Category Archives: Credit cards

Coronavirus: Bracing for the Economic Shockwave

The coronavirus spread is setting up a nasty real economy-financial system contraction.

Wolf Richter: Subprime Credit Card Delinquencies Spike to Record High, Past Financial-Crisis Peak, as Other Consumers Relish the Good Times. Why?

The concern is not for banks or investors in subprime-credit-card backed securities. But what does this bifurcation tell us about consumers?

War on Cash: New York City Businesses Must Accept Cash, City Council Decides

New York City Council passes legislation requiring businesses to accept cash to take effect nine months after signing by mayor Bill DiBlasio.

What’s Behind the Subprime Consumer Loan Implosion?

Subprime loan repayment continues to deteriorate. What is going on?

Families Drowning in Debt to Stay in the Middle Class

Young people with pretty high incomes are sinking under debt.

Banks Again Hoist on Their Cost-Cutting Petard: Burgeoning Credit Card Fraud

Credit card companies are paying for their stinginess via being exposed to rapidly rising levels of fraud.

Facebook’s Finance Fantasy Island Dreams

Facebook wants to become a big payments system player. Good luck with that.

Why You Should Back the Sanders/AOC Plan to Cap Credit Card Interest Rates at 15%, Re-Launch the Postal Savings Bank

A new bill by Bernie Sanders and Alexandria Ocasio-Cortez seeks to limit credit abuses and make banking more accessible.

War on Cash: UK’s First Till-Free Grocery Store

War on cash- issues and complications undermine business case for till-free stores.

FIS and Worldpay’s Merger – Why Its “Bank in a Box” Tech Fantasy Will Go Nowhere

FIS and Worldpay are merging, hyping that they’ll be a bank in a box. Clive looks under the hood and doen’t like what he sees.

Wolf Richter: The State of the American Debt Slaves, Q3 2018

Consumer debt continues to grind upwards.

Michael Hudson: 10 Years Since Lehman Brothers Bankruptcy – Did the Economy Really Recover?

Michael Hudson discusses the economic impact of not writing down debts in the wake of the crisis.

Don Quijones: Credit-Cardholders & Bank Customers Burned Again as New IT Chaos Breaks Out in the UK

Another IT outage in the UK serves as pushback to the war on cash, with even the ECB conceding it doesn’t foresee a totally cashless society, leaves those relying on credit cards alone to make payments vulnerable.

America’s Subprime Economy

This so-called expansion is more and more brought to you by subprime borrowings.