A while back I posted about the upcoming doubling of credit

[rzemanfl]

card minimum payments. This article makes some dire predictions:

http://www.corante.com/mooreslore/archives/2005/08/21/dating_the_next_recession.php

Summary: overextended folks put their homes on the market, driving prices down, equity disappears, foreclosures loom, new bankruptcy law prevents Chapter 13 protection due to 180 days from credit counseling filing requirement, vultures in the wings, etc.

[Deja Q]

1. What a load of bunk:

"Even with the economy continuing to grow, the current government is unpopular. What do you think happens after October?"

That alone turns his article into gibber.

The economy is NOT growing. Corporations are laying off and offshoring and THAT is why they can post bigger profits; their short term whittling WILL come back to bite them hard as more and more people cannot buy the goods being sold. No job = no money. Duh. We are quite stagnant rght now and the carpet is about to be pulled. It's not growing and he's on LSD for thinking it is.

[rzemanfl]

2. That's what the article says, I haven't checked that out. n/t

[Deja Q]

3. I revised my message, I'll put my original question back here:

"So one can't do chapter 13 until they do 180 days of credit counseling?!"

(ouch)

[rzemanfl]

4. I took that to mean "even if the economy were growing, the

current government is unpopular," particularly in light of the comment that the recession may have already started at the beginning of the article. That line excepted, what did you think of the rest of it?

[Blue_In_AK]

5. It's going to be a tough winter for a lot of people

with credit card payments doubling, the price of gasoline and fuel oil rising with food prices undoubtedly to follow, and a cold winter expected. It's not going to be pretty.

[rzemanfl]

6. It is not going to be pretty, plus I just noticed an article on MSNBC

that a lot of people are using their credit cards to buy gas...

Wish I could take a five week vacation and forget about all this crap, cut some brush, do some fishing and biking, spend quality time with the wife.

[wli]

7. I'm glad I figured out the credit card racket a long time ago. n/t