Credit-Card: Its going to hurt real bad to all the banks

Most of the Banks like Bank of America (NYSE:BAC), Citi Group (NYSE:C), JPM, etc have issued billions of dollar through credit card during good time. Now that Good time are have been over for more than a year, people have tried hard to pay their minimum bill on time till now, but that is changing soon. They don't have money to survive, forget about paying the credit card bills.

1. Credit card company are sending mails to their customer to pay their bill.

2. They have stopped issuing new card to consumers who are more prone to default.

3. They are decreasing credit limit so that people can withdraw less from the bank.

4. More and More people are losing jobs, so its getting real hard for them to pay the bills.

5. People who previously used to pay the bill from tax-return are now using the money to buy daily surviving things like food.

6. Delinquencies on plastic issued by banks have jumped recently in the last 3-4 month and will be increasing more in the coming days as people are losing job left and right.

That could mean more trouble for card issuers such as Citigroup Inc., Bank of America Corp., American Express Co., Capital One Financial Corp., Discover Financial Services and JPMorgan Chase & Co.

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