Word: crediteers
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...point is that more buyers are relying on plastic - for debit purchases. That's partly why transaction volume has remained strong even as spending declines; for the first time ever, in 2006, U.S. consumers made more debit purchases than credit charges. The funds may be pre-paid or come directly from checking accounts, but the debit cards are often Visa-branded. And because it's easier to obtain a debit card than a credit card, even people who have never qualified for a credit card before are enjoying the convenience of going cash-free...
Meanwhile, with home equity credit lines drying up, Americans have also become more reliant on their credit cards than ever. Overstretched consumers might be forced to bail on their mortgage - even if it means losing their home - but they'll continue to make the minimum payment on their credit cards, because that is their only safety net left. While default rates on subprime mortgages can be as high as 30%, the highest default rates being reported by card issuers is just 5%. Despite fears that the credit-card industry is poised to become the next subprime debacle, it is still...
...hundreds of thousands have been killed in Darfur, Kenya has been destabilized and the U.S. would not fund the distribution of condoms as the cheapest way to fight aids? Most of the poverty-fighting in Africa has been done by private citizens or organizations for which Bush cannot take credit. Later in the article, Geldof got to the real reason the U.S. is interested in Africa: "It's a continent of 900 million potential producers and consumers ... the continent America must befriend, if only out of self-interest." The U.S. wants to exploit Africa, especially for its oil. Christine Halpin...
...reasons for the recovery are varied. On a national level, the economy is growing, and lower unemployment and easier credit - along with government wealth distribution programs - have reduced the poverty rate and given some of the poorest Brazilians real hope for a better future...
...read all about the combined woes afflicting the economy: the credit crunch, the subprime mortgage crisis, the housing slump. Things are bad out there, especially when the Federal Reserve has to intervene and rescue the financial markets from chaos, helping JPMorgan Chase buy collapsing investment bank Bear Sterns for a mere $2 a share. But even in the toughest times, some businesses and banks come...