Oct
31
The other day. I did a blog entry looking at whether credit cards would be the next shoe to drop. Clearly, with the US economy imploding and jobless claims up more than 44% on the year before, more will be defaulting on their cards.
Credit card debt in the US is now running at $900 billion, according to this report, which really doesn't leave much wiggle-room for regulators. An alliance of financial and consumer interests have asked regulators to let lenders reduce the amount of credit card debt by as much as 40%, reports BusinessWeek. Clearly, a reduction of 40% is better than not getting any money at all.
no comment untill now