Quote:
Originally Posted by onewhippedpuppy
Remember when people actually paid for things? Like, with money? Lenders being more conservative is not a bad thing, it's the slap in the face that many Americans need. Returning to conservative (i.e. smart) lending practices is better for everyone, except those that are mortgaged to within an inch of their lives. Our addiction to debt has to stop, but no matter how you cut it things will be ugly for a while.
|
I didn't say that lending practices were good. But this thread is about good customers getting their credit lines chopped. This is because there is no credit available - even for low risk customers!
You may underestimate the possible magnitude of the "ugly for a while". The financial system is going down very fast and US credit cards are another 500 billion dollar bail out around the corner. This will seriously affect every one of us, including the many people that have zero credit card debt. How long can governments around the world keep pumping money into the system? And where is that government money coming from?
George