We have a friend that has, by our rough estimates, something like $150,000 in credit card debt on a VERY modest income. Her husband is clueless & continues to spend, while she juggles innumerable credit cards. Since she has not defaulted yet, in vultures send her more cards each month.
Many of the creditors have made quite a bit of money off her, but the more recent ones will probably be caught holding the bag. I wonder how common that strategy is. -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
