Mobile UPI  |   About UPI  |   UPI en Español  |   UPI Arabic  |   UPIU  |   My Account
Search:
Go

Business News

Banks Hoard Cash as Credit Card Defaults Rise

Oct. 16, 2008
Consumers are increasingly unable to pay off their credit cards, forcing banks to hoard cash to protect against future losses and lend to fewer people, according to reports yesterday from several of the nation's largest banks.
Related Stories from UPI.com

'Predatory' credit card lending targeted

WASHINGTON, Nov. 28 (UPI) -- Curbs on predatory credit card lending could be part of the deal for banks accepting low-rate U.S. Treasury loans to prop up their portfolios, analysts say.

Downturns put pinch on credit cards

NEW YORK, Oct. 29 (UPI) -- Credit card companies said they are tightening restrictions, lowering credit lines and raising rates as the U.S. economy turns more sour.

Banks seize homes over credit card debt

LONDON, Oct. 26 (UPI) -- Banks and credit card companies in England are exploiting a legal loophole to seize homes of customers who cannot pay their credit card bills, experts say.

Banks marketing debt in questionable times

NEW YORK, D.C., Oct. 22 (UPI) -- U.S. data mining companies are helping banks target credit card customers even if the cards are not in the customers best interest, a consumer advocate said.

Small companies lean more on credit cards

NEW YORK, Oct. 20 (UPI) -- The search for credit among smaller companies is more frequently ending up with a new expense on the company credit card, records show.

Credit card defaults rising, banks say

NEW YORK, Oct. 16 (UPI) -- Credit card defaults are rising among U.S. consumers in an already tightening credit environment, various banks said.

Lending tighter, defaults up in Britain

LONDON, Oct. 2 (UPI) -- The Bank of England said Thursday that British banks had reduced lending to households and small businesses more than expected in the second quarter of 2008.

Police: Credit card thief uses own name

IOWA CITY, Iowa, Sept. 4 (UPI) -- Police say an Iowa man accused of credit card theft forgot who he was supposed to be and allegedly signed his real name on credit card slips.

Fed flooded with credit card commentary

WASHINGTON, July 29 (UPI) -- The Federal Reserve's proposal to reign in deceptive credit card policies has drawn thousands of comments, the U.S. central bank said.

Gas stations protest credit card fees

IRVING, Calif., July 8 (UPI) -- As gas prices rise, some U.S. gas stations are taking a proactive stance against fees they pay credit card companies, observers said.

Retailers hurting from credit card perks

TORONTO, June 24 (UPI) -- Canadian retailers are complaining about higher costs associated with a surge of premium credit cards that offer users loyalty points and lower interest rates.

Easy credit followed home equity boom

NEW YORK, June 18 (UPI) -- Credit card companies raised spending limits for U.S. consumers at unprecedented rates before the home equity bubble burst in the summer of 2007, reports show.

Poll: More pay off credit card bills

PRINCETON, N.J., June 12 (UPI) -- Consumer credit increased in April but the percentage of U.S. consumers who pay off credit card balances each month has grown, Gallup researchers said Thursday.

Credit card rates climb on bank losses

NEW YORK, April 28 (UPI) -- U.S. credit card companies are raising rates as banks try to make up for losses in other departments, financial experts said Monday.

GAO audit turns up credit card abuse

WASHINGTON, April 9 (UPI) -- Federal employees have been using government credit cards to enhance their personal lifestyles, an audit by a U.S, watchdog agency discovered.
1 of 29
French Open tennis in Paris
View Caption
Russian Maria Sharapova signs autographs after winning her French Open womens first round match against Romanian Alexandra Cadantu at Roland Garros in Paris on May 29, 2012. Sharapova defeated Cadantu 6-0, 6-0 to advance to the next round. UPI/David Silpa