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[rcjordan]

saw this today:

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15% of current Chase credit card users are going to get the axe, Chase CEO Jamie Dimon announced in a shareholder letter this week

http://consumerist.com/2010/04/chase-to-15-of-cardholders-drop-dead.html
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reminded me of an article from 2008:

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Dec 19, 2008: New credit card rules will reduce consumer liquidity

Analyst Whitney said this regulation will reduce the current economics of the credit card industry to a level in which lenders will ultimately choose to provide fewer credit lines to fewer customers.

http://uk.reuters.com/articlePrint?articleId=UKBNG34495920081219
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Looks like Analyst Whitney gets to say I-told-you-so.

[Phaëton]

If you live off of cash none of this recession stuff will have affected
you much....    I haven't had any consumer debt since 1997.
I guess now we all just have to stop spending what we dont have.
In the mid to late nineties America was drunk on sub prime
mortgages and over equity 125% Loan to Value mortgages.
Property kept going up and credit card debt was all mortgaged
into future equity hopes then the bottom falls out of the market
and nobody can do the credit card interest rate shuffle -> second
mortgage move around trick and they all lose their homes, then
their jobs...  24 Hour gyms popping up all over the place around
here to shower the parking lots full of people that are living in their
cars.... Empty video stores, Paper Mills closing down putting
towns full of people out of work, burglary surveillance video a nightly MEME on
the local news..Maybe Americans will realize they are living in a third
world country already and realize they are all gonna have to do
way more for a lot less....

 

[isthisthingon]

I guess now we all just have to stop spending what we dont have.

 

Exactly.  The temptations of new toys with a play now pay later culture - supported by the banking industry - is a recipe for disaster.  But even with the crash we're happily still drunk on the pursuit of happiness through personal deficit spending.  I used to be wrapped up in the game and couldn't see through it.  Only after years of living a cash only life did I realize the sick game I was also a part of.  But I'll take simplicity and peace of mind any day over the temptation-indulgence loop that feeds the lions of predatory lending and relinquishes personal freedom for instant gratification 

[nutballs]

Must be the poor people. I get offers for zero interest still. :p