Saturday, August 25, 2007

Bad Credit Threatening U.S. Economy

From Business Week:

Bad credit has supplanted terrorism as the gravest immediate risk threatening the economy, a key national research group reported Monday.

Borrowers' withering ability to pay their bills and the subsequent fallout in the credit markets this summer topped the list of short-term risks on peoples' minds, according to a survey of 258 members conducted by the National Association of Business Economics.

NABE, a Washington-based association, said 32 percent of its surveyed members cited loan defaults and excessive debt as their biggest near-term concern.

Only 20 percent of members cited defense and terrorism as their biggest immediate worry, down from 35 percent when the survey was last conducted in March. Credit risk also topped gas prices, inflation and government spending.

My fellow bankruptcy attorneys are telling me that things are really heating up back home in the bankruptcy practice. I believe it. I no longer advertise in the phone book and I am starting to get 4-5 calls per week now. I have to tell people who call that I am no longer actively practicing law. But I have no regrets. My new job is not near as stressful as my life in the private practice of law. Soon I won't be taking phone calls at all as I will be getting a phone number that will take messages and I will get them in the evening after work.

If you are a former client and you find this page and you need to reach me, you will still be able to get my phone number from the Oklahoma Bar Association. The phone number for the OBA is on the very bottom of the page on the left.

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