The economic crisis has had an enormous effect on the average American consumer. Traditionally very free with their credit card use, the average consumer now considers carefully every purchase made on their plastic. While credit cards had become the preferred method of transaction in the past few years, nowadays cash is again becoming fashionable and with good reason.
Burdened with the economic and employment crisis, a majority of credit card carrying American consumers have been unable to...
It is no secret that the credit card industry is currently having a hard time keeping their finances afloat. The economic crash and the resulting rapid increase in credit card delinquencies and write offs caught the credit companies highly exposed and, as a result many found themselves in the brink of a financial collapse. A timely bailout from the U.S. government has kept most of the major credit card companies afloat. However, the credit card crisis still remains and, as unemployment...
Continue readingCredit company Advanta Corp. just recently cut off new charges on their credit cards as the economic slump continues. Advanta is a niche credit institution focusing mainly on small business borrowers. Industry analysts say what happened to Advanta was worrying but not unexpected.
The credit industry is considered one of the most affected sectors in the on-going economic crisis. According to estimates, the credit card debt of the nation is approaching the $1 trillion mark and is threatening...