Word: auto
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Dates: during 2000-2009
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...What's more, industry watchers say credit card and auto lending has actually held up quite well despite the credit crunch. According to market research firm Synovate, the average consumer probably has a higher limit and therefore can spend more on their credit card than they could a year...
...Treasury Secretary said he was backing away from using a large portion of the $700 billion Troubled Asset Relief Program fund to buy up troubled mortgage bonds. Instead, Paulson said he was more interested in helping the currently stalled market for financing among other things credit card and auto loans...
...Treasury Department says nothing has been finalized, but reportedly Paulson and his advisers are looking into using TARP funds along with some money from outside investors to buy up credit card, auto loans and other, non-mortgage consumers debt. The financing mechanism for that type of debt, often called securitization, has stalled like much of the rest of the banking sector. Paulson is hoping that buying up debts directly will be a better way of stimulating lending than just purchasing banks' shares and trying to force the firms to extend loans...
...some economists wonder why buying up credit card and auto loan debt is any better or easier to do than buying up mortgage bonds. In fact, when it comes to credit card debt it could be riskier way to use taxpayer money. That's because credit card debt unlike mortgages is unsecured. If a borrower defaults, there is no house to repossess. What's more, credit card debt, unlike a mortgage, can be wiped away in bankruptcy. (Read "Four Steps to Ending the Foreclosure Crisis...
...some of which will go bad, but so far it doesn't seem like they are pulling back credit from consumers. According to Synovate, the average household had a combined credit limit on all the plastic in their wallet of $27,626, up from $26,902 a year ago. Auto loans are down, but not in a big way, and not nearly as much as you would expect in a bad economy...