Banks bargain with card holders
September 10, 2009 | Washington Post, alternatives, industry | Comments (0)Banks realize they have to reduce the financial stress on consumers. From today’s Washington Post:
Much public attention has been paid to efforts at modifying mortgages to keep borrowers from losing their homes. But in another battered corner of the credit market, credit card issuers are quietly negotiating with borrowers rather than giving up entirely on millions of debts. Lenders are looking to restructure credit card accounts by lowering interest rates or minimum monthly payments for a specific period of time, waiving fees, or settling the debt by accepting less than what is owed.
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