credit card

Doug Henwood dhenwood at
Fri Sep 4 15:54:39 PDT 1998

Greg Nowell wrote:

>She said that 42% of all cards are now being paid off
>monthly, up from 29% a few years ago, that the growth
>in credit card debt had slowed from something like 15%
>to 3%, and that credit card bankruptcies had declined
>to a minimal fraction.

Consumer credit growth has slowed from 6-7% a year in early 1997 to 3.7% in June, but the ratio to after-tax income is only a sliver off the all time high. And bankruptcies are at record levels (relative to population), and bankruptcy, as was reported in LBO #84, is mostly about credit cards.


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