Wednesday August 24, 2005 
Wednesday August 24, 2005
Looming Credit Squeeze
On American Banks
On October 17, the new bankruptcy law will go into effect. That is the day that the banks will see their cash cow wander off into the field toward the butcher's. The new law cuts those juicy 20-year loans to 10 years. Monthly payments will jump accordingly. Also, the new law requires borrowers to repay these loans even after bankruptcy ... this will come at a time when gasoline price increases are already forcing major budget readjustments. So, it will become more difficult for banks to increase the number of takers when they advertise their "low, low, low" rates.
Millions of people are already at their limits, squeaking by and paying the minimum on their credit card balances ... new home owners have gotten in late. They are paying up to half of their monthly take-home pay to live in their newly purchased homes. Property taxes have not been hiked. This tax hike is coming. OPEC is also squeezing them. Now comes the new bankruptcy law ...
(2005-08-24 23:02:53 SGT)
[Biz]
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