Thursday, November 13, 2008

New Bailout Plan

Well the bailout passed is now being changed. No longer will it be used to buy the worthless properties. Instead, I saw that it might be used to help credit card, student and auto loans. Every “authoritarian” I have heard recommends paying down credit card/commercial debt. One way is to place cash in labeled envelopes identifying the category (groceries, mortgage, utilities, etc). The news has reported people are using less credit and more cash Now I may be just plain ignorant, if people are paying down credit cards, does this not increase the amount the credit card companies have to lend?

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