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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum
GLD 374.33+0.7%Nov 18 4:00 PM EST
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To: TobagoJack who wrote (59160)12/19/2009 7:38:18 PM
From: Ilaine9 Recommendations  Read Replies (2) of 217862
 
The people I am helping already bought their houses, and owe more than the house is now worth, so what I do is try to keep them in their house.

They can't sell the house and buy gold, they owe more than the house is worth.

But even if they could buy gold, they can't live in gold. They can't drive gold. They can't eat gold. They can't wear gold.

Obviously, using credit as a substitute for income is unsustainable.

But savings are not income, either.

My clients have traditionally been driven to bankruptcy by divorce, medical bills, and loss of employment.

Having their credit card debt increase parabolically because the credit card company unilaterally increased the interest rate and the minimum payment is a new one.

Some of the most aggressive credit card companies include HSBC, just as some of the most aggressive foreclosers include Deutsche Bank. Sometimes I wonder who won the war? ;^)
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