Sunday, May 04, 2008

America and bad credit

I wonder how many people there will be left in America with good credit after this whole mess is over. Certainly a lot less than before. I'm sure once this whole mess passes there will be a lot of banks and lending institutions out there willing to offer people bad credit loans at higher interest rates. Its the whole supply and demand thing I guess. The news can say all they want to about people borrowing more than they could afford, but when it gets more expensive to live and your income isn't increasing with the demand then you obviously have a problem. Gas prices rise and with that the cost of everything else we need goes up like electricity and food and other things we need to survive (ok we could survive without electricity, it would just suck). Your going to feed your family and pay your mortgage before you pay your credit card bills and when you can't pay your mortgage anymore your going to pay your car payment and buy groceries, after all you might loose your home but as long as you have a car you can still rent. If you can't get back and forth to work though your in trouble.


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