Busted: Bankers and The Global Economy

December 7, 2007

Credit Cards the next Subprime?

Filed under: banking, money, politics, security — Tags: , , , , , , , — digitaleconomy @ 12:42 pm

Aggressive, irresponsible tactics by mortgage firms are already threatening to tip the US economy into recession. Some feel that credit cards could blow up next.

Claire McCaskill, a newly elected Democratic senator from Missouri who is co-sponsoring Levin’s bill, says her own mother has struggled to cope with rocketing credit card debt.

The Guardian 12/07/07

“I think most Americans don’t understand that they are in a hole in terms of minimum payments, and I think, frankly, we are not preparing for what could be the next sub-prime disaster,” she says. “I believe the next sub-prime disaster is the debt that is out there within the credit card obligations in America.”

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