Credit Card Crunch to Compound Current Home Credit Crunch

According to Forbes, the Americans have a credit card crunch.  A trillion dollars worth.  And apparently we are falling behind in payments.  It will be interesting to see how this holiday seasons concludes.  Commercials are trying to tell us that if we don’t enrich the stockholders of Wal-mart, we are not in the proper holiday spirit.  I hope that we will be able to resist.  Gold has taken a sharp hike up again, and is over $800 for the first time in a long while.  Other precious metals are setting new highs as well.  People are getting nervous about inflation.

These are the times when you just sit back with a bowl of vanilla ice cream with hot fudge, sliced bananas, and two crushed up fun size butterfingers from your kid’s Halloween candy and wonder what  is going to happen.  I guess you just need to get yourself a plan on how to prepare your financial ship, sit back, and enjoy life.  Good luck.

One more note-  Is it just me, or did the price of gasoline go up $.30 in the last week?  Given the price of oil, the price of gas can’t come down.  $95 a barrel, with 42 gallons in a barrel.  Assuming you can turn it all into gasoline (which you can’t) you get $2.26 a gallon.  Add in taxes, at about $.45 a gallon, and you get $2.71.  All the sudden you realize that the refiners, shippers, and station owners do not have much of a pie to split.  Prices have to go up even more unless the price of crude drops.  So Hello Inflation!

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5 Responses to “Credit Card Crunch to Compound Current Home Credit Crunch”


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