Word: advanta
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...Then there is the financial system. Problems tied to bad loans persist. The latest victim came forward on Tuesday: small-business credit-card issuer Advanta said it would shut down all of its cardholders' accounts after billowing losses threatened its viability. And yet elsewhere the credit markets seemed downright rosy. The TED spread - a gauge of how willing banks are to lend to each other - hit its lowest point since the beginning of the credit crisis in the summer of 2007, and companies, including Microsoft and Wal-Mart sold a relatively sizeable $32.6 billion of debt to investors...
...they already pay at least $1,000 a year in fees and interest. The average interest rate is 18.84%, up from 17.7% a year ago. Mellon Bank of Pittsburgh, Pa., assesses its cardholders $15 for not charging during a six-month period. If you cancel your card account with Advanta Bank of Wilmington, Del., it may impose a $25 fee as a parting gift. Warns McKinley: "There are going to be more costs associated with cards in the future." And that future...
Here's a sign the economy may be in real trouble: the baby boomers, legendary for their spending and borrowing, are slipping into debt hell. And at least one major credit-card company is starting to feel the heat. Advanta, the nation's ninth largest issuer of plastic, stunned Wall Street last week by forecasting a loss of $20 million in the first quarter. The company relies on a computer model to pick more affluent customers, who are offered a large credit line and teaser rates as low as 5.9%. The result: the number of cardholders jumped from 2 million...
...downside of the strategy may be that big-spending boomers fall harder. Overall, credit-card delinquencies soared to a record last quarter, with 3.72% of borrowers falling behind in payments. Many are seeking relief in bankruptcy. Such tactics have pelted the stocks of most credit-card issuers. Advanta execs are talking to outside advisers about the possibility of selling the company...
...Advanta Corp. 53 1/4 28 1/8 -47% MBNA 36 5/8 30 7/8 -16% Household International 105 5/8 93 7/8 -11% Capital One Financial 42 1/4 38 5/8 -9% First...