Indeed it is. If you’re not in top shape for the credit card shakeout that’s already taking place, there isn’t much you’ll be able to do about it. It’s probably already too late. After years of flooding the market with credit cards (and generous limits), banks are finally starting to take it back. Eric Dash, a New York Times reporter, does an excellent job of distilling the situation. From
Credit cards face bad debt SunJournal.com, ME – 1 hour ago Asked in a recent TV interview if credit card debt would be "the next shoe to drop" for the banking industry, Lewis replied: "It, in some ways, already is," …
As Economy Slows, Lenders Begin to Curb Credit Cards New York Times, United States – 2 hours ago Currently, the total losses amount to 5.5 percent of credit card debt outstanding, and could surpass the 7.9 percent that occurred after the technology …
Bankrate.com did a story on Friday (sorry for not getting to this earlier) highlighting some of the same stuff that I’ve been pointing out here for weeks. More and more customers are experiencing credit-limit reductions and account closures. Over the course of the past few weeks, Bankrate.com readers have been chiming in with their own credit-card tales. Many of their stories will seem familiar.
Outrage Over Credit Cards with 222% APR QCK, UK – 1 hour ago The money must then be repaid at a rate that is more than 10 times the average APR of a credit card. Debt groups and politicians have expressed anger at the …
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