Comments on: The Looming Credit Crisis: Another Reason To Live Without Credit And Debt

By: QuickHits and the Best of Prime Time Money: October 2008 | Prime Time Money

QuickHits and the Best of Prime Time Money: October 2008 | Prime Time Money — Tue, 04 Nov 2008 04:46:19 +0000

[...] The Looming Credit Crisis: Another Reason To Live Without Credit And Debt How I’m going to outsmart old man winter Purchase Airline Traveler Vouchers to Save On Flights Federal Funds Rate And Your Savings Seeking Simplicity Is Home Ownership Just Fancy Propaganda? [...]

By: Face The Credit Crisis: Avoid Accumulating Debt and Limit Credit Use

Face The Credit Crisis: Avoid Accumulating Debt and Limit Credit Use — Sun, 02 Nov 2008 21:15:47 +0000

[...] credit, loan limits and credit card defaults. As Pete puts it, this is one more reason to try to live without debt or credit. If the credit crisis worries you, then avoid accumulating debt and limit credit use as much as [...]

By: Ryan G

Ryan G — Sun, 02 Nov 2008 10:52:12 +0000

We in the UK are hoping that the Bank of England reduce interest rates now so that the biggest credit burden on our lives (mortgages) are more in line with realistic requirements. Repossessions are seriously on the increase at present, interest is high, and credit card companies are still offering ‘deals’ at extortionate rates which will not help people in the long run, but are being snapped up by those in desparation.

By: Peter

Peter — Sun, 02 Nov 2008 03:10:46 +0000

That’s funny. I like that – keeping the post office alive!

In our Financial Peace University class for fun we’re bringing in all the credit card offers we get to see how much cred it we could possibly apply for and get. In the last clas with 7 couples we were offered over 1 million in credit.

By: Joshua

Joshua — Sat, 01 Nov 2008 20:59:33 +0000

They, like any other, are only in it for the money. Truely, they will find some way… go offshore… hit more minority segments…. increase existing credit lines… whatever it takes to prop up those margins again. Sure, they will take a hit…. and it will be ugly… but they will again sink their way into the wallets of as many people as will apply.

As new economies come online and more middle classes are developed, more lines of credit will be opened.

(but if you want to have fun like I do, take the card offers and write “no thank you” on the application and mail it back in the postage paid envelope. Think of it as keeping a US Postal worker employed…. )

Joshuas last blog post..The Humility Effect

By: CindyS

CindyS — Fri, 31 Oct 2008 18:27:47 +0000

I think one of the best things that might come out of the economic crisis is that not only will credit tighten up but people will become more aware of how they are spending their money and using credit. I just wish that credit had tightened up enough to keep my 18 yr old daughter from getting her first credit card. Sigh!! She is all the way across the country so not much I can say ….

CindySs last blog post..Winter Gardening: 30 Vegetables to Grow in the Winter

By: Matt

Matt — Fri, 31 Oct 2008 16:10:13 +0000

I think I’ve been throwing away less credit card offers that come in the mail but that’s about it…

Matts last blog post..Choosing Grapes

By: Mr. ToughMoneyLove

Mr. ToughMoneyLove — Fri, 31 Oct 2008 14:05:44 +0000

I don’t consider tightening of consumer credit standards to be a crisis at all. Instead, I view it as reason and logic returning to the credit markets. I wish people would stop referring to it as a “crisis” because it reinforces the belief among broke consumers that they are “victims.”

Mr. ToughMoneyLoves last blog post..Want to be in a Working Family? (Hard Workers with Money Need Not Apply)

By: Miranda

Miranda — Fri, 31 Oct 2008 13:16:12 +0000

Looming? I think for many people it is already here. You are right, though, that this crisis brings into sharp relief the dangers of relying on credit and debt.

Companies probably are right to tighten up standards. After all, loose lending is part of the reason we’re here.

Mirandas last blog post..Car Shopping: Lease Returns