Wednesday, October 1, 2008

A hurricane of bad credit card debt will start crashing ashore in the United States

Credit cards to ‘implode:'

A hurricane of bad credit card debt will start crashing ashore in the United States in the first quarter of next year, even as the mortgage crisis continues, analysts at New York research firm Innovest Strategic Value Advisors warned Monday. “A combination of a 10-year steady drip of deteriorating personal finances and a tidal wave . . . brought on by the mortgage and credit crisis leads us to believe that credit cards are going to implode in the near term,” Gregory Larkin, Innovest's senior banking analysts said during an online seminar on the topic.

Posted by malct @ 11:23 AM (517 views)
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3 thoughts on “A hurricane of bad credit card debt will start crashing ashore in the United States

  • Nice post, thanks. Americans have spent the last year charging food and petrol to their credit cards as other sources of money run out. This means more bad debt for the issuing banks. If they’re already struggling now, how will they cope with more bad debt? Surely there has to come a point where either the banks fail and deposits take a hefty hair-cut (leading to a run on all the remaining banks), or the taxpayer bails out the banks?

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  • As above with ‘Britons’ included.

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  • methinks non essential retail is going to be hit real hard soon – here

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