Daily quote by Credit card

• Credit card defaults have become an increasingly conspicuous feature on the bankruptcy landscape. In 1996, bank credit card delinquencies exceeded 3.5 percent—the highest delinquency rate since 1973, when statistics were first collected. ... Bank credit card chargeoffs also veered upward to 4.5 percent per year, exceeding all but the levels recorded during the years 1991-1992. ... At the same time, personal bankruptcy filings reached a record high 290,111 in the quarter ending September 30, 1996—up thirty-one percent from the corresponding period one year earlier—and surpassed one million for the first year ever in 1996. ... Both credit card defaults and bankruptcies soared amid a generally healthy economy with relatively low unemployment4 and reasonable growth in gross domestic product.
  • Lawrence M. Ausubel, "Credit card defaults, credit card profits, and bankruptcy." American Bankruptcy Law Journal 71 (1997): 249.