Is the personal credit bubble next?

Question

It is my opinion that in the face of higher consumer costs, Americans are borrowing more and more on credit, even if purchases aren't frivalous.

ie, in my last 401k statement, my provider stated that twice as many people took out loans against their retirement plan in 2007 then did in 2005. And that is before $4 gas.

How much financial trouble are we really in? OUCH!

Answer 1

6 Trillion dollars in debt, owed to other countries like China. It's estimated China owns about 49% of America. The fraudulant federal reserve has let the democrats and republicans spend all America's money and way more. The governments of our Countries are purposely collapsing our economy's to trick us into their solution, The North American Union. Stop the NAU!! Research the North American Union.

Answer 2

Wow, you should never borrow against your retirement money unless you have no other choice.  Way too many people in this country are living above their means and are getting into trouble.  I'm not a "the sky is falling" guy, but I think we still have a long way to go.  Maybe we will learn a lesson from this, but I doubt it.

Answer 3

you bet ye, and it is going to be ugly, and FDIC is not going to help you either.

Answer 4

Yes and the liberals will blame Bush.

Answer 5

Hmm... This has been happening since the 1980s when the Federal Reserve and the US govt started an unterminating propaganda campaign telling people to spend like there was no tommorrow like the way they created loads of worthless liquidity out of nowhere.