Credit Freeze And Joe Public

by Thinker

Regarding Credit Freeze And Joe Public: The credit freeze, is it a good thing? Just wondering what people thought of the idea that the current credit freeze is a good thing. America owes something like 10 trillion dollars, individual American citizens owe tens of thousands more in credit card, mortgage and other debts.

So here’s my thinking – even though it makes life tougher for everyone, is it not time that we stopped borrowing for stuff and instead spent a few years concentrating on paying down our debt, both as a country and as individual families.

If we don’t do this soon, what was once the greatest economy in the world is going to end up bankrupt. We will be owned by debt holders in Asia and some large oil producing nations (who are currently buying up shares in American companies, significant American commercial properties etc).

For only so long can you indefinitely continue to borrow beyond your means. It makes sense money has to be repaid sometime, somehow. Why not start now?

The present public outcry for credit to be thawed means that folks all over the country will be able to continue to borrow to pay for a lifestyle which they clearly can’t afford.

Just to be clear – I’m not suggesting that the credit freeze is a good thing for businesses. I do agree that steps need to be taken to help businesses get going and creating or keeping jobs.

But that isn’t the same thing as thawing credit for Joe Public to buy more and more foreign goods that he could probably do without in the first place.

Sincerely, The Thinker

Kate Answers: Credit Freeze And Joe Public

Thanks Thinker for sharing your thoughts. I have added below some links to more pages on my site to help with credit. I hope you enjoy them!

Ask Kate how to get the best mortgage rates
Ask Kate

How To Build, Strengthen and Recover YOUR Credit

Can I handle a Mortgage Loan Modification myself? The answer is yes, but...

Quick Facts - How To Contact Major Credit Reporting Agencies.

Improve Credit Rating - Ask Kate how much you save with improved credit.

Have you seen yours yet? Six ways to fix your credit score!

This year, Wilson discovered protecting his identity involves credit report monitoring.

Ten step plan to getting your credit in shape - Fixing Bad Credit.

Saving your home - 8 Strategies To Stop Mortgage Foreclosure.

Credit Rating Q and A - Questions & answers with credit repair information.

Return to Get Your Best Mortgage Rate from Credit Freeze And Joe Public

Comments for Credit Freeze And Joe Public.

Click here to add your own comment.

by: Anonymous

Interesting idea! Judging by the tone of every media comment, the country certainly thinks the freeze is a bad thing.

Click here to add your own comment.

You can also ask Kate about your mortgage at How to Improve Your Credit Rating with Amazing Success.

Recent Articles

  1. Kate's Mortgage Rate Report August 11: Rates Bouncing Like a Ping Pong Ball

    Aug 11, 16 10:49 AM

    Kate's mortgage rate report for the week ending August 11, 2016: Rates Bouncing Like a Ping Pong Ball
    Mortgage interest rates have been bouncing like a ping pong ball: After last Friday's strong job report began pushing up mortgage rates, the market is now hinting at a reversal, with the 30-year hover…

    Read more

  2. Ask Kate how to avoid unauthorized mortgage rate extension fees

    Aug 11, 16 10:18 AM

    Ask Kate how to avoid unauthorized mortgage rate extension fees
    Ask Kate how to avoid unauthorized mortgage rate extension fees:

    After locking in her rate, the bank sent a Texan homeowner, Laura, notification of several thousand in fees that she must pay in order…

    Read more