| Topic: |
Politics > Politics-USA |
| User: |
"Harry Hope" |
| Date: |
07 Jan 2004 03:50:21 PM |
| Object: |
Weak job market causes credit card delinquencies to hit a record high |
From Reuters, 1/7/04:
http://news.moneycentral.msn.com/breaking/breakingnewsarticle.asp?feed=OBR&Date=20040106&ID=3254727
Credit Card Delinquencies Hit a New High
WASHINGTON (Reuters) -
The weak U.S. job market helped nudge credit card delinquencies to a
record high in the third quarter of 2003, a banking trade association
said in a report released on Tuesday.
Credit card delinquencies rose to a seasonally adjusted 4.09 percent
of all accounts in the period from 4.04 percent in the second quarter,
the American Bankers Association said.
``The job market has been flying against strong headwinds, lengthening
the time between jobs and intensifying financial stress,'' ABA Chief
Economist James Chessen said.
The average length of unemployment surpassed 20 weeks during the third
quarter, the Labor Department said.
The U.S. economy has shed 2 million jobs since the start of 2001 and
businesses have not yet begun to hire many workers even though
conditions have improved and profits picked up.
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No salary, no unemployment insurance, no credit. sounds like some
kinda problem for lots of folks.
Harry
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| User: "Tabernacle" |
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| Title: Re: Weak job market causes credit card delinquencies to hit a record high |
07 Jan 2004 09:03:06 PM |
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Harry Hope <rivrvu@ix.netcom.com> wrote in message news:<uovovv8866lrjgg2m6eepc5jq1eeall8ta@4ax.com>...
From Reuters, 1/7/04:
http://news.moneycentral.msn.com/breaking/breakingnewsarticle.asp?feed=OBR&Date=20040106&ID=3254727
Credit Card Delinquencies Hit a New High
WASHINGTON (Reuters) -
The weak U.S. job market helped nudge credit card delinquencies to a
record high in the third quarter of 2003, a banking trade association
said in a report released on Tuesday.
Credit card delinquencies rose to a seasonally adjusted 4.09 percent
of all accounts in the period from 4.04 percent in the second quarter,
the American Bankers Association said.
``The job market has been flying against strong headwinds, lengthening
the time between jobs and intensifying financial stress,'' ABA Chief
Economist James Chessen said.
The average length of unemployment surpassed 20 weeks during the third
quarter, the Labor Department said.
The U.S. economy has shed 2 million jobs since the start of 2001 and
businesses have not yet begun to hire many workers even though
conditions have improved and profits picked up.
______________________________________________________
No salary, no unemployment insurance, no credit. sounds like some
kinda problem for lots of folks.
Harry
This may well be only a taste of things to come Harry as I have read
that record consumer debt is a ticking timebomb that could go off any
month now as soon as Crazy Al starts to push the rates back up!
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