The Next Subprime Crisis: Credit Cards

by James & Miel on October 14, 2008 · 0 comments

An outfit called Innovest has recently come out with a new report on the state of Americas credit card industry. Their preliminary conclusions point to some scary implications for the economy. In a nutshell, the report says several things:

1) The credit situation of the average American has deteriorated over the past 10 years, with mortgages being just a small part of the larger picture.

2) About 30% of all credit card debt is held by subprime borrowers.

3) Due changing banking practices, 1 in 10 credit cards may default by the end of 2009, possibly resulting in up to 1.2 billion dollars in losses.

Click here and here for the gory details.



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