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America's credit card debt climbs to new record
Published November 7, 2007 - BizTimes Daily
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While the fallout of the subprime loan industry collapse continues to play out, momentum is gaining on another potential economic calamity: Americans now owe a record $915 billion in credit card debt, according to a new report by Moody's Investors Service.
Credit card companies wrote off 4.58 percent in payments between January and May, almost a third more than in the same period in 2006, Moody's said.
As a result, lenders such as Citigroup, Bank of America, and American Express, already reeling from the subprime mortgage collapse, are being further weakened, according to a new report at MoneyNews.com.
The third quarter numbers for banks were the worst since 2001, MoneyNews.com reported.
The stock market slid again today on news about record crude oil prices exceeding $98 per barrel and General Motors Corp.'s quarterly loss of $39 billion. The BizTimes Stock Index gained 1.94 points to close at 178.18 Tuesday, but local stocks slid again with the broader market this morning. The largest local decliners today were Marshall & Ilsley Corp. (down $2.36 to $40.34) and Rockwell Automation Inc. (down $2.02 to $67.74). The largest local advancers this morning were Koss Corp. (up $1.12 to $19.84) and Strattec Security Corp. (up 80 cents to $48.62). The BizTimes Stock Index was created by Small Business Times and is monitored by North Shore Bank. The index, which measures the stock values of publicly held companies based in southeastern Wisconsin, is updated daily and can be viewed at www.biztimes.com.
