The Ordinary American Needs To Be Bailed Out From Foreclosures
November 7th, 2008
If the nation wants to regain its power then the ordinary American needs to be bailed out from house foreclosures. Joe the plumber was a symbol of the ordinary American – popularized by both Obama and McCain, the two presidential candidates. Joe cannot clear his credit card dues. With the elections over Joe is forgotten but not the foreclosure related problems. Americans are not only defaulting on house mortgage and having to face foreclosure but he is also falling back on credit card repayments. The situation is so grim that Federal regulators have requested them to waive of 40% of the debts for some of the consumers, as reported by Associated press.
Barring few old fashioned citizens Americans do not know of life without living off loans. But the old saying of Hamlet has become relevant again in this Foreclosure Age – “Neither a borrower nor a lender be.” Living on credit was fashionable and smart while the sun shined. Banks fell over backwards to lend out money to anyone with minimum credit-worthiness. Before the foreclosure tsunami struck, the banks sent by mail thousands of solicitations to Americans asking them to avail of credit cards. In USA there is in circulation over 650 million credit cards. The total population is about 300 million.
The economy of USA is entirely dependent on the spending of the consumer. Even today when one enters a store the offer will be given that with the opening of a credit card the shopper can avail of a discount of 10% from that very day. The bonus point would be added with a whisper that the person could cancel it at any time. Thus would begin a spending spree and for this the whole world is paying the price today.
America being the hero of modern times was mimed in every step from jeans to credit cards. Indians too aped the great country and the middle class has got stuck in the mire of consumer quick sands.
At one point of time Americans would use the credit cards mainly during the festive season. But soon it became an addiction for all seasons. The credit card was used to temporarily ward off foreclosures. But this could not be continued. Consumers began to juggle with credit cards to use one to pay off the other. Approximately one million citizens file bankruptcy each year!
- Wells Fargo Wins Auction Bid for Foreclosed Apartment Complex in Harlem
- Moral, Social and Financial Issues Behind Borrower’s Decision to Walk Away From Foreclosures
- Foreclosures are Persisting While Price Slump Too is Continuing
- Foreclosures Somewhat Halted by Loan Modification Programme
- Experts Fail to Reach a Consensus on the Severity of the Foreclosure Crisis in New Jersey
- Foreclosures are Spawning a New Set of Landlords
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