Search
 

2002 to be year of credit card charge-offs?

NEW YORK - Credit card companies can thank the economic recession and rising unemployment for what will be a record 8% charge-off of uncollected debt next year.

By Staff Writer | Updated on January 08, 2002

NEW YORK – Credit card companies can thank the economic recession and rising unemployment for what will be a record 8% charge-off of uncollected debt next year.

A recently released Standard & Poor’s report “Over Our Heads: Can U.S. Consumers Repay Their Debts in the Recession?” finds that since the late 1990′s Americans have outspent their incomes and acquired record debt particularly on credit cards.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

 

Recommended Stories

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2023 ALM Global, LLC. All Rights Reserved.