Morgan Stanley, Lehman Brothers, AIG, Fannie Mae and Freddie Mac...the question the whole wide world is asking WHEN WILL IT STOP FALLING?
Chicken little the sky is falling! The media does not help. They place fear in our minds. We have a favorite channel and even the local stations sensationalize what is happening. Make no mistake about it, Danny Schechter talks about a bubble, and this is part of it. He talks about the credit card bubble. Overall, it is the trillion gazillion dollar industry that is a BIG bubble. This IS very serious. Please do not panic. It will get repaired. It has to.
One of the hopes we have here is that this may mean an incredible crackdown of credit cards. We are not saying that no one should have a credit card. It is the mindset that has to change and if the consumer can have the willpower on spending by all means have one or two. The crackdown on regulation on credit cards will be good. Our guess is that it will have strict guidelines for getting a card back in the day when you did not think you could qualify for it.
What is going to happen to overall FICO and credit scores? We say to you why do you need FICO scores? To buy a house perhaps? The FICO system perhaps will have a rebuild, revamp, redo allover. It needs to. The credit bureaus are lining the governments pockets in case you did not understand and vice versa. So if the government and credit bureaus are chummy, what does that mean for consumers. We may not have to worry about credit scores, FICO and credit reports (FCRA) much longer. That would be wonderful! So how would we buy major ticket items? House, car, boats? Stay tuned for that blogpost soon.
Collection debt will still be a big corrupt problem. Even with credit cards (possibly) fading away, the collectors will be able to do what they normally do and just another day at the office. With what happened this week, now maybe more consumers will understand how corrupt the collection industry operates. Just because it walks like a duck and talks like a duck, is it a duck? This industry will be around for a while even though credit cards may change regulations. The debt collectors will still come “knocking at my door”. They will still be able to operate. They are under the radar so to speak. They have to get “caught” (FDCPA) and that is almost impossible. But we have faith. After seeing what happened this week, anything is possible.
Meanwhile, your collection debt freedom is very possible! Take action and don’t delay on challenging your collectors. Knowledge can move a mountain!
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