Friday, March 23. 2007

" - Talking about Debt is Harder than Talking about Sex"

Today's consumer household is bombarded with credit card application/ offers and many households will collectively have more than half to a full dozen accounts. In many instances, MBNA and FIA card services will issue multiple solicitations and multiple cards, to single individuals, and also to their spouses. When households fall into financial difficulties and get behind on credit card account payments, it can be to much more than just one or two accounts. Transferring account balances results in a musical chairs version of moving account balances from one to another. Perhaps the entire suite of credit card accounts within the household may fall into default. If there are $5-10,000 limits on these cards, the household could easily be facing $20-200,000 in revolving credit debt.

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Steve

in Emotional Stress & Psychotrauma at 17:59 | Comments (0) | Trackbacks (0)

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