Foreclosure & Cardholder Default
June 30, 2008 · Print This Article
An article released yesterday by Bloomberg quoted American Express CFO, Daniel Henry, as saying “Defaults by cardholders worsened most in areas where U.S. home prices dropped by more than 5 to 10 percent”.
While this may appear obvious to some I firmly believe that defaults on unsecured debt will continue to increase as mortgage deliquencies and foreclosures continue to climb. With no sign of a turnaround more-and-more Americans will see their unsecured debt loads increase and will continue to struggle to make ends meet as they try and make the monthly minimum payments to their creditors.
To read the entire article visit Bloomberg.
Technorati Tags: debt settlement, credit card debt, home foreclosure, debt relief
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Written by David McCullough · Filed Under Economy
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