Latest News in Credit Card Debt - Nov 9, 2007

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Wachovia, Capital One, E*Trade warn on credit
Washington Post - NEW YORK (Reuters) - The credit crisis deepened on Friday as Wachovia Corp (WB.N) reported a potential $1.7 billion loss on mortgage-related debt, while credit card company Capital One Financial Corp (COF.N) said more customers are missing payments …

Visa hopes to raise $10B in IPO
Miami Herald - As Wall Street struggles, MasterCard and Visa have secured the enviable role of processing the world’s credit card payments but taking on none of the debt. The risk is instead held by the 25,000 banks in more than 200 countries that issue the cards. …

Visa’s takes step toward initial public offering; hopes to raise $10 …

MSN UK News - As Wall Street struggles, MasterCard and Visa have secured the enviable role of processing the world’s credit card payments but taking on none of the debt. The risk is instead held by the 25,000 banks in more than 200 countries that issue the cards …

Capital One Hit by Housing Slump
CNBC - However, that may be changing amid evidence that consumers loaded up on credit card debt to make up for a loss in the purchasing power they once wielded by refinancing mortgages during the real estate boom. Capital One said the rate of net charge-offs …

Despite credit crunch, lenders persist
Miami Herald - But others refinance so they can borrow more and spend the extra cash — or use it to pay off high-rate credit card debt. In the current refinancing push, lenders are promoting some of the same exotic products that gained notoriety during the housing …

Novelist’s Murder Conviction Upheld
Guardian Unlimited - They said the couple’s marriage was strained and they had accumulated $143,000 in credit card debt. Prosecutors also said Michael Peterson stood to benefit financially from life insurance and other assets if his wife died. Peterson had tried to argue …

Running up credit-card debt before you close isn’t smart
Baltimore Sun - Sometimes homebuyers think they’ll be able to get away with making a large purchase just after they’ve been approved for a mortgage. But charging up a ton of debt on your credit card before you’ve closed on your new home isn’t a smart move. In fact …

Confident in US tech sector melts away
Financial Times - Capital One Financial , the biggest US credit card issuer, fell 13.1 per cent to $53.16 after it forecast that writedowns on bad credit card debt could reach the ?mid-$5bn? range. Writedowns rose sharply last month compared to the third quarter …

Candidates’ advisers debate sluggish economy

Boston Globe - You’re now seeing a dangerously large accumulation of credit card debt,” he said, noting that many of the same people who took out subprime mortgages were now running up bigger tabs on high-interest credit cards. Goolsbee said high oil prices were …

US: JPMorgan anticipates more losses due to tight credit markets and …
MSN UK News - … its loan portfolio in the fourth quarter as a feeble economy and the growing credit … 30, it had about US$6.8 billion (euro4.63 billion) in its collateralized debt … It added the charge-off rate in card services is rising to “a more normal level …

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November 09 2007 12:32 pm | Credit Card Debt News

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