Plus yer standard gloom 'n' doom forecast for the whole card market. Yay!
Apologies if this is better off in the "News" section.
We should move this to the "News"
I like this comment-
"DougK Oct 12, 2008 4:08 PM GMT I have no sympathy for a business that, with a straight face, charges 20%+ interest on these loans. And less sympathy for those who would subject themselves to such usury in order to have instant gratification. They can hug each other as they go over the cliff. "
You're welcome, rjkl.
(And sorry about the post placement, Timothy!)
I think this is my favorite passage:
"That could become a headache for JPMorgan Chase, which agreed on Sept. 25 to buy the troubled thrift's credit-card business and other assets for $1.9 billion. Says a JPMorgan spokeswoman: "We are aware of the credit quality of [WaMu's] portfolios and will manage risk appropriately." "
WaMu's purchase of Providian was brilliant!
Anyone holding a WaMu CC should consider the above statement while contemplating whether Chase will be picking up their account or not. I have opined before that Chase will skim the better accounts and bundle the dreck with the operation and sell it off. The only question in my mind is whether they will bother to check the current credit status of each cardholder or if merely holding a card that was issued as sub-prime will be enough to consign you to dreckville!