Daily Mortgage Rates News – Americans Continue to Buy on Credit
Posted on | May 15, 2009 | 1 Comment
Daily mortgage rates news offers information on mortgage and real estate news. Today we analyze the fact that Americans continue to buy on credit in this troubling economy.
The CNBC article Credit Card Defaults Reach Record Highs in April states
U.S. credit card defaults rose in April to record highs, with Citigroup and Wells Fargo posting double digit loss rates …
Statistics on the exact default are located over at Calculated Risk under this credit card article. As much as we hear that the economy is getting better and that things are looking bright, we continue to see bad news like this. If credit card defaults are continuing to hit record highs are we in for a tough road to hoe? It does not matter if mortgage rates are below 5% if credit card defaults are at all time highs. It is very obvious that people are using the money they are making to solely pay their bills and the rest of their expenses are being put on credit cards.
It is obvious that some people are putting so much of their financial burdens on crediit cards that is has strained them to the point of no return. The government can force mortgage rates as low as they want, but until Americans start making more money, or hell, making ANY money at all, it is not going to matter.
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May 15th, 2009 @ 10:50 pm
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