Questionable credit card processing may break budget

There is a tendancy to make the holidays seem normal, even if mortgage issues have people worried. Credit card “interest free” promotions might be tempting, but please read this article by Household – HSBC Watch first. Misleading credit card promotions could result in a big bill for interest charges, thus making it even more difficult …

Losses much greater than forecast as audits near

One factor undermining investor confidence is that the projected size of this year’s credit shock is now rising rapidly. The US government initially forecast $50bn losses on subprime securities. However, investment banks now expect $200bn-$500bn subprime losses – and additional massive losses in other debt markets, such as credit card loans. End of the year …

Japan’s MUFG profits drop on credit card’s, subprime

Hefty losses at its credit card unit are of interest in this article as many said problems would spread. A few months ago we reported that people were keeping credit card accounts current while defaulting on house payments. Not any more, from what we hear from Japan’s MUFG (Mitsubishi UFJ Financial Group Inc.) While losses …