15 Mar Banks’ Future Woes in One Word: Plastic
So read the headling in this CNN-Money story. As this article noted:
Just last month, Bank of America CEO Ken Lewis warned lawmakers at a high-profile Congressional hearing on the government’s $700 billion rescue plan that he had no doubts 2009 would be an “awful year” for the credit card industry.
Unfortunately for Lewis and his peers, the nation’s leading banks dominate the credit card landscape.
Of the nearly $76 billion in credit card loans in 2008, nearly $46 billion came from Bank of America (BAC, Fortune 500), JPMorgan Chase (JPM, Fortune 500) and Citigroup (C, Fortune 500) alone, according to credit rating agency Moody’s.
This isn’t a new fear. See my article, “The Coming Meltdown. Part Four: Consumer Credit” for a discussion of why there’s a problem and what the impact can be.
Latest posts by Brett Weiss, Esq. (see all)
- Student Loans and the Elderly: How to Stop Student Loan Collectors and Social Security Garnishment - October 15, 2017
- Sears, Payless and the Future of Retail - March 23, 2017
- Judge Neil Gorsuch on Bankruptcy - February 24, 2017
- Filing for Bankruptcy Without a Lawyer - January 3, 2017
- Monthly Statements in Chapter 13 Cases - December 16, 2016