Killer Credit

In These Times by Adam Doster | Jan. 29, 2008 (Special Report)
Attack of the $915 billion consumer debt monster

Like mortgages, credit card debt is often carved up and sold on global debt markets as securities. Since borrowers generally pay back what they owe, that debt has been profitable and safe for traders, which explains the $40 billion increase in securitized credit card debt from September 2005 to 2006.
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These developments are problematic because credit card debt is unsecured, meaning no portion of defaults can be salvaged. Yet broader dangers ... Full Story »

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4.5
 by Patricia Blochowiak - Jan. 29, 2008

The problems with the credit industry are well-documented. I could add mine. I was charged interest and penalties on a charge that was eventually dropped because it shouldn't have been there in the first place. The credit company only dropped the charge, but not the interest and penalties. It took about 6 months of letters, phone calls, and not using the card before they finally figured out that they'd get more money from me if they dropped the interest and penalties, and I started using the card again.

(12 answers)

Patricia's Rating

Overall
4.5

Very good
from 12 answers
Quality
4.5
Facts
5.0
Fairness
4.0
Information
5.0
Sourcing
5.0
Style
5.0
Accuracy
5.0
Balance
3.0
Context
4.0
Popularity
4.5
Recommendation
5.0
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