The American credit crisis will become much more terrible, warns the bank of America, the largest bank in the United States. According to the bank the interest feet of the mortgage loans are accelerated soon, as a result of which today people want to be able to pay back their credit. The credit crisis has already caused a disorder on the financial markets since the end of June.
According to the newspaper it’s assumed that many Americans can’t longer pay off their loan because the interest of their credit has increased. Sale of houses decreased in October to the lowest level in eight years. An estimate says that the prices in the twenty main cities shrank this year already with at least 5 per cent. Houses which have been confiscated by a bank or credit supplier, are being sales with a discount of 20 up to 25 per cent. The energy prices are also increased and it’s much difficult to get consumer credits, as a result of which people with financial problems don’t have a solution for the upcoming months.
For the population of America it will become difficult the upcoming months. In America they don’t know social benefits like in Belgium, it will be very hard for most of the families.
http://www.tijd.be/nieuws/economie_financien/artikel.asp?Id=3405775
Benjamin
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There will be social dramas forsure. But the American government is taking actions. Arnold Schwarzenegger has frozen the adjustable mortgages, this will give the consumers some breathing space.
Thomas
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