JP Morgan Says Losses on WaMu Credit Cards Could Reach 24%
I smell a “ahh I knew this was going to happen moment”. Almost like a kick in the face. This article basically talks about the credit card loans that many banks are failing to collect. Hmm, I woornder why. This is to say and show how serious credit cad debt is. I mean banks offer all these special promotions to lure us into having a credit card, and feeding us to use it, but at the same time, knowing many people can’t afford to pay for what they actually spend. End result? A crash and a high percent of unable to collect.
“At the end of the first quarter, 12.63 per cent of the WaMu credit card loans were deemed uncollectable by JPMorgan”.
My research paper was about finanicilization fashion along with credit card debt. This clearly shows that this hole capitalism created is actually suffering their own consequence. I mean I know it’s bad on a macro level, because this means as country we are more in debt. But thinking of it in micro level, people should realize what they can spend and what they can’t afford. The piece of plastic doesn’t mean anything if you can’t pay for the bills.
June 8th, 2009 at 12:45 am
You have given a very nice suggestion..! People should think about their financial position at micro level that is his own financial position and the macro level that is financial position of the economy of the country. Making an effort to reduce credit debt will result in the upliftment of the economy as a whole which should be taken into consideration by the citizens.
September 16th, 2009 at 2:15 am
Managing your financial status at micro level is very important and use yor credit card wisely.
October 4th, 2009 at 4:31 pm
It doesn’t stop at credit card’s unfortunately. WAMU made tons of bad mortgages as well and quite frankly Chase is doing a terrible job after purchasing them.
The bottom line – the borrower is slave to the lender!