Credit card default way up in 4th Q 2008

Defaults spiked in the fourth quarter reaching more than 6%.  As posted in creditslip, the credit card companies have no one to blame for themselves.  They looked to bankruptcy reform to keep defaults low and that didn’t work out.  They extended credit to people who shouldn’t have gotten it after mortgage lender started to tighten credit back in 2006 and they have created all kinds of sneaky charges that give people reason to feel these companies are deceptive and not deserving of their hard-earned dollars.

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