Sunday, November 2, 2008

Credit Cards are Next?

After watching my Roth bounce around like a hooker on speed I came across this article:The next meltdown: Credit cards? I hate these articles.

from the article:
"To boost profits and get ahead of coming regulation, they're increasing interest rates. But that's making it harder for consumers to keep up and will make tomorrow's pain worse. Innovest estimates that credit card issuers will take a $41 billion hit from rotten debt this year and a $96 billion blow in 2009."

Maybe if credit card companies hadn't given every college kid with a signature a credit card they wouldn't be in this mess. IMO they were trying to maximize profit with higher interest rates and instead scared their customers into payment paralysis.


Sharon Rose said...

Hi there-its not looking good :-(