Consumer debt crunch and division by two

[Wojtek Sokolowski]

At 10:54 AM 6/8/98 -0400, Doug Henwood wrote:
>* I'm not sure what consumer debt crunch you're talking about, but I'd
>argue that VISA cards have helped stave off social degradation, or at least
>material degradation, not to mention a political reaction against stagnant
>or falling real incomes.

Not to mention the fact that credit card debt is a form of unsecured loan -
which means one can legally default on payments (Chapter 7 bankruptcy) and
keep most of the personal goodies (ok, the art collection will have to go).

 Hence the possibilties of the debt swaps, student loan  to credit card or
mortgage to credit card - NOTE: do not do it directly to avoid suspicion of
the bankruptcy judge, pay your other debt with cash and use your VISA to
pay your living expenses.

So I agree with Doug, a VISA or a MasterCard can be a way out of the debt
slavery, if used properly :).

Regards,

WS