Monday, December 24, 2007

In Debt Yet? You bet!

As a follow-up to Saturday’s Data Port entry about credit card debt let me refer y’all to the front page of today’s Arizona Daily Star and an Associated Press story: Pocket Plastic is New Credit Crunch.

“Americans are falling behind on their credit card payments at an alarming rate, sending delinquencies and defaults surging by double-digit percentages in the last year and prompting warnings of worse to come.

“An Associated Press analysis of financial data from the country's largest card issuers also found that the greatest rise was among accounts more than 90 days in arrears."

If you read the article closely you’ll notice that the credit card weasels have done just what the mortgage weasels did, they've sold off the debt to investment trusts and now the trusts are in trouble.

No comments: