Is the way CC companies are closing down lines of credit just a return to fiscal sanity? Will it force people with debt problems to bite the bullet and get 'em paid off?
I have mixed feelings, but in the long run it's probably a good thing. They got some of us hooked on crack and now they have withdrawn it suddenly.
So my big question is will colleges respond to supply and demand, and lower their prices as people who used to depend on student loans are denied en masse? My feeling is no, they will behave more like government, where the only way to cover their uncontrolled expenses is to keep jacking up the price. At least until people figure out alternatives to college.
So is the credit crunch a good thing?
August 3rd, 2009 at 10:47 pm
August 4th, 2009 at 03:13 am 1249352019
August 4th, 2009 at 04:45 am 1249357529
Colleges will adjust, but funny enough, they probably won't get rid of administrators, they'll probably get rid of profs.
August 5th, 2009 at 12:41 am 1249429287
hopefully people will change their behaviour and develop healthy financial habits that will last for life...
your credt/crack metaphor is very apt....
August 9th, 2009 at 09:40 pm 1249850414
August 9th, 2009 at 09:43 pm 1249850592
And I'm also pretty upset that a lender can't/won't see that for what it is and uses it to refuse credit. Groupthink/sheep/CYA behavior at its finest.