CREDIT CARD DEFAULTS SOAR TO 13.8% AT BANK OF AMERICA
By Daniel at 28 July, 2009, 8:54 am
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“When Debtors Decide to Default ” By David Streitfeld
“Bank of America has its hands full, with a June default rate of 13.8 percent, up from 12.5 percent in May. The other major credit card companies are in a similar fix. Estimates of the total industry losses are over $100 billion for the current recession.
Collectors are noticing a shift not only in ability but in willingness to pay. “With all the bailouts the government is giving everyone, no one has any personal accountability about their own debts,” said Roger Knauf, who runs a trade group of debt-buying firms.
The full article is at:
http://www.nytimes.com/2009/07/26/weekinreview/26streitfeld.html?_r=2&emc=eta1
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