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Loan Modification

: Mortgage Lender Implode-o-Meter

Credit card losses to rise 300 percent

By Implode-Explode Heavy Industries

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"Not a huge amount has been written about how much of a hit banks will take from charging off bad credit card loans. But the simple truth is that credit card loans are among the worst for banks since there is nothing there to seize as collateral if the borrower can't repay. So the people who don't repay inspire banks to raise rates and fees on everyone, so we all end up paying for the credit card deadbeats."

Full post as published by Mortgage Lender Implode-o-Meter on May 11, 2009 (boomark / email).

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