Tight Credit Market

The tight credit market and business losses are making card issuers reduce credit lines, much to the distress of those who got in over their heads.

I thought that going to law school would benefit me economically; turns out, not so much, but I'm not doing as bad as this guy! Who knew that a little thing like crazy student loans could keep you out of the bar? I wonder if part of it is the change in the economy and the fact that unless he got a highly-paid job, he would have real trouble repaying the loan. Then again, not allowing him in sortof makes that all too likely.

In a Federal case, a guy who made it into the bar in Minnesota attempted to discharge his $350k in student loans through bankruptcy; my understanding is that ship sailed in the early 80's, courtesy of people like a colleagues sister, who attempted to discharge a month or so after the rules changed, moved out of state and didn't pay for years. Until a friend was over, answered the phone and gave the caller her employment information. That's an awkward friendship moment!

It seems that many things seem like a good idea at the time, but turn out later not to have been. We're conditioned, in American society, for immediate gratification, unlike a few generations ago where cash was king and you just plain didn't get something if you didn't have money.

People did crazy things, too, like save.