The Next Meltdown: Credit-Card Debt
Rising rates are accelerating credit-card defaults and soured debt could further undermine the financial system
by Jessica Silver-Greenberg
The troubles sound familiar. Borrowers falling behind on their payments. Defaults rising. Huge swaths of loans souring. Investors getting burned. But forget the now-familiar tales of mortgages gone bad. The next horror for beaten-down financial firms is the $950 billion worth of outstanding credit-card debt—much of it toxic.
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