Even some of the new credit cards that say zero interest balance for 6 months, if you go on the discussion boards or search the internet for the credit, and put the credit card name in and “complaints,” you’ll see a list of people on sites that signed up for a card and, within 30 days, their interest rate is at 29%. They just moved over $6,000 from another card at 14%. Their interest rate doubled.
What happens when your interest rate doubles and it’s $30,000, $40,000, $50,000 of debt? That makes a huge difference. One thing, if your mortgage interest rate goes up a little bit, yes, it’s on a bigger number, but if your mortgage goes up $500 or $600 a month and your credit card goes up $500 or $600 a month, that’s the problem that’s coming for people who are on the edge of not even able to afford their mortgage. That’s what’s going to lead into even more foreclosures than we even first thought, in my opinion. I think it’s going to happen like clockwork.
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2 comments ↓
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