Sign of the Times

It's a sign of the times...(I hope not), but the question remains: Will Americans who are lagging behind in their mortgage payments start to doubledip into their credit cards to help pay their home loans? I would have to say, "yes" even though it's not the smart thing to do.

I have been reading reports that state financial institutions like, American Express, Bank of America and Citigroup maybe the next in line to fill the bomb drop! That is the strain on credit card debt.

Hopefully, Americans realize that credit card interest rates are some 50% more than the mortgage interest rates. It's all about survival and getting from one point to another. If all you have left is your credit cards, what do you think people are going to do to keep a roof over your head?

Now, I am not saying that it is right, I am merely speaking from a survival mode. I believe here in America where everything is commercialized; (many, many people live way beyond their means). Who's to blame...there could be a myrid of factors, but I suspect it could be we have designed a lifestyle of wants and needs that we can't reel oursleves away from? Another significant problem is that most people's incomes haven't kept pace, and they're technically in a state of personal recession with no way out.