Credit card crisis - few facts on the worst credit crunch yet
- there were $21 billion in bad credit card loans in the first half of 2008, and the credit card industry stands to lose at least another $55 billion over the next year and a half
- Capital One has aggressively shut down inactive accounts and reduced customer credit lines by 4.5 percent in the second quarter from the previous period
- mail offers to new and existing customers are on pace to drop below 8.4 billion pieces, the lowest level since 2004
- the net charge-off rate on credit-card defaults could go as high as 10% in 2009 - double the average of 5% over the past 10 years, reaching $18.6 billion in the first quarter and $96 billion by the end of next year
- Citigroup will impose higher interest rates on some of its 54 million cardholder accounts, while its credit-card division lost $902 million in the third quarter
Mon Nov 24, 2008 12:11AM by Tony | More in Economy | Comments (0)
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