Monday, July 21, 2008

Mixed Emotions About Credit Card Company Woes

It seems that American Express has withdrawn its earning forecast due to lower profits and higher than expected defaults. I have mixed emotions about that news. Read about it HERE.

On the one had, I have little sympathy for the CC industry. It wouldn't bother me if they all had to shut down. It won't happen, of course.

On the other hand, the rise in defaults means more and more people are hurting. We are now seeing the dark side of an economy build on credit. We have been seduced by greed and now it's time to reap the harvest of the seed we've sown. But I don't feel good about it. I think of all the couples who are fighting or weeping or scared or all of the above. I think of the children whose are losing their homes. It's heart breaking.

But there is hope. Men and women all across the country are joining the IOU NO MORE Revolution. Why not join us and live free?