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Instead of producing the expected credit card, she proposed an unusual barter.
Mortgage delinquencies, Mr. Dimon said, had leveled off and he expected credit card charge-offs to continue to fall.
A Web site, CardHub.com, has introduced some calculators to help you decide the best option for paying down existing — or expected — credit card debt.
Unfortunately, when the calendar turns to January, the negative effects of this spending begin to set in: higher than expected credit card statements, tighter finances than imagined, increased stress and regret over the amount of money spent.
Because of an existing agreement, investors had to be paid immediately if the expected credit card receivables fell below certain amounts.
Similar(55)
There is no reason to expect credit card companies to offer their services free.
Across the industry, analysts expect credit card loan balances will start increasing before the end of the year.
And Meredith A. Whitney, a prominent banking analyst, expects credit card lenders to cut the lines of credit they extend to borrowers by a total of $2.7 trillion through 2010.
As consumers struggle to make ends meet amid U.S. recessionary pressures, analysts expect credit cards will increasingly be used to cover basic needs like gas and food.
Analysts at CreditSights, a research firm, think the picture will keep getting worse until late this year, though they do not expect credit-card and car-loan defaults to break records.Provisions for bad loans are likely to grow fast as the extent of the contagion becomes clear and as those banks that have squirreled away the least, such as Washington Mutual, catch up.
He also expects credit-card related write-offs to increase modestly in the near-term.
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