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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: awi who wrote (66204)2/9/2001 10:48:03 AM
From: pater tenebrarum  Read Replies (2) of 436258
 
indeed. and now consider that several rounds of mortgage refis have likely been used by the weakest borrowers to pay back their credit card debt only to run it right back up again....it's a dangerous situation, which may crimp consumption spending for a looong time.

also, since in Nov. consumer credit increased quite a bit again while sellers of big ticket items reported a huge drop-off in sales, one could infer that people have begun to use their credit cards for paying recurring expenses like heating bills et al.

which in turn means it won't be easy to get demand back on track...
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