Credit card collapse

I know I'm not the only one thinking it. Given that a very large percentage of Americans' net worth is was tied up in the value of their house how far of can a collapse of credit cards be? If people are losing their homes they have little reason to pay their credit card debts. Keeping their house they'd be likely to pay the cards to prevent losing the house. Take away the house and bankruptcy seems less awful.

I also found it interesting that the Obama/Biden plan includes a provision to renegotiate the principle not just the interest rate. I'm very curious to see how that would work. Would fools like me, who have been paying their bills, be allowed to renegotiate the principle? The hazards of a plan like that are staggering.


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