According to recent financial services news, JP Morgan Chase, one of the largest high street banks in America has warned that consumers are struggling hard with their credit cards .
The damage, evidently, has spread beyond mortgages . At the end of last year it was reported that the car loans market was also suffering with the credit crunch. JP Morgan Chase said that credit card customers could now face a struggle to maintain good credit .
The chief executive of JP Morgan, Jamie Dimon, said the retail banking industry would face stiff challenges during 2008. Dimon was reported in the financial news as saying: "On all consumer credit – auto loans, home loans, sub-prime mortgages, credit cards – where home prices are down, delinquencies and charge-offs are up. We remain extremely cautious as we enter 2008. If the economy weakens substantially from here it will negatively affect business volumes."
American bank warn of impending credit card problems
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American bank warn of impending credit card problems
Thu, 17 Jan 2008
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