If you’re wondering where your buyers went – Americans’ credit scores at new lows
From the GoTo, “just get me more eyeballs” day’s, until the fall of 2007, the web was awash with home equity money and easy credit. Not to mention that every year new shoppers were jumping on to the web. Those were the days. Some companies, aware of the ephemeral nature of that boom, used that money to improve their businesses. Others were blinded by greed.
Lending standards are more stringent and that means fewer people with credit. Many have been pummeled by material excesses propelled by a desire to keep up with “the Jones”. The problem was that “the Jones used to be next door neighbors. Somewhere along the line “the Jones” became the rich and famous. Idealized people we could never keep up with.
We’re reminded of a line written by the English mystic, William Blake: “The greatest danger a man (or woman) faces as they walk the path through life, is the seduction of the material world”.
Here’s an article about how an increasing number of Americans are considered poor risk, the consequences they’ll face, and the price we’re all paying as a result.