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ksdk.com - 10/18/2008

Couple Finds Unauthorized Charge on Credit Card from Obama Campaign | ksdk.com | St. Louis, MO

— ksdk.com — Alex Fees KSDK -- At least four credit card holders in Missouri have recently opened their statements... and found unauthorized transactions, which charged $2,300 to the presidential campaign of Sen. Barack Obama. It happened to Tom Brown and his wife a ... (more) Couple Finds Unauthorized Charge on Credit Card from ...

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calculatedrisk.blogspot.com - 10/23/2008

WSJ: Banks may see record credit card losses

— calculatedrisk.blogspot.com — From David Reilly at the WSJ Heard on the Street: Credit Card Losses May Scale New Peak... ... A broader range of consumers now carry cards, and many run consistent credit balances to fund their lifestyles. This has led to successively higher peaks over ... (more) WSJ: Banks may see record credit card losses

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Comments vote downundo vote up Democratic Underground Latest Breaking News found this 10/23/2008found this

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More Trouble Ahead
Obsidian Wings — ... There are several problems here. The first is the possibility that banks will have to write off even more bad debt. Americans owe about $950 billion worth of credit card debt, and, as with mortgages, credit card debt has been securitized. The second is that banks might hoard cash if they think they will have to write down bad debts, at a time when credit is already very tight. But the third is that, as the Post notes, consumer spending drives a lot of our economy. But there's a problem: ...

More Trouble Ahead
Political Animal — ... Reserve data, the latest available. A report this week from Innovest, a research firm, said banks and other credit card lenders could record nearly $100 billion in losses because of bad loans through the end of next year. Innovest said financial firms could be reaching a "tipping point" at which years of growth in credit card debt starts to decline." There are several problems here. The first is the possibility that banks will have to write off even more bad debt. Americans owe about $950 billion worth of credit card debt, and, as with mortgages, credit card debt has been ...

The Bad Debt of Tomorrow
Matthew Yglesias — ... Next up around the corner, it seems, will be a wave of credit card defaults which, like mortgages, have been packaged and securitized and God only knows if the risk models that the owners of the securities are workign from are actually any good. In light of recent events, one suspects the answer is no. Hilzoy has ...