Word: creditably
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...ByDesign Financial Solutions, a debt-counseling service in Modesto, Calif., they're working overtime these days. "Our call volume went up 97% in the past five weeks, which has left us scrambling," says Martha Lucey, president of the nonprofit agency. "[The callers] are close to the max on their credit cards, and they just can't figure out how to manage. We've seen credit-card companies decreasing lines of credit, and the [debtors] don't have any room left. They just can't juggle things like they used...
...that only recently - and after unprecedented government intervention - have they been willing to once again make the most basic short-term loans to one another. The gradual thawing of the overnight-lending market, which seemed to begin on Monday, Oct. 20, was the first sign that Wall Street's credit markets were, however haltingly, regaining some sense of equilibrium after the previous, harrowing month...
...credit crunch is not anywhere near over. "It took 20 years for us to get into this situation - leveraged to the hilt - and it will take more than a couple of years to unwind it," says Paul Ashworth, senior U.S. economist at Capital Economics. "And even when we get back to normal, that normal is not going to be the same. We won't have this sort of freely available credit that we had before for households and businesses. It's going to be a different reality - a more austere one - when we come out on the other...
...rather than investment banks - as if there were some button they could push to make it happen. But the truth is that for U.S. banks, reducing their use of debt and rebuilding their devastated balance sheets is a long and painful process. Deleveraging is part of what creates a credit crunch: institutions that have been hammered by the decline in real estate prices will be making fewer loans available to businesses and consumers alike...
...zero to stimulate the economy. But it was, as the economists say, "pushing on a string." Banks were reluctant to lend because they needed to hoard capital to repair their balance sheets - just as they need to do now in the U.S. Economic growth slowed, and demand for the credit that was available diminished. The result was Japan's infamous Lost Decade: 10 years of low or no growth...