so yes. this is going well

[seperis]

Bailout Failed (Again) - the thing is, I just stare at this and think, wow. Wow, wow, wow.

Okay. Officially. For you who might know this stuff. How screwed are we? On a scale from gen to lubeless multi-character hentai?

I'm getting more coffee.

Comments

[http://users.livejournal.com/taltos_/]

It depends really on where you are in your life as to how much it's going to affect you personally, and that's what most of us are concerned with obviously.

If you can make all of your credit payments, whether they be a mortgage or credit cards etc, you're golden as long as your job doesn't fall through.

If you're debt free, I want your secret.

Honestly the people who will be hurt most by this are those people who were barely scraping by to begin with, they will continue to suffer, even if they pass this bill, it won't trickle down immediately.

However, all creditors have the option to call due, at any time for any reason, all or any portion that they deem fit, of the credit they extended to a borrower.

In other words, if you have a car loan, they can send you a letter that says you have 60 days to pay such and such amount or we come take your car. That is, of course, the extreme case of a total financial collapse. Total collapse could happen, it's a very real possibility, but I honestly think it will be resolved before then.

Does that make any sense? I was in the loan (mortgage, commercial and consumer) dept. of a bank once upon a time. All those rules stick with you, it's all in the fine print that none of us read and should.

[ladyholder.livejournal.com]

Holy crap! Well I know what my new goal is. To not have as little debt as possible

Geez!

~L

[http://users.livejournal.com/taltos_/]

LOL, it sounds a lot worse than it is right now, and lenders calling in debt is 9 times out of 10 a very last resort.

[ladyholder.livejournal.com]

I really hope so. Because I have no real trust for the morons in Wall Street.

~L

[seperis.livejournal.com]

Oh man. Thankfully, I have neither car payment nor mortgage. *breathes* I was supposed to get a car last year and put it off. It pleases me now that I do not.

[http://users.livejournal.com/taltos_/]

I feel that, my husband and I were going to buy a house a year ago, but decided to wait until we had more debt paid off, I'm so glad we waited that I could almost do a dance.