Credit cards curtailed
October 29, 2008 | alternatives, industry, personal finance | Comments (0)First came the mortgage crisis. Now comes the credit card crunch.
After years of flooding Americans with credit card offers and sky-high credit lines, lenders are sharply curtailing both just as an eroding economy squeezes consumers.
The pullback is affecting even creditworthy consumers and threatens an already beleaguered banking industry with another wave of unprecedented losses. Lenders wrote off an estimated $21 billion in bad credit card loans in the first half of 2008 as borrowers defaulted on their payments.
The Payday Pundit thinks that somehow payday lenders will be blamed for this.
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