Shrinking credit
June 16, 2009 | alternatives, industry, personal finance | Comments (0)As the New York Times reports, credit card balances are being slashed:
Mr. McClelland’s credit card company was calling yet again, wondering when it could expect the next installment on his delinquent account. He proposed paying half of his $5,486 balance and calling the matter even.
It’s a deal, the account representative immediately said, not even bothering to check with a supervisor.
As they confront unprecedented numbers of troubled customers, credit card companies are increasingly doing something they have historically scorned: settling delinquent accounts for substantially less than the amount owed.
Maybe I’ll run up a large credit card balance and then haggle with my credit union.
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