American Express – Green Around The Gills
The largest U.S. credit-card company by purchases AMEX, today reported it will cut about 6 percent of its workforce or up to 4000 jobs, as cardholders squeezed by rising unemployment fail to pay debts.
To be honest, this problem has been going on for far too long. The coming credit card collapse is really going to take its toll on the economy in the next 6 to 12 months.
I have heard rumors that people are pre-emting the collapse of these big credit card companies, and are going out and spending up big, like it is their last day on earth. Ummmm that’s a great plan!! 
NOT!
I even know one or two people using credit cards to pay their mortgage fees. Thats about the worst situation you want to get yourself into. But with people losing jobs, and others in financial strain, I wonder how many other desperate people out there are taking the same desperate action. Hmmmm, makes one wonder!!!!
While Maxing out your credit card on the notion that you probably wont have to pay a penny back is not really an intelligent thing to do. Assuming you have been watching the tricks and tactics of the US government lately, who know what will happen, when this problem worsens.
The sad thing is that as some of the big CEO’s of these credit card companies watch the zeros being added to their monthly debt, people will keep spending using the almighty plastic money. Spending money that you dont have is a big no no. Commonsense really!!!
I find it a valuable lesson and a ritual for people with credit cards to bring them out shapen the sissors and hack away like there is no tomorrow. I guess I belong to the small percentage of people that believe – A good credit card is a dead credit card.
