CREDIT CARD WRITE-OFFS NEXT BAIL-OUT


	CREDIT CARD WRITE-OFFS NEXT BAIL-OUT

klippety

5-11-2009 4:55 PM

80 views

klippety says:

More money for the banks and bad credit for the people

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/b7de59dd-a8af-4106-9b2e-1c7fc5a74bd4/03C140B1-10CF-4DEF-917E-93BA7836AA18/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.nytimes.com/2009/05/11/business/11credit.html?th&emc=th#" href="http://www.nytimes.com/2009/05/11/business/11credit.html?th&emc=th#" style="font-size: 11px;">www.nytimes.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/2009/05/11/business/11credit.html?th&emc=th#"><H1>
<NYT_HEADLINE type=" " version="1.0">
Banks Brace for Credit Card Write-Offs
</NYT_HEADLINE>
</H1></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/2009/05/11/business/11credit.html?th&emc=th#"><P>It used to be easy to guess how many Americans would have problems paying their <A title="More articles about credit and debit cards." href="http://topics.nytimes.com/your-money/credit/credit-and-debit-cards/index.html?inline=nyt-classifier">credit card</A> bills. Banks just looked at unemployment: Fewer jobs meant more trouble ahead. </P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/2009/05/11/business/11credit.html?th&emc=th#">The unemployment rate has long mirrored <A title="More articles about banks and brokerages." href="http://topics.nytimes.com/your-money/investments/brokerage-and-bank-accounts/index.html?inline=nyt-classifier">banks</A>’ loss rates on card balances</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/2009/05/11/business/11credit.html?th&emc=th#">For many lenders, losses are now starting to outpace layoffs. </blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/2009/05/11/business/11credit.html?th&emc=th#"><div align="center"><img src="http://content6.clipmarks.com/blog_cache/www.nytimes.com/img/C0ACB8D7-6E7E-4FFA-BB1D-CCF8F3BBAD47" alt="Unemployment and Bank Card Losses" /></div></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/2009/05/11/business/11credit.html?th&emc=th#"><H2>
<A href="javascript:pop_me_up2('http://www.nytimes.com/imagepages/2009/05/11/business/11credit.graf01.ready.html', '436_496', 'width=436,height=496,location=no,scrollbars=yes,toolbars=no,resizable=yes')">Unemployment and Bank Card Losses</A> 
</H2></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/2009/05/11/business/11credit.html?th&emc=th#"><P> Mr. Ward, of Arkansas, lost his job at a retail warehouse in April and so far has managed to make minimum payments on his credit card debt, which he estimates at $15,000 to $20,000. Asked whether he thinks he will be able to pay off his balance, he said, “Not unless I win the lottery.”</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/2009/05/11/business/11credit.html?th&emc=th#"><P>Experts predict that millions of Americans will not be able to pay off their debts, leaving a gaping hole at ailing banks still trying to recover from the housing bust. </P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/2009/05/11/business/11credit.html?th&emc=th#">the nation’s 19 biggest banks could expect nearly $82.4 billion in credit card losses by the end of 2010 </blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/03C140B1-10CF-4DEF-917E-93BA7836AA18/blog/" title="blog or email this clip"><img src="http://content7.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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