companies would love to have people pay min payments at 20% interest. =)

But it is scary... the way out of this mess, is to get people to spend, yet... we are in this mess, because people spend. Talk about a catch 22