I don’t carry credit card debt, or car notes either. Except for a very modest mortgage, I owe nothing.
But this move by the banks is going to have temporary adverse affects on the economy.
The economy is largely based on consumer spending as well as the jobs of millions. In addition, this can cause deflationary pressure as credit is a big part of the money supply.
“I don’t carry credit card debt, or car notes either. Except for a very modest mortgage, I owe nothing.”
Well done!
“But this move by the banks is going to have temporary adverse affects on the economy.”
But in the long run it might have some positive effect. People who are addicted to debt, and it does seem to be an addiction, can benefit from those “rock bottom” moments. I personally don’t think that the debtslavers are going to push credit card debtors that hard. For no other reason than they make a heck of a lot of money on the debt. It doesn’t make sense to push people to the extent that they simply clip their cards.