Every once in a while I come across a very important article that strikes the right tone with me. This article comes courtesy of Ken-Welch.com, parts have been upgraded with my personal contacts, I hope you find it as interesting as I did.
A number of independent financial commentators have been saying this week that we are at a pivotal moment for the stock markets. U.S. stocks have followed the same path as in 1929 almost perfectly. A sharp, earth-shaking decline followed by a strong fantasy rally based on talk of an imaginary recovery. On the 1929-30 charts, we are now at that historical tipping point where the long slide to oblivion began. This was the killer leg down, and the value of shares, even of the largest firms, eventually came very close to zero.
Rallies in bear markets are typically the periods in which Wall Street insiders unload their stocks on an unsuspecting public, (if you were paying attention you would notice that insiders have been furiously SELLING their companies storks!) lured into the market by a barrage of cheerleading from the financial industry. I hope you have the sense to get out.
There is no recovery. All indicators say so. New unemployment claims continue at record levels. A new wave of foreclosures is coming, and the word is that most of the banks that are still standing are actually COLD-STONE-BROKE! Last year I ran across some outside-the-box advice for home owners suddenly facing new higher mortgage payments. The advice was to stop making payments immediately. Put the money in the bank until the Sheriff evicts you, then use it to lease a nice apartment. Take the bankruptcy if you have to. Come out at the other end in much better shape than those who fought to stay on board the Titanic.
I thought it was good advice worth putting in a newsletter, but I knew most people would say, “What about my credit rating?”
Well, times are different already. Have you gotten any letters lately offering new credit cards? Or have you watched your available credit line begin to shrink? I don’t think there’s going to be any new credit for years, and the cost of credit is headed upward. If credit card debt is a problem, it’s time to make a decision now.There aren’t going to be any more balance transfers, raised limits, or other last minute aid to help you pay off your plastic. If you are in an uncomfortable situation with payments, it’s simply not going to get any better.
I believe your best bet right now, even if you don’t see yourself as being in trouble quite yet, is to immediately contact one of the credit “counseling” services, have them negotiate your balances and payments downward, and commit to a single monthly payment that may be considerably less than what you are paying now.
If you are preparing for tough times ahead, you need that extra money now, in your own hands. Everything I see suggests grinding depression ahead. Consumer prices continue to decline. If a year from now we start into massive inflation you may find yourself in a good position. The card companies remain bound by the agreements you made, and the opportunity could arise to pay off the rest of what you owe with cheap money.
I don’t suggest going to any credit outfit you see on TV. TV is expensive and you don’t want to be the one paying for it. There are non-profits, but I hear they are overloaded and slow. Asking around, I could only find one person who has used one of these outfits recently, but they gave high marks to a company called Debt and Credit Advisors, ask for Jim Wortman he will direct you in the right direction his number is 888 940-3222.
Wonderful piece of writing, thanks. Would you expand on the first part in a little more detail please?
Scarey article, but unfortunately very true. Markets continue to rise while interest rates remain low, but that will all change when rates skyrocket. Precious metals may end up a safer bet than cash. stock market prediction
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Good news. Today, we need inflation to pump up GDP number or sustain housing price. What care about quality of life; that is something the next generation has to worry. Let’s us enjoy the virtual money/number.
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