More Debt Destruction: Credit Cards
By Chad on Oct 29, 2008 in Economy
Check out this graph showing the increase in credit card charge offs and losses for banks:
We are still below the high reached after the tech bubble collapse, which suggests we still have a long way to go. At that time the major problem was a decline in stock prices. This time we have a larger decline in stock prices along with a financial sector that has been destroyed. What are the odds we don’t set new highs?
Unrelated Note: The site for Millionaire Mommy Next Door was hacked and has been moved
You should write a post FOR ME.
I need to know what to do with my 401K. It’s down by almost 50%. Should I move things around or leave it be. It’s invested in S&P index funds and GE stock.
Christine Gilbert | Oct 31, 2008 | Reply
Hi, Christine. Sorry to hear about your 401k. I’m glad you commented, as it woke me up. I’ve been really busy this week and slacking on my posting. Look for a new post later today. I will provide some information, but not necessarily answers. No one really has answers in the market place, as that implies 100% probability.
Chad | Oct 31, 2008 | Reply