Credit card debt has exploded, with bankruptcy and debt settlement cases rising continue to rise at alarming rates. The rate of U.S. credit card defaults showed signs of stabilizing last month, an indication that American consumers may not be in as bad shape as feared despite job losses and the housing slump. Are credit card companies hiding their losses?
o BofA credit card charge-offs edge lower
o Capital One defaults rise, stock falls 1.1 pct
o JPMorgan, Citigroup, Discover say defaults drop
o Capital One Defaults rise
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Through a debt relief program, consumers don’t need a a bad credit home loan to eliminate credit card debt. The stimulus money from President Obama’s debt settlement program is used to off-set the debt which is settled in these cases.
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