Quote:
Originally Posted by AmeliaG
Credit cards were not maxed out.
Credit cards were canceled by the millions by the banks because reducing leverage was a requirement of the bailout. Banks hired temp staff to deal with the massive number of freaked out consumers phoning to find out why their Xmas present was losing their never late credit card, at the same time the banks received billions of taxpayer dollars.
Didn't you hear from your members about this or experience it or know people who experiencedit, even if you didn't follow the financial news?
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I remember people with credit cards they didn't use, with high credit limits, were cancelled.
I Googled the topic for about 20 minutes and couldn't find anything to post here either way.
Common sense tells us that during hard financial times credit cards will be maxed out right?
Regardless, all the red flags from 2008 are here again, including Christmas retails sales crashing to 2008 levels.
I remember during the 2007 financial crisis Oprah was the only one who is saying that there's a problem and she would have shows about not being ashamed at the debt and how to live more economically while the finance shows & articles were saying everything was fine, until it couldn't be hidden anymore, which is natural. we want our economy to keep going as strongly as possible for as long as possible and minimize red flags.
OH! One reason we might not be connecting on this issue, I was living in Australia at that time and I had been living in Australia for five years without coming back to America.
I think our disconnect possibly might be the news sources and information we had and what the focus was in the different countries at that time?