credit cards

Credit Card Bond Market to Zero

Remember the post, Credit Card Charge Offs Defy Gravity?

It appears this coming credit card default tsunami has plunged their bond market to zero:

Credit Card Charge-offs Defy Gravity

Credit-card charge-offs are "defying gravity" when compared with the problems in the mortgage market, according to Gregory Larkin, senior banking analyst for Innovest

CBS Market Watch has a story that Credit Card defaults, in other words people who cannot pay off their credit cards can exceed home mortgage defaults.

Credit Card Reform?

Congress Tackles Credit Card Reform:

Speaking before a panel of the House Financial Services committee, Senator Carl Levin, D-Mich. and Sen. Ron Wyden, D-Ore., urged action as Americans face rising unemployment and sluggishness in the overall U.S. economy

From Carl Levin's press release:

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