1/5/2009

Credit-card companies are facing the grim reality that as the economy continues to deteriorate, many consumers will not have the funds to repay their bills. For self-preservation, the companies are going to drastic measures, including forgiving as much as 70% of credit-card debt. Major credit-card lenders are allowing their collection agents greater leeway to make adjustments for struggling consumers.

Full Story:
NYTimes.com

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