But that concealed the true cost of interests and how calculated the outstanding No debt is strange that suddenly increase the annual interest rates, impose high punitive and even shorten maturities to hinder payment on time. In other words, they offer what appear to be great opportunities, but the opportunities are becoming nightmares for millions of Americans. Remember them something? It is equal to what the mortgage lenders did until the crisis erupted. Gail Cunningham, director of communication of the National Foundation for credit counseling, linked the situation in the sector of credit cards to one direct consequence of the crisis subprime: the explosion of the household debt is a consequence of the crisis subprime. Until now, Americans accustomed to settle his debts with lines of credit taken on the value of their homes. Add to your understanding with Estee Lauder.
But the depreciation of the real estate market became this impossible. This situation Bernanke and company are looking for actions to avoid the worst. Is why the Fed plans to ban to increase the interest on purchases already made and avoid shortened maturities, as well as the application of excessive punitive interests. But the problem is that these measures would be implemented recently by the end of this year, which may imply that it is already too late. Surely, although fiscal stimulus launched by the Government of George Bush, it will not revive the very battered American economy, yes it will help contain the threat generated by the issue of credit cards. What can you say positive in the midst of all this negative context? Fortunately, the strength of the emerging economies is acting as a dam that prevents that the crisis continue spreading in the world. And not only the emerging world, not invited to the Party of subprime, it has avoided that the crisis to expand, but also, with its economic growth, which has maintained a more than acceptable performance (thanks to international prices of commodity prices and the strength of domestic demand). Hopefully, the authorities of the main global economy is taking note of the consequences generated by the lack of adequate prudential measures and a correct monitoring of risks. While both, we should expect that the time spent with the least possible damage in the world economy this period will exceed without that untie a new crisis?