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Angry consumers have been fleeing big banks in droves and calling for change to Obama's CARD act for some time now.
And with good reason: Last November, Chase and Bank of America ate their fair share of crow for rolling out $5 monthly debit fees, spurring a National Bank Transfer Day.
Plus just last week, stay-at-home parents petitioned the Consumer Financial Protection Bureau to review a clause in the CARD making it hard for them to get credit.
But despite all this, one expert says the real reason our finances are headed South has little to do with demonic big banks and everything to do with us. Our spending habits are to blame, said John Ulzheimer of SmartCredit.com, and it's on us to get them on track.
"A lot of people have denounced the credit lifestyle because they couldn't handle the lifestyle," Ulzheimer said in an interview.
"You have tens of millions of people who manage their credit cards perfectly fine, then look at the others and are confused about why they're against credit cards. The fact is, the ones who are against them can't handle them properly."
As much as banks have had a hand in our debt and the recession at large, some people just can't seem to put the blame where it belongs.
Here are a few reasons why:
-We carry a revolving balance and can't commit to paying off more than the minimum each month
-We don't budget for one-time events like New Year's Eve dinner and charge them
-We don't take the time to research which products are good and bad
"We focus on the bad stuff in the news—when it bleeds, it leads—but we forget to talk about all the good things that can happen because we use credit cards," Ulzheimer continued.
Don't forget that little piece of plastic builds a history so you can take out a mortgage, finance a car, fund a dream trip to Tahiti, and get rewarded for flying on top of it.
"There's a cost involved with doing business with people who are risky," he added. "So if it seems like you're being jerked around by the bank, remember you have higher interest rates and more fees because your score's not so hot."
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Hint: she's not wearing it in this photo shoot for Vogue, above
The First Lady, who is known for having a gorgeous figure, including some pretty famously muscular arms absolutely refuses to wear one thing. Can you guess what Michelle Obama won't wear? A bathing suit. Yep, not even a bikini. She told People she would never want to be photographed in one, saying, 'That's been my one goal: I don't want to be caught dead in a bathing suit.' Michelle, if you're reading, you just might change your mind after you see how cute one piece swimsuits have gotten!SEE SIX SUPER COOL ONE PIECES HERE
I'm surprised, but I can totally sympathize. Why do you think I've been writing about 10 Ways To Hide a Food Baby and where to find the best Spanx swimwear and shapewear? It's no coincidence. (Ed Note: For the record, here.) It's that time of year where we start bearing a lot of skin, but you can still look sexy. Just check out our favorite one-piece swimsuits that are WAY cooler than their predecessors. Check out more - we've got this year's best sunglasses, summer hats, the best flat sandals and all of this week's best sales and deals.Source: http://www.shefinds.com/2012/the-one-thing-michelle-obama-says-she-wouldnt-be-caught-dead-in/
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In a conference call yesterday, Nomura analysts made some bearish predictions about the outcome of the euro crisis, predicting a that a "decisive moment" for Europe will come sometime in the second or third quarter of this year.
This escalation of fear and risk, as well as the methods the European Central Bank will take to solve it, will push the euro downward fast, they argued. What's more, there's little hope of the euro recovering its value anytime soon.
"We think $1.20 is highly likely in an exit scenario for Greece," Jens Nordvig, Nomura's Head of Fixed Income Research Americas & Global Head of G10 FX Strategy, told analysts. "We think it could happen before the elections given the capital flow" [out of euro].
Even if pro-bailout Greek politicians can successfully take control of the government and EU leaders make concessions on the harshness of austerity policy, Nordvig predicted that any "bounce [in the currency] would be fairly moderate."
Des Supple, the Global Head of Fixed Income explained, "I think this change in the capital flow picture and the new appetite by euro investors to buy foreign bonds as an investment [indicate] the bounce is going to be much more limited in the future, and I'd be really surprised if we can even break $1.30."
Analysts described European investor flight to foreign assets as "the most important element" of the growing crisis. "Over the last two months, we've seen a new face of deterioration," Nordvig said. "It is very, very rare to see investors accumulate foreign assets in a bear market, so this tells me that we are essentially entering a new, even more dangerous point in the crisis."
Nomura analysts expect the crisis to "get worse before it gets better," with euro area economist Dimitris Drakopoulos cautiously predicting that, "based on current trends we are heading towards [a Greek] exit."
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Earlier today, New York Fed Chairman Bill Dudley told CNBC that he did not feel that another round of quantitative easing would be necessary, on the recent strength in the U.S. economy.
My view is that, if we continue to see improvement in the economy, in terms of using up the slack in available resources, then I think it's hard to argue that we absolutely must do something more in terms of the monetary policy front.
What's changed for me [from last year] is that I'm a little bit more confident that the economy's going to keep growing. I'm a little bit less worried about a Japanese-style deflation outcome. And that was really the reason that, for me personally, motivated the need for further monetary policy action.
In a speech in New York this afternoon, Dudley points to a condition in which easing could be necessary, such as the economy slowing to a pace that he does not expect.
If the economy were to slow so that we were no longer making material progress toward full employment, the downside risks to growth were to increase sharply, or if deflation risks were to climb materially, then the benefits of further accommodation would increase in my estimation and this could tilt the balance toward additional easing.
So, Dudley has confidence that the economy will grow and that easing will not be necessary, but he does see the potential for action being taken if markets get worse over the coming months.
SEE ALSO: The Truth About Gold >
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Shop more celebrity style finds: Kate Bosworth's dress, Eva Mendes's sunglasses, and Jessica Alba's outfit.
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