And it is reported in the title link that CREDIT CARD DEFAULTS are at record highs...of course, this could just be pre-planning by many people who are going to file bankruptcy under the "old law" which is running out soon.
Yet this can not be good for banks and credit card companies. And AFTER THE NEW BANKRUPTCY LAW kicks in...MOST WORKING PEOPLE WILL BE STUCK WITH THEIR CREDIT CARD DEBTS FOREVER...the only way for a person earning a "living wage" to shed their debts in bankruptcy will be to QUIT THEIR JOB...
One of the dirty little secrets about bankruptcy courts is that THEY ARE NOT FOR POOR PEOPLE... The truly poor can not come up with enough debt to go bankrupt...and not having regular living wage jobs...they are not worth chasing by their creditors, if any.
THE TRUTH IS THAT BANKRUPTCY IS ALL MOST ALWAYS A MIDDLE CLASS AND UPPER MIDDLE CLASS AFFAIR... THAT WILL CHANGE SOON, AS PEOPLE WITH "REAL JOBS" ARE CLOSED OUT OF THE BANKRUPTCY SYSTEM AND ARE "FORCED" TO PAY BACK WHAT THEY OWN ON THEIR CREDIT CARDS AND OTHER UNSECURED DEBT...
Indeed, for many "general practice" lawyers their bankruptcy clients are often at the high end of the social scale...since most middle class folks avoid real criminal activity and nasty divorces and other similar "low life" legal problems.
Not so with bankrupts...they are mostly solid upper middle class as a rule,...albeit a little bit "scatter brained" about their "financial affairs."
THE US ECONOMY HAS BEEN BURNING THE CANDLE AT BOTH ENDS FOR A LONG TIME NOW... VIRTUALLY EVERY NEWS STORY IS NEGATIVE ON THE ECONOMY. SO, AS THEY SAY, IT'S JUST A MATTER OF TIME BEFORE REALITY SETS IN...
SO, WALL STREET IS LIVING ON BORROWED TIME AND BORROWED MONEY.
