Debt Free Resources

Is credit card debt one of the factors hurting the economy?

On all of the credit card debt commercials you hear “Cut your debt in half!” Well, I think it’s fine to get out of debt what if you owe $10,000 and you only pay $5,000 isn’t that unfair to the person/people you owe?

Yes. This is a huge issue, although it hasn’t hit the papers yet. Credit card receivables are bundled into Collateralized Debt Obligations and sold, just like bonds. As people lose their jobs, they won’t be able to pay their cards and these bonds will become junk, too.

Plus, in normal times, consumer spending is about 70% of economic activity, much of which is on credit. With the current liquidity crunch, banks are going to hold back on issuing new cards and giving line increases. Combined with the fact that a lot of people are already at or near the max on their cards, this will cause a shrinkage in economic activity and more layoffs.

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