Credit card debt will blow up
Posted by ~Ray @ 2008-02-07 06:10:16
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There is no challenge the credit card debt will blow up the only question is how soon and how bad. There is something change state to $915 billions in U. S credit card debt most of which is held by Chase. Citigroup. American Express. Bank of America. Providian and Capital One. That is a staggering be considering that roughly 300 million people live in US the credit card debt per person is about $3,050 USD. If you don't count children elderly prison inmates welfare bums medicate addicts homeless illegals and everyone else who don't have credit cards than this number is probably closer to $9,000. The sweet apparel of using home equity as never-ending ATM is no longer an option.
Meanwhile. Citigroup reporting a 57% decline in earnings cited higher consumer credit costs and said it would put aside $2.24 billion in loan-loss reserves to adjoin future defaults. American Express would bring up its loss reserves in its core U. S separate unit by 44%. Capital One. tip of America and Washington Mutual all said they are bracing for a 20% or higher increase in credit card losses over the come and medium term. tip of America must feel good about swallowing MBNA in 2005 for some $35 billion. I don't really compassionate for the banks and credit separate issuers but to the consumer and overall economy the impact can be as severe if not more as the sub prime mortgage meltdown.
comprehend ya - this country has no develop - from our government on drink to citizens. Spending is out of control by everyone. I desire we could get back to the old days when people believed that credit was bad. I evaluate we may be moving in the direction shortly - best regards [ADVERTHERE]Related article:
http://www.bad-credit-advisor.com/2007/11/credit-card-debt-will-blow-up.html
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