More People Turning to Credit Cards

statejournal.com     Jul 20, 2008            

Posted Saturday, July 19, 2008 ; 10:36 PM Updated Saturday, July 19, 2008 ; 11:42 PM Some credit card rates expected to double. Story by Erin Barnett Many West Virginians may think twice before sliding their credit cards. That is the case for anyone with a Citigroup or Capital One Card. The lenders are two of the biggest in the country. This week they have are warning that delinquencies are reaching dangerous levels. Citigroup says their losses are at a record high. And, Capitol One says the default rate on its card is expected to double by the end of the year. This would put their rate just at 7-percent. Lenders say the losses are accelerated because people simply do not pay their bills. West Virginia does ranks as one of the weakest economies in the nation with many people deep in debt. The Consumer Credit Counseling... [read full story]                    

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