To: Bonnie Bear who wrote (514 ) 12/9/1997 4:53:00 PM From: Tommaso Respond to
Bonnie, as you already know everything you say sounds sensible to me. As perhaps you have pointed out the bankruptcy rates are already rising fast, if not yet exponentially. I know personally someone with a pretty secure position on the economics faculty of a state university who has simply opted out of credit card debt with bankruptcy. It is hard to see how the banking/savings & loan industry can be doing this for the third time; first it was third world loans, next it was real estate, and now it's credit card debt. But banks will do anything that the law allows as long as they think they are going to make a profit. I think it's pretty funny to be constantly offered huge equity loans--and then I come in with a cashier's check from a bank in another state to a bank I have been with for 30 years and they get real cautious: "Sorry, you can't have that money for at least two weeks."
