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Strategies & Market Trends : John Pitera's Market Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: Yorikke who wrote (3529)	3/22/2001 12:08:59 PM
From: MulhollandDrive	Respond to of 33421

>>but providing excess credit to the credit questionable and then nailing them when they prove unable to handle it smacks a lot of slavery, or indentured servitude. If we moved to raise the risk, and not lower it, then we might see a bit more financial restraint on the part of the lenders.<< I agree with that statement. I know of a situation that occurred several years ago where a couple I know ran up extensive credit card debt when they KNEW the were on the verge of financial insolvency. They even hired contractors to do extensive remodeling on their already mortgaged to the hilt home. The woman had a serious cocaine habit and when the credit limits were exhausted they finally filed for bankruptcy. While I believe what the couple did was unconscionable , the financial institutions that provided the "liquidity" were equally at fault. Toward the end she was buying jewelry on credit cards and then pawning the stuff for cash. Sad.