"A Once-Glittering Business Loses Its Shine"
That's the subtitle on a pretty pessimistic story titled "Knocked off balance" in this week's Economist about credit cards in America. "These days lenders are in a spin as they struggle to cope with write-offs, a regulatory crackdown and changes in consumer behaviour."
Separately, the Wall St. Journal covers the credit card regulatory changes with two articles today: "U.S. Banks Risk Losing Trump Card" and "Card Firms' Loss Tally: Billions of Dollars in Fees".
The credit card industry should have self-regulated before practically forcing Congress to step in.
Posted by: pwb | May 22, 2009 at 07:38 PM