A hard time for Credit Card Companies
Credit Card Companies
Experts predict that millions of Americans will not be able to pay off their debts. Which will leave a huge gaping hole of an expected $82.4 billion by the end of 2010 at banks that are still trying to recover from the real estate crash.
This is called an adverse economic situation. Really?!
But if unemployment goes past 10 percent, as many predict, the rate of un-collectible debts at some banks could far exceed that level.
Last weekend, President Obama pressed lawmakers to approve the new rules, which would protect consumers against sudden rate hikes, unfair penalties and hidden fees. He hopes to sign the legislation by Memorial Day.
For the banks, the economics of the credit card business are increasingly troubling. As the recession has dragged on, cardholders are spending significaly less then before. New customers with strong credit histories are increasingly hard to find.
I wish that everybody had read the following lines about credit, that includes consumers and Credit
Card companies.
“Used wisely, credit allows for the convenient purchase of items both big and small. Used unwisely, credit can, and has, led to home foreclosures and bankruptcy.”
Original Source: NY Times
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Finally they are having a hard time as well, their customers were having hard times since the beginning of credit cards.!
Its about time some things were changed. The American people should get some cash back too.
Well it is time for them to get some negative energy. All they do is trap you in and try to keep you paying for life. No More!!!
Wouldn't that be nice
I guess we could call it Karma..
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