Credit Card Debt Might Replace Itself with the Mortgage Crisis In 2008
We all are quite well aware about the sub-prime mortgage crisis in United States in 2007 and also how did it hurt the
economy. But as per the experts the way credit card holders have been failing in making payments of their bills, may be in 2008 the credit card debt problem might replace itself with the crisis in the mortgage industry.
The percentage of credit card accounts overdue for 30 days rose up to 26%, which amounts to $17 billion. Whereas big companies like HSBC and GE Money Bank conveyed that there has been a raise of 50% have been seen in credit card accounts which overdue for 90 days. The Associated Press has assembled all the data from 17 big credit card issuers.
So by this we can predict rather we can say that now US homeowners who have already faced a stage where they had to foreclose there property are getting default in making their credit card bills payment as well.
As per the experts this can be very dangerous and can bring more troubles for the US economy which is already in a pressure situation.