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View Full Version : Card Delinquencies 573,000 first-time claims, 1st week of December


Samen
12-18-2008, 10:07 AM
Delinquencies tend to follow unemployment, which surged to 573,000 first-time claims in the first week of December, a 26- year high. Net worth for U.S. households and nonprofit groups fell $2.81 trillion from July to September, the most since tracking began in 1952. That means consumers are more strapped for cash, contributing to a slowdown in spending, which accounts for two-thirds of the economy.
Cardholders had $962 billion in unpaid balances on general purpose and proprietary cards at the end of 2007, an 8.6 percent increase from the previous year, according to the Nilson Report, an industry newsletter. That figure is expected to climb to $1.2 trillion by the end of 2012, or $6,373 per cardholder.

full story here http://www.bloomberg.com/apps/news?pid=20601087&sid=ap_9fTPViwzU&refer=home

jason
12-20-2008, 10:41 PM
I donno.. people push the limits in Dec for presents. If we have issues during April (when people are getting income tax rebates) then I'll concede the point.

Ross
12-21-2008, 01:07 PM
That figure is expected to climb to $1.2 trillion by the end of 2012, or $6,373 per cardholder.
I assume that figure is calculated from a continuation of existing
lending practices , which is improbable . The banks will tighten up .

BirdGuano
12-22-2008, 01:32 PM
I assume that figure is calculated from a continuation of existing
lending practices , which is improbable . The banks will tighten up .

The banks ARE tightening up.

Highly improbable.