Move ‘Em Out, Cut ‘Em Up 0
Credit card accounts, the next frontier:
Canadian card losses in the third quarter rose to 3.1 percent of average balances, the seventh straight period of year- over-year increases, according to Moody’s. By comparison, U.S. card losses rose to 6.6 percent of balances.
In the U.S., consumer credit is shrinking faster than estimates and credit-card line reductions are the greatest on record, analyst Meredith Whitney of Meredith Whitney Advisory Group LLC said yesterday in a note. About $2.7 trillion worth of credit lines will be removed from U.S. consumers due to the credit crisis and regulatory changes, 35 percent higher than her November estimate, Whitney said.
