Word: credit-card
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...Yields on Treasury bonds have been rising in anticipation that he'll pull the trigger on March 25 when the Fed Board meets. Higher rates are bad for the stock market but even worse for consumers. Even a quarter-point hike will hurt. Some 60 million households have "revolving" credit-card debt averaging more than $6,000, at an interest rate of about 17%. An uptick would add nearly a billion dollars in interest expenses. And those holding some $1.2 trillion in adjustable-rate mortgages and home-equity loans would have to cough up roughly $3 billion more. Now that...
...indulged big-ticket impulses. Frequent-flyer miles were accumulated in all directions. Some spent their way into debt simply because their condition required it. But a return to life means a return to life's responsibilities. "A lot of people I know are facing troubles because they spent their credit-card money to the hilt, mortgaged their homes," says Dr. Jerome Goldstein, a San Francisco physician. "They have all these bills, and are wondering how the hell they're going to pay them...
Sears' biggest enemy right now isn't the competition as much as the economy. Any recession could deal the company a double blow: first by hammering sales and then by increasing its credit-card delinquencies, which are already running at an uncomfortably high rate of 5%. Yet Martinez says Sears could recoup any losses simply by beating up on competitors. "Should we encounter a recession, there's still an awful lot of fragile retailers who are at very high risk of failure," he says. "That represents a market-share opportunity for us." Sears bullying the competition--the Big Store really...
Burt Reynolds won't be doing any credit-card commercials. He has filed for bankruptcy protection, claiming more than $10 million in debts and slightly less than that in assets. The bankruptcy filing is to enable him to "continue his illustrious career," says his attorney, while meeting his obligations, such as the child-support payments to ex-wife Loni Anderson...
...needs the same, and then some. "AT&T needs someone who can rally the troops beyond their distractions," says Jeffrey Kagan, president of Atlanta consultants Kagan Telecom. Distractions? Long-distance market share is falling, profits are sagging at its credit-card business, and head count is being slashed as the company splits itself into three pieces. For Walter and AT&T, it's remake-it-or-break-it time...