Word: credit-card
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...understand how the credit crunch is hitting American business - and, in turn, you - look no further than the Dog Shop, a pet-supplies and -grooming store in Washington, D.C. This holiday season, owner Jane Huelle will stock only four varieties of Christmas-cookie dog treats instead of the usual six. That's because a month and a half ago she got a letter from her credit-card company saying her line of credit was being docked by thousands of dollars...
...automobiles, washing machines, vacations - all those trappings of upward mobility that the few who could afford them once proudly purchased with cash. The country's central bank estimates that the amount of personal loans held by Indians nearly doubled from 2005 to 2007, to $106 billion; the country's credit-card industry has been growing at an average annual rate of nearly 30%. "There was an environment that was building up irrational exuberance," says Alam Srinivas, author of The Indian Consumer. "No one thought that anything could go wrong. The party never seemed...
...Lenders are scrambling to keep delinquency and defaults in check. Some banks are extending repayment periods and converting credit-card debt into personal loans at slightly lower interest rates so borrowers can remain current. Under pressure from investors and regulators to improve their deteriorating asset quality, banks are also curtailing riskier lending, such as small-ticket personal loans, and making more of an effort to verify creditworthiness...
Those relentless credit-card offers left in your mailbox dropped 17% in the second quarter compared with last year, according to mail tracker Synovate. Who's being ignored? The less affluent: 52% of households with income below $50,000 have gotten an offer this year vs. 66% last year. Even if you already have plenty of cards, you're not immune. Card companies are taking a hard look at customers' credit profiles, especially in the areas with the most house-price deterioration. American Express typically cuts the credit limit on about 4% of its cards each year. That figure...
...generation since Ronald Reagan declared in his first Inaugural Address that society is like a family and has to live within its means. We took this as an invitation for our families to start borrowing like the Federal Government. So now we have the national debt, credit-card debt, student-loan debt, plus Social Security and other government promises that amount to more debt (although they aren't on the official books...