I was listening to the news this morning and the media was talking about President elect "possible" $700 billion plan to save the economy. One of the subjects was to help individuals obtain credit easier.

Do you see this helping the economy? Or do you feel (as I do) that the economy was ruined by individuals being able to obtain to much credit?

I can see how it would stimulate the economy quickly--but wouldn't it put us right back into the same position--eventually?

Remember--this plan is not set in stone--he hasn't even announced it yet--just leaks into the media, could be just a rumor.

Actually, the dconomy was ruined by mortgage lenders greed, anticipating reselling the same home to poeple who had been living in it.

I didn't know why peole don't see this, but I digress.

That "bail out" package won't be neraly as important as reaarnging taxes so they actually benefit the folks who pay them, the working poor and the middle class.  I don't think the bail out package will dolled out with no strings attached, as the first chunk was.

The Republican run congress finally got to see what happens when you expect trickle down.  It was a necessaru lesson, but I don't h ink one shold blame indivicuals, when corporations can charge any interest rate they want, push through policies that place the consumer in a powerless posotion AFTER they have made financial commitments based on certain protections.

I have been told it is now harder to credit. I am not for sure on this because I have not tried at all.

Actually I feel that it has become harder for regular folks to obtain a line of credit as financial institutions are in a bad shape themselves.

Easing the credit will certainly help in boosting the economy. However the credit given to the individuals must be regulated in a way which is more useful to people.

I agree that the easy credit had a lot ot do with the mess we are in. People were given mortgages and couldn`t afford them or they had the adjustable rate not fixed. I don`t know if the bail out will help or not. I sure hope so.

Actually, what we need is two things - credit reform and education. Approximately 80% of credit reports cantain errors and 25% of them have werrors that actually are serious enough to deny credit to credit worth individuals. These errors keep people who if granted, could stimiluate and feed the economy with their purchaces. Also, most of my clients have no idea of how to read a credit report, what a FICO score is, or how your score is even calculated. If credit score education is made, people can be smarter nad debunk all the myths that certain companies want them to believe. That is why we educate our clients in addition to providing a system to increase their own scores.