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Title : Credit News: Credit Market Woes Will Hurt Economy |
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Housing Market is Crippling Consumer Loans and The Economy
As most of you probably have already heard, the credit markets are suffering in a big way due to the housing market and consumers defaulting on loans. As Credit Repair Combat has always pointed out, a good credit report doesn't necessarily indicate true credit worthiness and although most of the issues with the credit market right now have to do with sub-prime loans, it's still an indication that credit reports don't always indicate a true picture of someone who may or may not be credit worthy.
The current credit market woes are so serious this quarter that it's very likely going to affect the first quarter of 2008 and as you know if we go through another quarter such as this one, the country will officially be considered in a recession (it takes two consecutive bad quarters to be officially designated as being in a recession).
According to the National Association for Business Economics the gross national product is down 1.5 percent from 3.9 for July through September of this year. This is a huge decline and it's all attributed to the credit and housing market concerns. It was forecast earlier this year that the economy would grow by about 2.1 percent, an all time low since 2002, but with it now being forecast at a meager 1.5 percent for this quarter, the impact has been huge.
You can find a full article on this subject here at Associated Press
Posted on Monday, November 19, 2007 @ 12:21:12 EST by ColCredit
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