You know what, kipp440, probably 20 percent of people who have credit cards should NOT have them. When Congress worked over the bank CEO's earlier this year, they were asked whether they would like to comment on their credit card businesses. STONE-COLD SILENCE. The committee moved on without comments. That was the white elephant in the room, and everyone knew it but did not want to talk about it.
Betcha at the bottom of the recession the default rate will go up to 15 percent, maybe more. For at least 6 months, people on the ropes have been paying for nearly everything--rent, mortgage payments, food, septic tank cleanigs, you name it--with their credit cards. There are going to be more foreclosure situtations because of it.
Banks and other financial institutions for maybe 10 years or more have engaged in reckless lending policies. To quote Rev. Wright, "The chickens are comin' home to roost"!
The greedy ******** (illegitmate children) get what they deserve, or do we, the people, get what WE deserve. I wouldn't mind seeing ousters of CEO's of banks. Let them retire to their multi-million dollars estates and play golf at country clubs with $50K initiation fees. Their golden parachutes probably would cover their membership fees. We, the people are idiots to have put up with this garbage.
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