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Tuesday, July 7, 2009
9:11 AM TweetThis
  • Despite massive government efforts to bolster the credit market, banks are pulling back strongly on card lending. In the first four months of 2009, banks issued just 9.8M new credit cards - a 38% drop from a year ago. Economist Mark Zandi calls the sharp decline "remarkable."
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This news story has 4 comments:

  •  
    This isn´t going to help the rebound.....hmmmm..it looks like deflation time to me....
    Jul 07 09:24 AM | Link | Reply
  •  
    "Remarkable"?????

    How quickly we forget the lax lending standards that have ALWAYS led to recession followed by rampant inflation. Yeah, Barney Frank wants to loosen credit again. After all, borrowers vote; banks don't.
    Jul 07 09:33 AM | Link | Reply
  •  
    I'd be curious to see what the numbers were as a percentage of applications. I read a lot on the web about people financing things moving balances from 0% introductory offer card to 0% introductory offer card... now that those seem to be gone, it should result in a lot less churn.
    Jul 07 09:37 AM | Link | Reply
  •  
    "remarkable" What did he expect? The same amount of lending while unemployment doubled and housing declined by double digits?

    The remarkable thing is that people keep paying attention to this "analysis"
    Jul 07 09:39 AM | Link | Reply
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